The global economic downturn has resulted in a decline in consumer confidence and spending. In an attempt to cut costs and remain profitable, businesses have been forced to find new ways of operating and the online gaming industry is no exception. With so many businesses struggling as a result of the recession, it’s not surprising that this sector has also been affected.
Many online gaming companies have released statements acknowledging the impact of the economic recession on their businesses. There are several trends within the online gaming industry that reflect a response to these challenging circumstances. These trends involve changes in company strategy, production and marketing processes, and technological innovations designed to help businesses survive.
As a customer, this has led to a number of new ways to engage with these platforms. Online gaming websites are offering new deals and bonuses to customers in order to attract new users to the sites. This is due to the increase of clients abandoning such platforms during times of economic hardship.
Lower minimum deposits
One way that gaming platforms have evolved in response to the economic climate is by allowing online gamblers to save money by lowering minimum deposits. Online casinos are aware that the economic downturn has reduced their customers’ capacity to gamble. As a result, many online casinos have decreased their minimum deposit requirements, thereby making it easier for customers to gamble. This is a trend that will likely continue as the economic crisis persists.
Many sites are offering consumers the chance to deposit £5 and get free spins, as explained by roulettesites.org.
Decreased Advertising Budgets
As a result of the economic downturn, many online casinos have had to cut their advertising budgets. This has been done in an attempt to reduce the amount of money being spent each month to keep their business afloat. Advertising during an economic downturn is a risky manouvre for a business as it is. This is because advertising is used to attract new customers to a business. With fewer people gambling online as a result of the economic downturn, there are fewer people who could potentially become new customers.
A reduction in advertising has, however, had a significant negative impact on online casinos because it has made it more difficult for them to acquire new customers. Acquiring new customers is costly, and during recessions, this task becomes more difficult to pull off. This leads to customers being confronted with fewer and fewer adverts for sites in their everyday lives. This may mean that customers eventually miss out on exclusive and limited-time offers that they may have otherwise had the opportunity to take advantage of.
Responsive Web Design
Due to the economic downturn, more people have been using mobile devices to surf the Internet. This is because people are looking for cheaper ways of staying connected with friends and family, and accessing the Internet from a mobile device is easier for those who may not have access to a larger device such as a personal computer or laptop.
However, because many websites were not designed to be viewed on smaller screens, these devices have had difficulty rendering these websites correctly. As a result of this issue, many customers may decide to use a different website to the one they had intended to visit.
This has been problematic for online casinos because it’s important for their website to be easily accessible from a variety of different devices. With more people using mobile devices to gamble online, online casinos have had to take steps towards ensuring that their websites are responsive, thereby ensuring that customers are able to easily access their website from their preferred device.
Whether this be optimising their websites for mobile view or developing a handheld-friendly app for their servers, it’s vital that online casinos update their current methods of operating in order to retain the customers they already have. As a consumer, being unable to properly game on your device will quickly render a site useless to you.
Conclusion
The online gaming industry has been significantly impacted by the recent economic downturn. Some of the trends that have emerged as a result of this include reduced advertising budgets, a reduction in the minimum deposit, and an increase in the number of customers visiting the website using mobile devices. These trends reflect attempts by online casinos to reduce their expenses while still drawing in new customers.
