Do you know that, according to Grand View Research, the online casino industry has already surpassed $19.11 billion and could continue growing by a CAGR of about 12.2% within the next few years? From this statistic alone, it’s quite evident that the industry has become super competitive. But what are online casinos doing to stand out?
Well, for a long time, companies have used casino bonus offerings to reach and retain as many players as possible. However, as technology has continued to evolve, the strategies have also improved. So, if you want to learn more about what these brands are doing to stand out, this article is a must-read.
The era of increased mobile usage
There is a high chance that you’re using your smartphone to access this write-up. This aligns with several studies suggesting that over 60% of the world’s internet emanates from these devices. Gone are the days when you had to wait until you reached a physical destination to access entertainment. Now, with just a simple tap on your mobile phone, you can access it even on the go.
But imagine players having to pinch or zoom your website just because they use smaller devices. Of course, you’d expect such experiences to encourage churn rates. In fact, according to Google, about 61% of users may never return to a mobile site they had issues accessing. With the industry becoming more competitive, this is not a pain you’d want to endure.
And since 85% of customers want mobile sites to be as effective as their desktop alternatives, casino companies are coming up with responsive designs. These designs allow players to gamble seamlessly regardless of the device by ensuring websites can automatically adjust to fit different screen sizes.
Plus, mobile-friendly websites normally tend to have great customer retention rates. Studies show that 74% of users return to such websites easily. And now that humans rarely keep quiet about great experiences, implementing responsiveness in your designs can help encourage word-of-mouth recommendations. Actually, according to Help Scout, more than seven in ten customers will tell six or more of their friends about great encounters.
Prioritizing online security
It shouldn’t come as a surprise that online security has become a competitive advantage. Mark you: Exploding Topics suggests that over 940,000 attacks happen daily. In the casino industry alone, about 70% of companies have recently reported encountering security attacks. And since the number of active online casinos could actually increase, these figures may skyrocket in the near future.
That’s why even Ireland casino platforms are paying attention to this aspect. It’s even more serious now that players have become more security-conscious and will often survey platforms’ security before participating.
As such, you don’t want your platform to turn out as non-compliant, which may cause you to miss out on this population. Thankfully, implementing systems like 2FA and SSL encryption can actually be handy. 2FA, for example, can protect your platform from up to 99.9% of targeted attacks. In addition to these infrastructures, other brands are integrating even more advanced measures like AI-based systems to stay ahead of cyberattacks.
As cyber attackers reinvent themselves, the need to adopt even more robust technologies like AI has become very apparent. Ignoring such trends will only harm your brand. Can you imagine that, according to IBM, you may need up to $4.88 million to recover after a security breach? This is minus the possibility of injuring your brand reputation.
In fact, some experts claim that about 83% of consumers may stop transacting with you for several months after such incidents, and 21% may never return. This is why you want to adopt measures that will present you as security-compliant, to improve your appeal to these audiences.
More attention on customer experience (CX)
Customer experience is a currency in today’s business world. Almost everyone wants to find value for every coin they spend at your brand, and this is no different in the casino sector. In fact, according to PWC, 73% of customers cite experience as a critical factor in their purchase journey. Realizing this, online casinos have been taking advantage of contemporary trends like personalization to stay ahead.
Surprisingly, customizing experiences alone can increase retention ability by as much as 44%. Modern players want operators to be able to understand their unique preferences better and provide more relevant suggestions. Remember, most platforms often offer thousands upon thousands of titles, making it difficult to find a suitable option.
To reduce this hassle, platforms can gather and analyze data about players’ preferences, habits, and so on, and tailor more relevant recommendations. When players find suggestions that perfectly match their tastes, they may connect deeply with your platform because they feel more understood.
On top of that, operators have been adopting multiple seamless payment methods to improve CX. Reducing friction at checkout improves customer satisfaction and can keep as many of them as possible connected with your brand. Looking at statistics, Testlio suggests that adopting effective payments can increase customer retention by 15% to 20%.
Wrapping up
No one denies that surviving in the casino industry can be quite challenging. Especially now that operators have become more innovative, you must be vigilant and adaptive to improve your edge.
One way you can do this is by ensuring your website is responsive. And since everyone wants to interact in a secure environment, implementing features like 2FA and SSL encryption can really be helpful.
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