Emerging Global Trends in Business
- Updated on: 2021-07-16
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The human race has continuously been evolving since the day of its creation. We have been able to find ways and means that have not only changed our lifestyle but the entire course of history. One such phenomenon is globalization which has turned the whole planet into one unit through such technological advancement which has almost made us forget the meaning of distance. The reach of a common person has increased so much that nothing seems to be too out of grasp. It has changed our lives and norms in many different ways, especially the way we conduct our business. Let’s have a look at some of the modern global trends which are dominating the business sector around the world;
The latest technology trends are only a click away. Each new update reaches every nook and corner of the world faster than the speed of light nowadays. Such a massive flow of information has encouraged many ambitious young people to take a big leap and establish their own tech startups. In recent times,marketing a web startup is not an issue anymore due to growth marketing companies, and these startups from around the globe have shown promise and potential of huge profits with minimum investments while catering the global needs rather than being limited to particular vicinity.
Direct marketing has now changed. It has become customized and personal rather than just an e-mail, a card, or a phone call. Companies around the world are hiring virtual assistants who provide target-oriented; need focused assistance 24/7 efficiently. They are also the main reason behind the increased business-to-business purchases. It not only saves time and money but also increases the efficiency of the business as the entrepreneur does not have to bother any more about client inquiries. Virtual Assistants make sure that clients are being taken care of so the saved time can be utilized for some other task to improve returns. Vas can perform a variety of tasks which include customer queries, grievance management, scheduling meetings, and 24/7 customized customer support.
Outsourcing is a form of utilizing an arbitrage opportunity in a very efficient manner. It allows you to use the competitive advantage of others in your own favor. Companies now hire other companies or people for certain tasks in which they have specialized at very affordable rates. The same is the reason behind the gigantic increase in freelancing revenues across the world. Companies outsource from raw material to human resources depending upon their needs and business model. Normally the outsourcing companies are so good at their job that the overall cost decreases considerably all because of optimum utilization of resources and maximization of profits by decreasing the unforced errors.
Social media has touched the majority of the world population in one way or the other. The frequency of interaction of the online population is increasing with each passing day. Social media platforms have formed such virtual places to market your product which has taken over from conventional means of marketing and branding. There are companies that act as agents or consultants for social media marketing and global brand recognition. They also assist you to raise up sales conversion rates of your website or may suggest campaigns at very competitive rate to maximize the outreach of the product
There was a time when share price, asset acquisitions and things like that were deemed as the basic criteria of success. Well, the times have changed now. Total Quality Management (TQM) is trending everywhere. Globalization has created global competition and at the same time enabled the customer to access and analyze the required information about the product to decide what to purchase. Now the only way to survive is to provide quality products or in other words, offer good value for the client’s money. Retention has never been so essential before.
Brands operating in multiple countries are spreading their wings to expand their operations at a global level as they are better equipped with tools and techniques to establish themselves in other countries with alien market conditions. Such companies have large-scale activities yet they adapt to diverse conditions in a very professional way. Modern-day practices of licensing and franchising have made it even easier for companies from the electronics, food, apparel, and automobile sectors to cross the geographical boundaries and establish their brand on a global level.
Advancements in every aspect of life including communication, transportation, Merger of cultures and expansion of tourism worldwide has somehow built a common global culture. Everybody can access everyone and the flow of information has helped us find common goals and shared streams of thoughts which reflect in our choices also. Now every product has a sufficient chance of succeeding at a global level it has the potential to match the requirements of this added opportunity.
In the recent past, especially after the Covid-19 pandemic outburst and implementation of SOPs like social distancing and travel bans have proven to be the catalyst in the all-time highest e-commerce sales on a global level. People have shown interest in online buying and the quality of the products sold online has also improved a great deal due to strict implementation of TQM. These e-commerce sale purchase platforms are the true example of globalization at its finest.
Online orders and shopping have amplified and international order deliveries have become so frequent that the selling companies have started to deliver goods without any extra charges. It is a win-win situation for both buyers and sellers. The customer does not have to worry about the extra cost of shipping and the seller companies have adjusted the margins in a way that free shipping does not affect their profits as they already have outsourced the shipping service and many large scale manufacturers have achieved economies of scale in this regard.
