Issues and Trend Affecting Global Business

Question: Discuss about theIssues and Trend Affecting Global Business. Answer: Introduction For quite a long time, business was looked at from a point of view that it was an a competition enterprise usually operated by owners using principles that required the stakeholders to observe and exploit a competitive edge in order for the business to survive. At the end of the competition, there could only emerge one winner. Due to this factor, businesses employed all means to gain a competitive advantage and ensure survival under the stiff competition. However, today due to the technological innovations, there has been an increasingly growing change in the involvement of various businesses in the world (Zhou, etal, 2007). Today, most success businesses are measured by the degree of collaboration they are able to enhance with other businesses in the market. Businesses have changed their focus to entail expanding output which is propelled by diversification and innovations in new sectors. As a result, today more and more businesses are increasingly engaging in online retail shopping (Wright Ricks, 1994). Technology giants such as Amazon and Google have moved in to transform the world of business. Competition has shifted from local to global as the businesses have expanded their market to entail all those across the world who have access to the internet. Competition does not only come from those in the same sector but rather includes those from other sectors who are able to identify an opportunity. Trends in Online Shopping in Developed and Developing Nations Online retail shopping is increasingly changing the trends in world business. Too much focus that was put on bigger business is slowly shifting and as a result, small and the once little known businesses are increasingly gaining momentum. They have realised that they can increase sales when they sell online. The prices are also competitive when goods are sold online. Due to the competitive nature of online retail shopping, many businesses all over the world have embraced this new form of marketing and as a result, new trends have emerged in the world of online retail shopping across the world; both in the developed and developing nations (Oshri, etal, 2009). They include; Increase in the Number of Business Unlike in the past where successful businesses were attributed to well-connected individuals who owned a lot of money that they could use to travel across the world to market their business, today chances of a poor man starting a business and succeeding is high. The cost of marketing a product has significantly reduced. As a result, the number of businesses starting are increasing each and every day. This phenomenon has served to rescue the developing nations especially African nations from exploitation from developed nations (Sarkar Cavusgil, 1996). Gone are the eras when the developed nations could siphon raw materials from the developing nations into their own territories at literally no cost. The developing nations can easily access the market and sell their products at competitive prices. Growth in the Field of Technology Most businesses in the world today have shifted their attention to online retail shopping. As a result, the world of technology is increasingly growing. In nations all over the world, technology has been embraced in various field such as governance, ecommerce among others. The over concentration on technology has seen various innovations in this field such as introduction of very high and efficient internet such as 4 G. Moreover, various marketing websites such as Amazon, Google among others have been formulated. However, in the developed nations, the field of technology is more advanced than in the developing nations. Nonetheless, developing nations have embraced technology and as a result, very many businesses in the developing nations have embraced online retail shopping (Huang Palvia, 2001). This has seen expansion in the economy of the developing nations from third world economies to middle income economies. Increase in the Market of Goods and Services Online shopping enables people from all over the world to have access to goods and services produced from the most remote parts of the world instantly. This has served to broaden the market for products hence improved the world economy (Elkington, 1994). Through online shopping, the world has become like a global village where one can access goods at their beck and call. From the comfort of their sitting rooms, people all over the world can serve as market to goods products millions of miles away. A Shift in Communication Trends Online marketing has reduced the type of customer-client interactions where the retailer could meet the customer and they could communicate face-to-face. Today, the exchange takes place via the internet hence marketers have to change the way they communicate and interact with customers (Celik, 2011). Conclusion Online retail shopping has completely changed the scope of business. New trends have emerged as a result. Success in the world of business has been made easier. Unlike in the traditional marketing where competition was focused in the same sector, today business competition has become diversified. Products can compete for customers without necessarily being from the same sector or even knowing one another. However, online shopping is a positive phenomenon to the world economy as it has increased the number of businesses in the market hence raised the competition and eventually increased the rate of innovation as the businesses strive to excel in the world arena. Recommendation Technology is good thing and has enhanced the ease of doing business. However, there are some additions that would make online retail shopping even better. For instance; Measures should be put in place to control negative content channelled by technology to society. Traditional shopping strategies should be incorporated with the online shopping strategies to achieve maximum gain from business. For instance, traditional emphasis on effective communication should be emphasised as it produced good character and promoted professionalism in business. References elik, H. (2011). 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