Almost everything is just one click away; only if food could be downloaded from the Internet as well!!
Globalization has rocked the world in the 21st century and changed the dynamics of the business to an extent where some people have lost their lives while others have found new ways to earn huge profits.
How has globalization affected business?
Domestic industries of some countries faced a terrible slump in their demand when they had to face competition from foreign firms. Multinational firms started operating from different countries simultaneously and increased the competition for local producers; wiping out small organizations while giving a very tough time to those who managed to survive their onslaught. Consumers benefitted from the price wars and had more variety to choose from at the same time.
Internet-based organizations usually known as e-commerce businesses also erupted at the stage. They allowed the consumers to choose their product at the comfort of their homes and get it delivered to their doorstep. It introduced the concept of ‘home delivery’ and expanded the courier businesses on a vast scale.
Consumers became knowledgeable about different brands and alternatives. The bargaining power of customers increased with the enhancement of their knowledge base which put them in the driving seat to increase their value for money.
With the availability of all information on the Internet, people came to know about the entire processes of the organizations, their image in the market and their overall operation style.