Top 5 Drivers of International Business in the Post-Pandemic World
As the world returned to some sense of normalcy following the COVID-19 pandemic, the international business space has been witnessing a paradigm shift. We have survived through a phase which was never anticipated and the whole world was unprepared to cope with the challenges posed by the pandemic. Besides the challenges, the pandemic also opened new doors of opportunities. It also resulted in serious changes in the behavior of the consumers and clients, and also the way in which we work today.
Here are the top five drivers of international business in the post-pandemic world.
Acknowledging the Importance of Selling through Online Platform
While many of us relied on the internet before the pandemic for varied purposes, it’s now a key tool for businesses of almost every type. The COVID-19 pandemic strengthened the importance of e-commerce within all industries allowing businesses to look beyond their local market. The innovations in web technologies have offered greater opportunities for businesses to expand, by offering products and services to consumers in a more efficient way. Even if they once had a limited target market, they could now expand their offerings to a global audience.
Following are just a few examples of where e-commerce / selling online has revolutionized the way we do business:
1. In the education sector, universities / colleges / institutes are now able to offer their courses to the entire world population through the evolving e-learning technologies such as Learning Management Systems, real-time interactions over Skype, Zoom, Microsoft Teams, and digital content sharing platforms like Dropbox, Microsoft One Drive, Cloud sharing, etc.
We see a rise in the options for online courses with certifications offered directly through content creators and marketplaces. There are universities & institutes like Harvard University, University of Essex, University of Phoenix, London School of Economics, London School of Business (LSB), Institute of Management (IIM), Expert Management Training, National Institute of Business Management, Master Class Management, and many more that offer credible & well-reputed online courses with certifications. Also, there are marketplaces for online courses like Udemy, Coursera, Simplilearn and Alison that offer varied types of courses from individual content creators to recognized institutes also. These courses allow individuals to study from the comfort of their own home regardless of where they are based in the world.
2. In the retail sector, we have already seen giants like Amazon & eBay claiming leadership in the e-commerce space as marketplace platforms. During 2020, the e-commerce sector has grown by approximately 36.00%, wherein US e-commerce sales have grown by over 44.00% and 20.00% growth in e-commerce in the MENA region.
While there was already substantial awareness about the growth potential of e-commerce, the year 2020 boosted the growth of 5 years in just one year, as the offline retail came to a standstill and the only way buyers & sellers could execute any kind of transaction was through the online medium. Thousands of traditional businesses shifted to selling online, and millions of unique users were introduced to the world of e-commerce.
Besides the emerging marketplace e-commerce retailers, there was also an upsurge in brands & even retails going online directly through their own websites & apps and making use of ready-to-use solutions for launching their e-commerce platform and collaborating with third-party service providers for operations & logistics.
3. In the medical sector, as the burden on the medical infrastructure was heavily strained during the pandemic, doctors & clinics began offering medical consultation through specialized websites & applications. This allowed access to top doctors & medical specialists based in urban areas to even people from rural areas.
4. In the entertainment sector, where the primary sources of audio-visual entertainment were television and cinemas, OTT platforms like NetFlix, Amazon Prime and Hotstar transformed the way we explore & consume entertainment video content through web series & movies.
Netflix alone added 36 million new subscribers during the year 2020, and many mainstream movie production houses released their movies & shows on Netflix in 2020-21.
(2) Digital Marketing
Digital Media & Social Media serves as the most effective marketing media in today’s age
Most marketers have considered Digital Marketing as the most important media in their marketing media mix as it has generated maximum Marketing ROI. Also, it is probably the only media where consumers can interact & engage with brands to the maximum. Also, their behavior & interactions with the brand’s content over websites, applications, social media pages, etc. can be analyzed through various analytical tools, allowing better decision making.
a. Social Media
Social media has brought the entire world together on a common platform making it a single global community, where people exchange thoughts & get inspired by the lifestyle of each other. Over 4.48B people use social media today, and as per research, an average person has at least 8.4 social media accounts.
Social media today has proven to become the most powerful marketing media for most businesses giving them a wider yet well-targeted reach to their audiences. The reach may not only be limited to the geographical boundaries of the business but can facilitate businesses in targeting audiences across the globe.
Social media influencers & bloggers have also played an important role in educating the consumers about latest brands & products.
b. Digital Marketing (SEO & SEM)
The businesses are now able to precisely target their audiences based on their preferences, behavior, age group, region, and display ads to them through Ad Banners and show them the most relevant results on search pages, making their product / service selection easier.
Google Search Engine algorithms have been configured for thousands of logical conditions to display the most relevant results. This makes users / consumers easier for finding the most suitable products / services to meet their needs & wants.
Companies can now offer niche products & services where the demand or market size may be limited at the local level, but on a global level, there may be a sizeable market.
(3) Improved Global Logistical Infrastructure
Many global giants like DHL & Fedex have widened their services to cater to e-commerce
In the past 3 years, thousands of brands have emerged in different parts of the world that are catering to the global population, also popularly known as the Direct-to-Consumer (DTC) model, wherein unlike the traditional supply chain models where goods were passes from manufacturers to brand principles to distributors to retailers and finally to consumers. The DTC model allows brands to reach out to the consumers over the digital media directly and deliver the goods to the consumer’s doorstep, without having any intermediaries.
This is only possible through a robust logistical network. Global leaders in the logistical infrastructure such as DHL & Fedex have started offering convenient yet economical shipping solutions to Small & Medium Size enterprises, and even to individuals who are selling over marketplace platforms. With the growth in the number of orders, logistics companies are able to enjoy economies of scale that they are able to pass on to the clients.
It’s the age of product personalization & customization! Wherein bulk production and selling in wholesale arrangements are losing prominence. Therefore, more affordable options were required to ship small sized orders.
(4) New Age Work Culture – Remote Working
Remote Working has reduced administrative & infrastructural costs allowing start-ups to set up enterprises with minimal investment
Today, entrepreneurs can turn ideas into reality without having a fixed office space. The new generation of start-ups is working with remote virtual teams connecting over Skype, Zoom, Microsoft Teams and similar platforms for communication. They are also able to hire freelancers from different parts of the world at a more affordable price through multiple websites likes Fiverr, Freelancer & Upwork.
This allows entrepreneurs to invest more in their idea, improving service levels & digital marketing activities rather than routine investments in office spaces & other infrastructure. They are able to scale the infrastructure as they grow.
The virtual teams can collaborate through advanced workflow management tools like Microsoft Planner, Trello, ClickUp, Monday & other similar tools.
(5) Changes in the Global Financial Markets
Investors are now considering more investments in businesses through Stock Markets and also in newer forms of currencies like CryptoCurrency
It has been noticed that the global prices of precious metals like Gold have already reached their maximum levels and due to the economic slow-down, the real estate market has seen a serious decline. In this scenario, investors have seen equity stock markets as the most lucrative avenue. The top stock markets like New York Stock Exchange (NYSE), NASDAQ, London Stock Exchange (LSE), Bombay Stock Exchange (BSE) and Euronext attract many investments from international investors and this allows the flow of investments globally into multiple businesses.
With more regulations and formalization of Crypto Currencies like Bitcoin & Ethereum, investors have shown more confidence and have considered adding it to their investment portfolio.
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The online international business course covers a wide range of topics from global sourcing, supply chain, & logistics required for international trade and all concepts related to international marketing. In addition to this, the certificate course in international business also teaches about international accounting standards and critical financial concepts such as Foreign Direct Investments (FDIs) and Foreign Exchange (FOREX) market dynamics.
For anyone looking to stay ahead of the competition in the new age workforce, continuing education at any stage of your career is critical. More businesses than ever before are looking at operating outside of their national territory. When you are equipped with the knowledge that’s needed to succeed in international business, you’ll be more employable and valuable to companies.
An international business certification can give you an edge in today’s fiercely competitive environment in the job market. The online international business course facilitates you to study at your own time and from anywhere in the world. For more information about the best international business course online and how to get started, visit Expert Management Training now.