International Business in Digital Age of Technology

In this Digital age, the market has became more global than ever it has been, the use of internet has been at peak, than it has never before, the small business that were in the street has started to open a wide market through the use of Internet, the local shop has reached to other parts of the world through the use of internet, websites, social media etc., many big multinational company has been facilitating the tools and facilities for the small business owner to come on the much bigger platform than ever before through the internet. Global integration through this medium that remove the barrier of trade, investment, communication, factor flows, bringing the economics together for the development.

There is a global change in the world, in this pandemic, changes in economies, business, technology, communication, politics and many more. This changes make the require the business to adapt to this changes as quick as possible or else they will get outdated, obsolete and might even wind up the business. There are many uncertainties in the business, so the entrepreneur must adapt to this changes, think about the future of the business. There are many other factors that are forcing the business to make changes, like limited resources, limited market, huge competition, highly skilled labor to change from traditional way to alternative way for getting the business more successful and to get in global market.
Advantages of going international:
It can able to take advantage of market opportunities in abroad countries through internet, trade.
It also defends and grips the position of the business from the competitive position in varying technology, and also from domestic rivalry or government policies.
It also enhances their return from the higher revenue and also lowers their cost of production.
It also reduces it imports and try to increase their exports
It breaks the barriers of places, geographical locations through internet.
It also amplifies their relations with the International Diplomats.
It also takes benefits from the international technology, labor and many opportunities.
To get more access to the global markets and get the resources at low price without compromising its quality.
The Domestic business is a business that buys or sells the goods and services within the national boundaries. It gets its resource within the country boundaries doesn’t have any option to search for the better option and even for the markets, it has limited its boundaries in terms of place, markets, resources unlike International business where goods and services are traded across the boundaries of the country, it can be either the countries or between the multinational companies from the different countries. The Domestic business has some limitation that it operates only within the boundaries, limited to narrow markets, no new customer, no customer visibility and reach, scare resources with high price, not good quality, but whereas International business all this limitations are eradicated with the help of technologies which remove the barrier of place, market, time, and new customer with high quality product with reasonable price, and the owner get the raw material with good quality and with reasonable price. In domestic business, the business get a constant threat of competition, rival companies as they don’t have new markets and large reach for their products, it becomes difficult for the domestic business to survive in the market. Many domestic businesses are going in the way of globalization, market integration with the use of technologies and becoming the international business and removing all the hindrance of the small business problems, competition.