Global Business

Introduction

Present day’s internet has been a very crucial part in the daily progress as people have been inclined to its use in each and every step. The use of the internet has been like a fire that has spread its importance in each and every sector. On the other hand it has been of adverse use as business sectors as well as the customers have faced issues while relying on the internet for their progress. The study would analyze the appraisal and at the same time the adverse effects of the internet on the natural economic growing pains in the small sector business. The critical evaluation of the issues that the retail sector faces after the introduction of the internet business. The study also focuses on the pragmatic effects that the online business like Amazon, Flip kart, Alibaba and many more has achieved and spread their stretch globally

Critical evaluation of the importance of the study

According to Holmes.(2017), the e-commerce has flourished in the global market with the time as the people started relying on the online stores more evidently the outbreak of the pandemic has put a strong belief in the customers that they have to only trust on the e-commerce for their daily needs and other requirements which resulted in the further economic growth of the online businesses. On the other hand it has been seen that the growth in the online business has exterminated the physical stores at a drastic level (Moore.2016).

Likewise it has been seen in many cases that the regular brick and mortar retail stores are going through a rapid loss as there are very few footfalls of the customers (Smilansky, 2017). Sometime it has also been an issue as the drastic loss has even brought hard times like closure for the small business sectors. Moreover the new and innovative technologies used in the online business like the Amazon and the other applications brings forth a lot of variety of products that the customers could select from and hence the consumers thinks about this process to be more compatible as they get to survey and select from a wide variety of products (Mougayar.2016). Nevertheless the services and the products that the physical markets provide are always with limited stocks that the customers get bored of. Meyer.(2017) rightly opined that the cultural behavior of the customers get under pressure as they get confused about which is more reliable and trustworthy.

It is undeniable that the online business has raised a storm within the business sectors and the recess period of the pandemic Covid 19 has been working as a fuel to the rapid rise of the expansion and acknowledgement of the e-business. The new technology and the digitization has been a good way by which the customers could access the alone services and the products. In accordance with Taiminen and Karjaluoto (2015), small businesses who have inherited digital marketing have developed their business in a propagation way.

The physical stores have though tried their hard to get hold of their customers nevertheless the back laggings of their work process with the competitions have left them far behind as people have improved a lot and got more advanced with the initiation of the new technologies. The digital strategies used by the new online business has brought evolution in the business sectors and attracted the customers even more resulting in their growth and financial upliftment in comparison to the brick and mortar retail sales (Vasilakos et al.2018).

Social media have also been helpful as people get the information of the online products through this medium (Rathor et al.2016). The advertisements give a new binge in the promotion that the physical markets are unable to do. The customers get vivid details of the usage and the importance of the products through this social medium. This way of promotion is very less expensive and at the same time conveys the same message to a larger group of people in a very less time. It has been recorded that though the online business has been in rapid progress the old tradition business also has many positive outcomes and many customers are there who still think that the physical markets are more trustworthy.

Many issues of online marketing have arise with the usage likewise the open competition which alerts the competitors as the details of products and services gets displayed in the social media. Again, resulting on the high rise of competitions. On the other hand physical markets have less competition and they could do business in a more secret way. Another way that makes the online business a challenging one as it has been seen that payment issues in digital marketing has frustrated the customers as the details of the bank and the financial matters get revealed which becomes a problem for the customers (Kotler et al.2016). Moreover the physical stores are more reliable in this case and could be more loyal to the customers. The networking also becomes a big issue in the spread of the online business hence in the physical store the advertising way through the leaflets, flyers, and hoarding has always been effective as it also gives details to the customers. Proper analysis of the market with the use of the segmentation, targeting and positioning could be useful for the growth of the online business rapidly. The whole study reveals that the online business though has spread its branches successfully in the markets; the traditional mortar and pestle retail sale also has kept its flow among the customers who still think that this is a good way by which they could believe in and access the market.

Conclusion

The whole study revolved around the way by which the online business has put its impact in the global market and how it has got its acknowledgement among its customers. The impact has put on the traditional mortar and pestle retail sale. Hence, the critical evaluation of online marketing and issues could be a problem for the customers as well as the competitors. Ways by which the online business could be helpful and at the same time the initiation taken by the traditional markets are discussed in the study in detail

Reference

Adalat, M., Niazi, M.A. and Vasilakos, A.V., 2018. Variations in power of opinion leaders in online communication networks. Royal Society open science, 5(10), p.180642.

Holmes, D.E., 2017. Big data: a very short introduction. Oxford University Press.

Kotler, P., Kartajaya, H. and Setiawan, I., 2016. Marketing 4.0: Moving from traditional to digital. John Wiley & Sons.

Meyer, M., 2017. Cultural behaviour determinants of the global consumer. Handel Wewnętrzny, 366(1), pp.230-239.

Moore, J.W., 2016. The rise of cheap nature.

Mougayar, W., 2016. The business blockchain: promise, practice, and application of the next Internet technology. John Wiley & Sons.

Rathore, A.K., Ilavarasan, P.V. and Dwivedi, Y.K., 2016. Social media content and product co-creation: an emerging paradigm. Journal of Enterprise Information Management.

Smilansky, S., 2017. Experiential marketing: A practical guide to interactive brand experiences. Kogan Page Publishers.

Taiminen, H.M. and Karjaluoto, H., 2015. The usage of digital marketing channels in SMEs. Journal of Small Business and Enterprise Development.

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