Globalisation may be key to modern business success, but it, too, has been up and down like a yoyo this past year. For obvious reasons, border closures and the need to restrict transmission have certainly left many global companies stranded (sometimes literally,) while poorly equipped global third-parties have seen countless on-shore companies struggling to adapt.
Still, despite doom and gloom predictions that globalisation is dead, this all-important market has yet again proven why it holds the key to businesses success. In fact, far from falling into a silent grave, many experts are now citing globalisation as the #1 consideration for boosting an economy that’s been battered beyond all recognition.
To prove that point, or perhaps simply to rub dirt into those doubters’ wounds, the global economy is set to soar by an astounding 4% this year. But, all of this leaves one pressing question on the lips of every business owner – what does all this mean, and how can I ensure that my global markets enjoy the benefits?
In all honesty, precise results have yet to be seen, though we can rest pretty easy that all of this only spells good things. That said, one thing we do know is that the face of globalisation has changed beyond recognition, and ongoing success here relies on your ability to keep up. The question is, what are those changes, and what exactly do they mean for your global efforts?
Less travel, better results
While vaccination programs are helping many nations curb pandemic-related deaths, varying success across the world means that travel restrictions to certain locations look set for some time. Even once official restrictions are lifted, ever-arising, often location-specific Covid variants mean that unnecessary travel probably won’t be recommended for a good few years yet, and may never again become the norm again. Worse, businesses who flout this new way of thinking may soon find themselves under fire that leaves them losing, rather than gaining, custom through their global efforts.
To overcome this, businesses need to realize that unnecessary business travel and long-distance shipping are largely out. Luckily, as many companies are quickly finding, this seeming setback can lead to better results, and there are two main reasons for that, which are –
- Online operations – Online sales have been rising the business ranks for years, but the pandemic has significantly increased that trajectory, and from a globalisation perspective, that’s excellent news. Far from needing to be on the ground to achieve sales, businesses can now deal with clients largely online, even holding sales meetings, consultations, and other services without needing to risk the expense or exposure of the physical travel that was one a business go-to.
- Distributed supplies – With excessive shipping largely off the cards and remote work now standard, distributed supplies are also on the rise. Enabling teams to reduce shipment times and risks, on-ground suppliers provide geo-specific services for faster delivery and improved customer service to boot. Even better, online banking capabilities that have also adapted ensure it’s possible to transfer money to the USA and other distributed locations with immediate effect. This facilitates not only globalisation but also expansion for overseas success on a much wider scale.
New markets, new opportunities
The pandemic has also caused surprising ripples on the global map, with new, and sometimes unexpected frontrunners taking top spots over economies that have dominated for years. While things may settle yet and western economies are already recovering better than expected, this provides some fantastic opportunities for growth that businesses simply didn’t have before.
Most notably, the US and German markets are set to struggle with significant deficits while India is now on track to overtake both Germany and Japanese markets by early 2030. While precise figures are still very much up in the air, these predicted shifts drastically highlight the need for emergence in new markets this coming year. Even better, getting a headstart on these changes ensures that businesses can establish themselves within markets that haven’t yet enjoyed the heights of, say, US global efforts. And, that alone could be enough to put the speed back in globalisation as we move forward.
While the global processes of pre-pandemic life are very much out of the window, the future of globalisation still looks pretty secure indeed. By getting ahead with these trends and finding ways to expand reach in this ‘new normal,’ companies can certainly set themselves on the best footing for a comeback to beat all others, and to offset lost pandemic profits at long last.
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