The world has turned into a technologically driven village and the development and advancement in the same has caused an immeasurable growth in the business sector. The internet has greatly influenced commerce and so many changes have been seen in the way operations are carried out in the business front. The rapid growth of e-commerce has changed the way business is carried out and the new development of electrical gadgets has also been an influencing factor. As a result, online trade has experienced enviable growth. Currently, the fact that the internet is like a virtue shopping mall has fueled growth significantly.
The internet has affected and influenced the growth of trade and international trade to be specific in a very significant manner. It is through the internet that financial transactions across continents have been made possible. Online trade has actually led to the undisputed growth of the banking system. As international trade becomes easier to carry out, the dilemma of transferring cash in bulk and physically has greatly been wiped out by the new electronic payment system. As a result, the banking industry has really grown to become a great economic contributor. In addition, the ease of payment has been made possible by the adoption of the recently rising technologies.
Online trade has also enhanced the propensity for online shopping. A few decades ago, shopping was in stores that were very well equipped to host a number of clients. This was the only way that one could access the service he or she needed. One of the greatest disadvantages of this was the fact that it almost always included long hours of queuing due to large numbers of people. Shopping was a hustle and a bit tiresome. However, the current changes in trade has changed all these negative aspects of shopping and they have made it even easier and cheaper.
People are continually gaining trust in the process of purchasing their properties online. There are several security issues raised by a number of consumers but amidst all this, people are gradually accepting online trade as the most convenient mode of trade. Online trade allows both the client and the seller to have easy access to what they need. A customer makes payments for the goods required and then the seller makes the goods available for the buyer in the least possible time. This has reduced the need for middle men hence reducing the expense of having to escalate the prices to cover for middle men’s fees.
The growth of online trade is a as a result of the growing demand for products on the online platform. One of the greatest influence of the growing demand is the rising number of social networks that have attracted great masses in audiences and viewership. The internet has attracted a significant number of customers demanding goods and at the same time it has attracted sellers willing to showcase their products to the masses therein. As a result, online trade has been on an upward scale in terms of growth and business viability.
Apart from the social media, that has influenced major growth in online trade, another development that has fueled growth in this industry is the development of mobile phones. Mobile phones are very small electronic gadgets that have become quite phenomenon in the growth of online trade. Nowadays, the smart generation of mobile phones has made online trade to be very easy, very convenient and very efficient. There has been great innovations that have led to the development of phone apps, which can be used as a shopping mall by companies.
People are sealing deals and conducting business transactions over their phones using some of the available applications. One of the most common area of business where the recent technology has affected is the banking industry. Banks have developed their own apps to allow their customers to access information about their financial situations at any time they wish. Using smart phones and other apps, one an easily shop and identify new products if a company displays them on the app. Online trade has been greatly influenced by the growing use of media since it attracts an audience and all that is required in business is to satisfy people’s needs.
Online trade is also growing due to the low cost of starting a business online. The capital required start an online business is quite very minimal compared to the capital required to startup a physical store. Due to the free platform presented by the online platform, most of the young people are finding it easy to start a business online. The growth in demand for online trade has also created other demands and one of the key emerging market is the payment mode. Payment for online services rendered can be hazardous if one does not carry out due diligence. This is to avoid fraudsters by dealing with electronic payments rather than real money.
Online trade is one of the rapidly growing industry in the world thanks to the growing ICT industry and the globalization process. As the world comes together to create a sustainable international business environment, developments of new markets and trading opportunities have been achieved. Online trade has been on the rise and this can be attributed to different factors as indicated earlier. The advancement is however very important because it solves several issues that have been a concern in the past. The growth of online trade has enhanced security and safe business transactions at the convenience of an individual. As a result. The world’s economy has been the greatest beneficiary of this growth. In addition, the growth has influenced and resulted to employment especially in the chain online marketing strategies.