How is technology affecting the growth of international business (2024)

Table of Contents

Telecommunications Social media Transportation Production Market globalisation eCommerce Online banking The future of international business Trending How To Be Taken Seriously As A Business Leader How Much Does A Small UK Business Website Cost? How To Set Up A Business Email Topic Related Stories How Much Does A Small UK Business Website Cost? What To Do If You’re Struggling To Pay Your Self Assessment Tax Bill 5 Key Approaches To Master Holding Town Hall Meetings In A Small Business Three Strategies For Businesses To Consider In 2023 & Beyond Funding Female-Led Businesses: The Way Forward 3 Reasons Why Chatbots Could Boost Your SME Conversions What Does Your Business Branding Say About You? Menopause in the Workplace: Conclusions from WEC Report 2022 How Personalisation Can Improve the Employee Experience Why Your Web Host Matters: Is It The Key To Improving SME Site Performance? Three Tips for Success When Starting Your New Position as a Team Manager How to Mold Top-Performing Employees Smart1 Recruitment: Going the Extra Mile with Mike Harper Why Personal Experience is the Key to Tech Launch Success Investing in Well-being to Stem the Tides of the Great Resignation Planning for the Future: 5 Tips for Building a Robust Financial Forecast 5 Types of Sales Enablement Content You Need for Your Business (and Tips on How to Create It) How to Grow Your Business Organically Drive to De-Risk and Crystallise Value Spurs Interest in ‘Cash-Out’ Opportunities Work Perks: Why Your Business Should Say Goodbye to the Free Gym Membership Celebrating British Excellence with Sarah Austin Has Remote Working Changed B2B Purchasing Forever? Out with the Old, In with the New: How Digital Agreements Redefine the Present of Work Pitch Deck Design Trends and Top Tips for Making Your Pitch Deck Stand Out Super Apps are the Way Forward for Modern Parents: Interviewing the Creator of Onoco Financial and Funding Business Contingency Planning with Kevin Harfield – MD JamesField Executive Limited Google Launches New Core Update: What This Means for Businesses Why Firms Can See the Global Supply Chain Crisis as an Opportunity Does your Business have what it takes to win at The Lloyds Bank British Business Excellence Awards? Tackling Inflation As An SME: 5 Strategies For Corporate Success How to find Inner Safety, Sleep Well and Increase Energy and Performance Preventing a Wage Spiral: How to Balance Talent Retention and Recruitment Post-Pandemic How To Beat Loneliness In The Workplace How To Get Started In Property Investment Conquering Dragons’ Den with cheesegeek Founder, Edward Hanco*ck How Small Businesses Can Capitalise on Demographic Changes Lessons from the TV World: The Link Between Developing TV Shows and New Businesses Branded Content Can Be Key To Protecting Your Reputation Elon Musk Buys Twitter: What Does it Mean for SMEs? Eskimoz Conquers the European SEO Market “Inspire your team to excellence”: Interview with Marie Grove Walton TikTok for Business: How to Market to Millions How Has COP26 Affected The Corporate Sector Six Months Later? What Happens if Britain’s Backbone Breaks? It’s Time Businesses Reboot Their Employee Wellbeing Experience Tools The Formula for High Fashion: How Sunglasses Deals Became Big Business for the F1 Industry Should Employers Provide Workers Access to Mental Health Services? The Best Tools for Creative Freelancers The Chancellor’s Spring Statement 2022: The Summary Is Your Brand a Great Design Story in the Making? Opening of GOV G-Cloud 13 Framework Means Huge Opportunities for SMEs Lewis Hamilton: Lessons in Resilience and Determination Adopting a People First Approach to Technology Women-Led Businesses You Should Be Paying Attention To Litalist: Building a Community Between Book Lovers and Booksellers Breaking into the Publishing Industry? Start Your Own Crowdfunded Publisher Marketing Strategies in a Technology-Driven Age Business Leaders Are Under Unprecedented Pressure – But Have Unprecedented Opportunities Productivity Wars: How Managers Can Re-Inspire Their Teams Russian Invasion of Ukraine Threatens Global Economy Amid Massive Recession Queer-owned Small Businesses: How To Celebrate LGBTQ+ History Month And People All Year Round “Creators aren’t aspirational dreamers, they’re a critical part of the economy,” says Lotanna Ezeike, Founder and CEO, XPO Why Parental Leave Isn’t the Issue for Young Professionals With Love – Taking the Opportunity to Care for Your Staff on Valentine’s Day Oldest Pair Breaks Record Rowing Talisker Whiskey Atlantic Challenge Creating Skincare Brands for the TikTok Generation with Tiffany Salmon How to Surmount Your Self-Doubt as an SME Entrepreneur Social First, CV Second: How Gen Z is Changing the Hiring Process Ocean Club Holidays: Vertically Integrated, Organically Grown Private Capital Could Help Drive SMEs Forward on the Road to Recovery 5 Things SMEs Have to Implement in 2022 to Thrive Covid Rules To Be Lifted In England Over The Next Week Pioneering Adtech Company Keeps TV Advertisers Informed and Adaptable The New Year: The New Loyalty and Rewards Strategy What Business Owners Need to Know about Workplace Mental Health Support Are Print Magazines Still Viable in our Increasingly Digital Lifestyles? How to Make the Most Out of the New Year Why Emotional Intelligence is Key to Successful Conscious Leadership Ways to Avoid Burnout as a Freelancer 3 Easy Ways to Simplify Your Small Business For Streamlined Success Elizabeth Holmes Found Guilty of Fraud in Theranos Case There’s Bias in Burnout, and Things Need to Change Is There a Correlation Between How You Sleep and How You Work? Fashion’s Plagiarism Habit and The Impact on Small Brands Living the Laptop Lifestyle with Social Cactus The Competition to Create the Best Christmas TV Advert Some Businesses Won’t Survive This Christmas Under New Omicron Restrictions Putting Cyber Security First: Why the Latest Trends make this Critical for SMEs Finding the Perfect Gift: Interview with Louise Doyle and Steph Scholes How Innovation is Driving New Sustainability Goals How your SME can capitalise on the Festive Season Narce Media: Video is the Ultimate Content Currency A Chanel Christmas Story: How Important Are Customer Perceptions of Value for Money? Starting Out in a New Market Lush Exit: Can Brands Survive Without Social Media? Introducing the Entrepreneur Who Has Banished Leathers for Making Timeless Sustainable Accessories Increasing E-Commerce Sales with Website Analysis Insights 6 Tips for Selling your Business Cybersecurity Business Leading the Charge Against Business Threats “Diversity of thought” – Why it’s Crucial to Business Success Did COP26 Inspire Business Sustainability Or Just Encourage A Future Of ‘Greenwashing’? “The Entrepreneur Ship” Takes on the Talisker Rowing Challenge What Lidl’s Pay Rise Shows Us About the Competition for Staff? Speaking your Mind as an Introvert in the Workplace Wonsulting and TikTok Resumes: Revolutionising Recruitment for the Future The Rising Wages Impact on Small Businesses Black Friday Success: Ditch the Discounts and Get Creative Another government department bites the dust Wonga Future 50: UpperStreet.com Entrepreneurs urged to bid for advertising space on p*rn websites p*rnhub and RedTube How to pay less for payment services Hot 100 2012 31: Tiuta Fictional companies that changed the world of business European Commission geo-location cookie monster: Friend or foe Flexible working: healthy staff means a healthy bottom line How to deal with workplace disputes “Companies in the market who do well will be those who adapt” More From International Trade Tell us what’s holding you back from thinking globally Currency watch: South East Asia and the fallout from Donald Trump The dairy dilemma: Why cheese and butter could be luxuries post-Brexit It’s cheaper to send a parcel to Paris than Portsmouth, research shows Brexit is a mixed bag for SMEs Go East: Free trade agreement signed with Korea 6 out of 10 of UK SMEs will trade internationally in 2016 Mid-market export: A guide to going global Why eBay knows more about export than the UKTI Six top tips for expanding into international markets Most Read Trending If you enjoyed this article,why not join our newsletter?

In the past decade, technology has grown exponentially and has affected our everyday way of life and impacted almost every industry, including international business. Technology is ultimately what makes thriving international trade and businesses possible, and without technology, international business would be slow, tedious and time-consuming.

Technology is no longer reserved for specific countries or certain groups of people. These days, even the average person has access to some form of technology, which has aided the technological and international business revolution.

In this article, we look at some of the ways in which technology affects international business and what we can expect as technology and innovation continue to grow and expand.

Telecommunications

Not so long ago, there was a time where writing letters was the only way to communicate with your international business connections. These letters could take days, weeks, and even months to reach their destination. But now, look at where technology has gotten us! We’re able to send messages and emails instantly and interact through platforms like Skype and Zoom.

Telecommunications technology is what makes running an international business doable. It’s necessary for sending invoices, dealing with customers, communicating with suppliers, and keeping in touch with employees that may live in other parts of the world.

Social media

It could be said that social media is a branch of telecommunications, but it deserves attention of its own as social media has given international business a platform from which it can skyrocket. Social media keeps tabs on global trends in fashion, decor, art, furniture, and a wide variety of other products, which provides international businesses with impressive insight.

Whether it be Instagram, Facebook, Linked In, or others, having a social media account allows international businesses to connect with their target audience worldwide and advertise their products to them. Where once people would not be exposed to businesses from other countries, social media has made it easier than ever to stumble upon businesses from all over the world.

Transportation

There have been several major advances in transportation in the last 80 years or so. No one wants to wait months for their international order anymore; that’s because commercial jet craft has made transporting products to different areas of the globe affordable and timely. Customers these days are all about instant gratification, so there is a major emphasis on getting orders shipped as quickly as possible.

The explosion in air travel and airports worldwide has also made travelling for business people more accessible and created a huge rise in the travel industry, creating opportunities for many international businesses.

Production

If you’re an international business that sells products, you would have directly benefited from the latest innovations in production. Technology has played a major role in the production processes we know today and associated processes such as production planning, financial planning, and marketing. Thanks to technology, companies may have production and manufacturing plants in several different countries, and you can choose where to create your manufacturing plant based on where materials are easily sourced and where skilled labour is affordable.

Market globalisation

Market globalisation began forming its roots when it became more affordable and feasible to transport and sell goods in different countries. The internet is seen as a low-cost market globalisation network in an electronic form. Because of social media, television, and the low costs involved in transporting products around the world, there has become a sort of convergence in consumer preferences and tastes. For instance, there was once a time when only Americans wore jeans, but now people worldwide are interested in buying and wearing jeans, and that is how market globalisation works. The same thing goes for brands such as McDonald’s, Pizza Hut etc.

A global culture is created in which different countries begin having similar lists of wants and demands.

eCommerce

eCommerce platforms are platforms or websites that specialise in selling products online, usually to an international audience. Over the years, we have seen many advances in eCommerce technology. As a result, we are at a point where almost anyone can make their own eCommerce site with very little trouble, thanks to all of the templates and applications out there. This gives the average person, as well as multi-million dollar corporations, the opportunity to have their goods online and available to be sold.

eCommerce platforms are usually fully integrated with shipping, payment, customer service, etc.

Online banking

Pay instantly with the click of a button! Technology has played a significant role in online banking, and we have seen tremendous growth in just the past few years. Paying online, no matter where you’re located in the world has truly become easier than ever before, and there are so many options available to you! You can use your credit card, payment solutions such as the popular Paypal, as well as digital currencies like Bitcoin in some instances. In addition, exchange rates and payment fees have become lower, making shopping internationally easy and affordable.

Whether you’re a customer buying a pair of shoes online or an international business owner who needs to pay his suppliers and employees, online banking and payment services have made payments exceptionally convenient.

Technology plays a major role in the security behind all online transactions.

The future of international business

Technology is always evolving, and things in the international business landscape won’t ever stay the same for very long. While it is always impossible to predict the future exactly, as business experts, we expect to see trends in international business leaning more towards services than products, the inclusion of digital currencies as forms of payment, and an emphasis on eco-friendliness and transparency.

If you’re interested in getting involved in international business, remember that technology is your friend. The more you understand technology, the better you can use it to your business’s advantage.

If you enjoyed this article,
why not join our newsletter?

We promise only quality content, tailored to suit what our readers like to see!

JOIN OUR NEWSLETTER

We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept All”, you consent to the use of ALL the cookies. However, you may visit "Cookie Settings" to provide a controlled consent.

Cookie Settings Accept All