Globalization
Globalization refers to a
variety of events that are rapidly changing the world. The concept of globalization is closely connected to recent changes in
the world economy. Globalization is an
inevitable phenomenon in human history that's been bringing the world closer
through the exchange of goods and products, information, knowledge and culture.
But over the last few decades, the pace of this global integration has become
much faster and more dramatic because of unprecedented advancements in
technology, communications, science, transport and industry.
E-commerce
is booming impressively in English speaking countries, but a tremendous market
is emerging outside of these countries, as people there are going online fast,
especially in Europe and Asia.
Companies
that continue to target this overcrowded sector of the world market will be
left behind in the new global order of business.
It
is interesting to note that the vast majority of U.S. and U.K. websites
continue to address the various world markets as enormous
English speaking market.
Europeans
and Asians have used multiple languages for centuries when doing business with
one another, recognizing that sales mainly occur in the language of the target
market. It is a fact that people are four times more likely to buy a product is
they are addressed in their own language. If you were looking for a supplier
and you clicked on a website, which was written in a foreign language, would
you contact them? Or would you just look for another site written in English?
Taking
advantage of India’s lower cost but educated and English-speaking work force,
and utilizing global communications technologies such as voice-over IP (VOIP),
email and the internet, international enterprises have been able to lower their
cost base by establishing outsourced knowledge-worker operations in India. One
of the major forces of globalization in India has been in the growth of
outsourced IT and business process outsourcing (BPO) services. Companies
entering the Indian market have opened up many profitable opportunities.
An
international market is a good option to improve the country in order to stay
in the running. Also
Globalization has brought in new opportunities to developing countries.
