IT on Global market
Introduction
Information are the central point of attraction for any person or an organization who wants to succeed. Information technology has become the major source of information and communication. With the introduction and progression of technology, global market has taken its peak in the last few decades. The global marketing can be defined as marketing on a worldwide scale done by planning and conducting the business and transactions in between the different countries fulfilling the global objectives ('Global market' 2019). IT has been used as a backbone in global market in which individuals and organizations can utilize such facilitation in quick, reliable and productive ways. In this essay, it will be represented how global market is more advantageous through the support of IT in various branches of market. Directly and indirectly IT helps global market in online marketing, stockholders, tourism, advertisements, manufacturing and transport.
Online shopping
In this technological era, IT has uplifted the global market in the area of online marketing through the recent advanced inventions and devices. The innovative approach of new software and applications have made online shopping be accessible anywhere anytime, leading to productive outcomes. In the other words, internet marketing makes the individuals and business owners to overcome the geographical barriers by offering the services and products to customers worldwide (Edkent Media 2019). Many e-commerce websites and applications are forged to help people save their time and money as some of the e-shopping are cheaper in compare to retail purchase as well as there isn't any crowd and pressure while buying goods through online. One of the good examples is getting the goods from the eBay or amazon where people can browse products, read the reviews and pay online as well as get delivered to the wished location. In this way, companies get more consumers and opportunities to expand their business internationally delivering better customer services and providing better goods. Another example can be Airbnb which uses the JavaScript library called backbone.js to reach their customers which now stands over more than 34000 cities (Mulder 2014).
Stockholder
Stockholders are the fundamental part of the multinational plus national companies which aids in advancement of global market which is enhanced by IT. The investors spend their capital along with their innovative ideas for the betterment of the company. One person can supply its investment to more than one companies, and they need to keep track of every reports and testimonies which is made possible by different software. For example, shareholders can outreach the programmes such as annual meeting, post-earning communications, technology webcasts and conferences with the help of IT and promoting their business (Walker 2018). Shareholders can access to their daily data like rise and fall of stock exchange, values of their share and also they can view their daily performance of their investment by using some designated applications. It is hard for a person, who is international investor, to travel through countries to countries just to check their everyday records and it is also not possible for him to go through every organization that he invests just to navigate the histories and data but these all stuffs are made achievable by discovery of specific software.
Tourism
Tourism one of the major points of discussion globally these days as they are the essential source of income for most under developed and developing countries. In addition to these, Tourists are becoming more interested in original and authentic experiences in their free time so that they seek for the sources of information and guidelines about their destinations which will be worth it to spend their time and money. To get the needed information, they can use YouTube, which is global leader in video streaming, and figure out whether that place suits their imaginary destination or not by watching the videos that other people have uploaded (Reino and Hay 2016). People can view the places they are going to using the google earth which will give them the idea about landmarks around that place and they can also use google map to find the way to their hotel or place of living if they got lost. The latest technologies also predict the upcoming weather condition which is a great advantage. Mobiles and cameras allow you to stay connected as well as capture the view and scenarios which can be preserved as memories in the future. In addition, for every person, schedules, payment information, immunization requirements, and information on diverse topics like cultural practices, driving rules and language translation are required which can be accessed through Global Distribution System (GDSs) (Benckendorff et al. 2019).
Advertisement
Advertisement comes as an organ of marketing and for global marketing it can be easier to present through the available digital and social medias with the help of IT. Recent research shows that global market has been fuelled by digital and alternative media which are set to grow 1.3 trillion in 2018 achieving the fastest growth in 2018 (Chief Marker 2019). These days how people do online shopping through the social media and what they see on the social media such as Google, Facebook etc. advertisement has highly increased the number of viewers for advertisements. Advertisement are the main reasons for the products being sold globally as people want to try the new and unique items as they see it on televisions or mobile phones which helps in the promotion of international trades. Although IT on advertisement might have some demerits such as fraud on internet, high prices or faulty products, it has always helped advertisements to spread out to consumers views quickly, remotely and effectively. For instance, YouTube has 1.5 billion users and spend hours watching on it, where youtube can offer if any organization or individuals can put forward their advertisements with flexible availability of locations according to their budget (YouTube, 2019). In such way, IT has directly helped advertisements connecting its support to the global market.
Manufracture of Goods
Manufacturing of the goods is done globally which requires information about how produce the goods in effective way. Analysis, design and control are the major practical theory of manufacturing (Brock 2004). Nowadays we can see the rise of the robotics in various fields. For example, Amazon has around 15,000 robots who work along its 50,000 humans, there are driverless cars in California, Washington and Texas (Emeka 2018). In addition, for all the data to be safe and efficient to use, cloud storage is used. Predictive analytics can be used for the plan for future demand of products, customer service requirements and these predictive analytics can be used to maximize profits and progression of the worldwide markets (Emeka 2018). However artificial intelligence has its disadvantages such as it can decrease the employment, it majorly can finish the tasks in more effective ways which uplifts the production and management.
Transport of Goods
Transport of the goods comes to the vital part either delivering the services to the people or delivering the goods to the designated locations and IT has made highly-yielding. In other words, devices are used to keep the details of sender and receiver along with the date and time of arrival and departure which makes the delivery of goods more efficient. Shippers, suppliers and logistics can cooperate in the cloud with transport management. For example, Bids are completed on the platform, contracts are awarded, execution is monitored, and changes made based on detailed analysis of transportation data (Jungleworks 2019). In this way, the manufacturers can predict the amount and cost of the manufacturing goods. In the new millennium, transport would take a new approach for more use of IT applications in transportation, such as Geographic Information System (GIS), Global Positioning System (GPS) and intelligent transportation system (Western and Ran 2000). For example, traffic departments are using GIS for accident analysis which main purpose is to find the place of high rate accident and safety deficient areas (Erdogan et al. 2008).
Conclusion
The primary objective of the study was to figure out how IT is used in global market. To sum up, in the various elements of global market, IT has played the crucial role by providing its innovations and technologies to cut off the various barriers. Although there are still the shortcomings behind the role played by IT in global marketing, which need to be improved for business to be more productive to deliver the services provided to the consumers. In other words, from general to specific IT has helped the global market in each of the factors and fields. This paper can be used in the various research and teaching in the future by the educational organizations and research institute.