New Trends in International Business
Newest Trends for International Business Game
As the economy grows at home, your business might need to look at international sales to continue to be profitable. You should be aware of the major trends in international business before examining foreign markets so that you are aware of those trends that may benefit your company. The international markets evolve quickly to create a niche for your business by taking advantage of the changing environment.
For any international company, it must respond to developments and adapt to new circumstances to sustain its client acquisition rate and to advance generally. New devices, online tools, software, and channels are available to help companies around the world change their approach, cut costs and advertising.
The trends in the international business scene have never been the same for the past couple of years. You are up to date and can react in time before your competition and make necessary changes when you know the trend. I will, therefore, examine these trends which are likely to dominate the international business. This is your chance to start doing things differently and create a higher brand reputation on this before they become old news.
International Business Trends
New Trends in International Business
Changes in Demographics and Population
There is an aging population in the industrialized world, with a still very young population in many developing countries. Companies that cater to well-pensioners can benefit from a focus on developed countries, whereas in Latin America, Africa, and the Far East young families, mothers and children can look for development.
New Trends in International Business
The Popularity of Crowdfunded Projects
Of course, crowdfunding is one of the biggest trends in international business. Kickstarter was probably the most popular platform for financing your project before crowdfunding began. There are now more online outlets to use and this is a good thing as you don’t have to rely on a single website to get noticed and supported.
Crowd-funding will only be successful if the masses have more potential in viewing talented people who have a say in unique ideas. Manufacturers will also quickly receive feedback on how feasible their ideas and goods are and if the public is enthusiastic about their project. Crowdfunding is a safe bet in a way as you don’t have to be in loans to make the idea come true. The problem has been the lack of cross-funding channels because it is difficult to gain credibility among all existing projects if everyone relies on one single platform only.
New Trends in International Business
Growing New Markets
Developing countries will experience the highest economic growth as they are closer to developed countries’ living standards. Consider selling in one of these emerging markets to see the business grow quickly. Language, financial stability, the economic system, and cultural factors at the local level will affect the markets that you should prefer.
New Trends in International Business
Online Workforce
Another global trend impacting international business is the distributed workforce. Because of increased connectivity and advanced communication methods, such as video calls, webinars, etc., we can hire and pay for people who do not live on the same mainland. This is ideal for small companies that do not have to pay taxes for those people working in a different country because they have a larger pool of talent to choose from.
Freelancer online platforms boom because there are skilled people who want a job online and small businesses seeking an accessible and skilled workforce that can be found across the waters.
New Trends in International Business
More Knowledgeable Buyers
More intensive and faster communications allow consumers across the globe to purchase and access information on what they are purchasing. When price and quality information is available across all markets, businesses are losing their pricing power, in particular the ability to set various prices on various markets.
New Trends in International Business
Training Remote Workers through E-learning
Employing skilled people or experts is also one of the problems faced by small business owners. To progress further, you need skilled people, but it isn’t cheap to have a whole new team of professionals. You can choose enthusiastic cadets who are willing to learn and use e-learning solutions that help you train your people efficiently and quickly, in terms of current international industry trends.
The reason e-learning becomes so popular is because it offers more flexibility in terms of attendance for its course students. They also have more options for how to handle lessons, so they opt for a style of learning which suits them and enables them to acquire knowledge more quickly.
New Trends in International Business
Fast-paced Innovation
As many new businesses develop new products and better versions of existing products, the pace of innovation is increasing. European firms can no longer expect to take the lead in technological developments automatically, and this phenomenon may accelerate as more businesses gain the skills to innovate effectively in developing countries.
New Trends in International Business
Marketing via Live Videos
Social networks have added a new feature called live video stream that is very entertaining for many users. It helps companies to advertise so that consumers can feel more comfortable, giving them the so-called in-the-minute experience. A further benefit of live video streaming is Q&A videos that encourage each viewer to take part and assist brand ambassadors in linking up to the user base, creating better brand loyalty.
New Trends in International Business
More Intense Competition
As more companies enter international markets, the competition will increase for western companies. As businesses based in developing markets frequently experience lower labor costs, Western companies have the challenge of maintaining faster, more effective innovation and a high degree of automation.
New Trends in International Business
Introduction of Green Technology
Environmental factors in the West are already important and will become increasingly global. The environmental effects of their normal operations must be taken into account by companies. They can attempt to market internationally environmentally friendly technologies. This market has the advantage of increasing faster than the economy as a whole.
New Trends in International Business
Slower Growth of Economy
Western economies and the main emerging markets, including Brazil and China, have been engines of rapid growth. Western economies stagnate, with emerging markets slowing, so economic growth will be slower over the next few years. Given the slowly growing competition, international businesses will prepare for profitability.
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With the continuous progress of the international markets, a business might well find success by taking advantage from the changing environment. This, however, will also mean that a business owner or manager you must have the knowledge of the latest international market trends and must be ready to adapt quickly so you can retain existing customers and gain new customers.
The following are the international business trends that a business may benefit from but one that strikes the most in this article is the use of crowdfunding.
Crowdfunding is a method for attracting a large number of financial backers from a wide audience. In order to launch a company or launch a project, large groups of people pool together small individual investments. A businesses can launch a campaign on behalf of a product launch and any interested individuals can participate, and most of the time it open to international individual donors. With crowdfunding, you can boost your cash flow so your projects can come into fruition.
Some are the top crowdfunding sites for new creative projects:
• Kickstarter
• Indiegogo
• Patreon
• Crowdfunder (Shopify App)
• GoFundMe
• Fundable
• Crowdcube
• Crowdfunder
These crowdfunding sites often has their own rules. For example, in Kickstarter and many other crowdfunding platforms, you cannot use equity crowdfunding, and your project may not include some prohibited items. So it is a good idea to go over the rules of the site you’ve chosen before you start your campaign.
Pandemic happened or not, in my opinion, business is destined to the online world. I mean, way back in the 1990’s, businessmen already mentioned or forecasted that in the 21st century, online businesses will stand out. It is expected but we are all surprised that it happened now and during the pandemic.
Anyways, that is the trend now. Technology is everywhere. It helps us to communicate with our family and friends. We now have lesser over-the-counter or cash transactions. Which, by the way, is more hygienic and safe.
Moreover, doing business online, I guess, has fewer expenses. As long as you have an internet, your business can go globally. Shipping worldwide now is also a trend. But the struggle here is how will you earn the trust of your customers or consumers. That is the real work when it comes to online. We are communicating to strangers, how can we trust them? How can they trust us? That is the challenge of the business. But, I guess, there is no business if you do not know how to take risks.
The current COVID-19 pandemic has demonstrated just how linked our world is. The fast paced innovations and technological advancement have greatly supported the rise of the online workforce. Tools for communication, video conferencing, calendar management, and project management are some of the in demand products right now. Working remotely has now become the norm for most businesses. Another trend to consider is the rise of businesses switching to online stores. This is also because of the restrictions caused by the pandemic, nations have implemented lockdowns and there is constant fear of getting the virus in public places. Consumers are now more inclined to shop online for safety. The use of chatbots and live streaming are also in demand in the current business set up. We are now living in a world where almost everything is accessible online and just a click away and businesses must know how to adapt well in this fast changing environment.
However, there are also unique challenges that a business can encounter in the long run. Although working remotely seems promising right now, there is this long-term, isolating impact to the well being of the employees that can cause low productivity at work. An employee might potentially feel disconnected to their co-workers and even the company. It is difficult to perform engagement activities through video conferencing compared to being together in one place. Businesses can adapt to hybrid approaches where they can set up smart offices for those employees who choose to take a break from working at home or by simply having employees work in the office for 3-4 days per week. Online shopping can also cause dissatisfaction to their consumers especially when products are damaged and the actual quality is different from the one seen in photos/videos of the product. There is still this level of assurance that comes with seeing, feeling, testing the actual product prior to purchasing. Live streaming to answer Q&As and showing the different aspects of the products, if possible, can help with this challenge. For websites and product descriptions, having more detailed information of the product can be a great option. Product reviews or links to previous live streams or product videos can also be an alternative.
As Covid -19 struck the whole world, a lot of changes happened and especially in global industries. Electronic technology gives importance to the new normal. To fit the settings we need to adopt the new trends in the present situation to avoid conflict and be safe from the virus. Almost everything switches online which give us at first uncomfortable, in the end, it makes our life easy. Although changes happen so fast, we simply adopt. Maybe due to we are already in a computer age. The whole world was affected, all nations were in mourn. Lots of families lost their beloved ones and lost jobs. As we faced the challenges we were equipped to find new alternatives, some businesses closed but created a new one. Good things are happening right now. Online transactions are now frequently used and in demand. Almost all of us are getting used to the new normal. Schooling, working and getting food delivered to our homes through online transactions. Due to drastic changes, a lot of new strategies.
This Pandemic gives us positive and negative results. The negative results. Unemployment, life, and even business income. Positive results new businesses were born especially the online activities such as selling and marketing. Job opportunities in online work in a different call center are in high demand right now.
We may need to consider the talking points mentioned in this article if we are looking into investing in international business in the future. Mainly because these are the new trends and would help your business be known to the market while we are still faced by a lot of challenges especially with this pandemic, I like the idea of training remote workers through e-learning. This will allow flexible hours in terms of attending the sessions, accommodate different learning styles and can cater a lot of participants globally and internationally. E-commerce is another new trend in business. This is not limited to cosmetics, leisure, kitchenware, lifestyle but even food delivery is known to this platform. With this pandemic, people don’t have to go out and risk their lives to buy their necessities because they can just do it at their fingertips. Whatever business you intend to put up, market research is as important above all if you want to stay and level up your international business game.
COVID-19, I believe, has influenced international business patterns, particularly in the hospitality sector. There will be less personal and business travel opportunities. Domestic and international travel will experience downward pressure as a result of customers’ hesitation and fear of traveling. Hotel operations are forecasting a decrease in occupancy and operations. Second, during the recession, there are big numbers of unemployed people. In a work from home situation, companies are now benchmarking. It will also anticipate the need for cooperation by utilizing advanced technologies to make working from home more productive and efficient. Another method is to gain loyalty from clients with a low budget by using online transactions, promotions, and marketing.
As an MBA Student I think that the next trend in “International Business” given the problem caused by COVID-19 is E-Commerce. Since 2020, when the surge of COVID-19 cases, many consumers all over the world opted to E-Commerce given the fact that it is convenient, all that you need can be delivered on your door step and all that’s need to paid can be paid in just a click. There’s no hassle of going out, exposing yourself with the virus, and having the risk of getting COVID-19.
This is not just an acceleration on E-Commerce, it is a huge switch in consumer behavior which mostly happen in decades, but with the pandemic happened so fast. The influence of these changes will greatly affect the supporting industries technology, shipping and the government as all of us tries to keep up with consumers’ likes. With the adoption of E-Commerce last year, generated many opportunities as well as challenges and norms that will direct us on how to buy and sell goods as of the moment.
As we all know, consumers nowadays opt to shop online, buy food online and even book any of their activities online. This isn’t just because of convenience but because of the prevailing virus that develops different variants people would choose to interact less with other people. The lesser the face-to-face contact the better. I believe that business today should adapt to this kind of platform, not only as an advertisement but as well as a way to reach out with their consumers, existing and prospects as well.
If we want to do business internationally, we must be aware and ready to adapt to the newest trends in the global business. There are new trends brought about by the pandemic that is available to help companies to change or develop their approaches and minimize costs. It would be best if we are up to date and can adapt earlier before our competitors make the necessary upgrades. As early as now, it would be better to start doing things differently, move one from the traditional ways of doing business and create a better reputation for our brands.
Crowdfunding is very popular nowadays as it makes use of easy access to a variety of channels through social media applications and other websites to bring investors and entrepreneurs together. Utilizing the internet connection and advancements in the digital world, such as video calls and webinars, businesses engage in hiring people who live in other parts of the world because we want new talents that are not present in the local or the cost is cheaper if we hire a foreigner. This also minimizes expenses since we do not have to pay for the taxes of those we hire from other countries. The presence of online platforms helps businesses to share a more intensive and faster communication. It allows consumers across the globe to purchase and access information on what they are purchasing. When prices and quality information are readily available across all markets, the buyers become more knowledgeable. The most common examples of this are Shopee and Lazada. Another trend would be training remote workers through e-learning. Examples of this trend are the use of zoom and google platforms in conducting modules and webinars that are essential for the development of your skilled workforce. These e-learning solutions help employees to be more efficient and enable them to acquire knowledge more quickly which is also being practiced here in the Philippines. With the fast-paced innovation, businesses develop new products and better versions of their existing ones. An example of is what the cellphone brands, such as Samsung, Huawei and Oppo are doing where they keep on enhancing the current features of their existing products to improve and to create new and better models.
This blog focuses more on online trends that are very helpful during this time of the pandemic. Having a strong internet connection eliminates the boundaries across borders. These trends are very helpful in educating people and in providing the essential pieces of training and seminars at a more convenient cost. Let us not limit ourselves with the ones we already know. Learning is a continuous process and we have to adapt to the changes that are coming in because what may be applicable today, may no longer be beneficial tomorrow. Just like what happened to Nokia, they were the brand to beat twenty years ago, but they were beaten by other cellular brands because they refused to embrace the changes and new trends in the cellular business. We should adapt and continue to welcome with full arms all the succeeding innovations that are coming so that we will not be left behind and we will continue to be responsive in this ever-changing world.
As a result of the covid-19 pandemic, e-commerce expanded to a larger market of new customers and product types covid-19 the crisis. It has allowed customers to shop from the comfort of their own homes. It has allowed businesses to operate despite contact restrictions and other restrictions. Digital divides persist despite various governments’ attempts to foster e-commerce during the crisis of Concordia. Furthermore, regulations that are not adapted to e-commerce can create barriers for firms. This was true even before COVID-19.
People and businesses are more dependent on e-commerce due to the current economic crisis. Contextual issues such as digital security, privacy, and consumer protection have been brought to the forefront for consumers. Enabling financial inclusion will help to increase trust in financial institutions and empower small businesses to use e-commerce. Policymakers should reduce regulatory uncertainty for companies that use both offline and online sales strategies.
For example, governments must ensure a level playing field in the context of intermediated services (e.g., online platforms). It is also critical to have a sufficient number of retail outlets and a function-enabled environment for e-commerce.
Everything now speaks of technology. From manufacturing, merchandising, selling services, industrial business, and others – they all use technology in their marketing, in their production, in their finance, in development, practically in all aspects and departments. And we cannot deny the fact, that since the onset of the internet, social media, selling platforms, and the likes, the business has been booming. It provides businesses with a simpler, affordable, and efficient way to bring their products closer to their market around the world.
Covid 19 intensifies these needs to be technologically advance in your business. Being online is necessary, being able to deliver is important because people are afraid to go out now. It is not like before that people go to your place to shop. Now, you are the one to bring your business to your market’s home. Education becomes global too, as one can now attend classes online from different universities outside their country. New businesses have boomed during the pandemic, delivery services popped like mushrooms because they are needed. Rusty employees who dreaded the everyday commute now need to cope to do the job remotely and be present virtually. Yes, this is a relief to some, being able to do the job at the comfort of your home, being with your family, without a care of how you looked or how you dressed while working. Events, meetings, and gatherings are attended by various laptops, computers, cellphones, and tablets. Sad because the warmth of human smiles and the comfort of human touch are not felt anymore. All of us need to adjust, it’s the new trend – it is kinda hard at the start but we need to adapt, this is now the new normal.
As an entrepreneur specializing in e-commerce, I could not agree more on the article stated above. The newest trends above are indeed true. All over the years, changes in demographics and population are seen. That is why in our business, we made sure to test and target different audiences through different social media platforms. Since their are other growing markets, when we have enough funds, we plan to target other countries in our advertisements. Though I never had any experience in crowdfunding, study shows that it really helps business owners to accumulate money to start or expand their business. Its a win-win situation for both the company and its investors.
Since we are in the digital era, and my business is in e-commerce, with the pandemic going on, everything in my business is done online. We hire freelancers in Upwork to do our social media ads for us while we train our admins to assist customers through chat support. Our admins are in different places in the Philippines. Trainings are done virtually. We also have a course exclusive for our admins only.
Along the years, buyers are more curious and knowledgeable in the products we are promoting. They are smarter. Competition is very intense nowadays. One way to market in today time is through live videos. We have Q and A sessions to answer concerns of our clients.
Being an MBA student, I think the next trend “International Business” are:
Online Entrepreneurship will emerge (E-commerce)
1 year has passed from the start of COVID and businesses last year and even up to this year are still struggling and part of this change is engaging to E-commerce, RTW, basic commodities are being sold online just to cater the consumers in the online market since the quarantine status is really unpredictable.
Second is:
Online food deliveries:
As I am working in one of the Online food delivery app in the Philippines I can say that the sales really went up rising to 3 digits percentage compared to pre-pandemic. Even in foreign countries online food delivery app were used to have their food & also basic commodities delivered.
Third is:
Online Couriers are being booked online
Before, people go to the courier office to have their parcels delivered to the destination. Right now, people can just book online and have their parcels picked up door to door.
We can really conclude that there is a big change internationally and locally due to COVID 19 and change is inevitable and as human being, the only thing we need to do is adopt the change.
Being an MBA student, what do you think be the next trend in “International Business” given the problem caused by COVID-19?
As an MBA student, I think the next trend “International Business” are:
Online Businesses will emerge (E-commerce)
1 year has passed from the start of COVID and businesses last year and even up to this year are still struggling and part of this change is engaging to E-commerce, RTW, basic commodities are being sold online just to cater the consumers in the online market since the quarantine status is really unpredictable.
Second is:
Online food deliveries:
As I am working in one of the Online food delivery app in the Philippines I can say that the sales really went up rising to 3 digits percentage compared to pre-pandemic. Even in foreign countries online food delivery app were used to have their food & also basic commodities delivered.
Third is:
Online Couriers are being booked online
Before, people go to the courier office to have their parcels delivered to the destination. Right now, people can just book online and have their parcels picked up door to door.
We can really conclude that there is a big change internationally and locally due to COVID 19 and change is inevitable and as human being, the only thing we need to do is adopt the change.
It is expected that businesses will not return to normal for a long time because of pandemic. Online transaction are very efficient nowadays. During and after the quarantine period, people l find it hard to go out and live normal. Many individuals went for something that would boom and attract with their costumer. Majority of people were currently self-isolating and at home. Mane online selling offers different kind of techniques such as free shipping and discounts. Even restaurants expanding online and handling their own deliveries.
Have we ever assessed our business if it will sustain amidst drastic changes on its environment? Our we able to cope with the various changes we face everyday? Trend in business is inevitably occuring we need to adapt in order to remain on track. COVID-19 gives international business another perspective of operating so to continue to thrive, many trends are popping-out for us to get a basis for a strategy to apply this pandemic wherein everything freezes. As we try to embrace the ”new normal” trends in business changes too, but there is one thing still applies up to date and that is technological advancement and adapting to innovation.
As an MBA student, international business must integrate advance technology on its day to day operation, this will bring low operational cost and increase profit and improve its output quality. As we try to take steps in incorporating advance technology to our systems, this may be hard for the people who will utilize this technology thus, as we apply new endevour, company should provide training to these individuas to attain hollistic advancement.
One thing from this blog that can still be applied is having remote workforce. As company’s employees now can’t travel from home to work due to government mandate to observe quarantine, this aspect may disrupt our operations and think ways to give them the opportunity to work remotely in order for them to sustain for a living and of course help our business to continually operate. One of my classes we discussed this particular trend and research shown that having a work-from-home scheme of work can actually make your employee be more productive.
Morever, through Online Marketing we can also utilize our employees to promote our product and services, who will give the best input about the product and services we have? Of course these are our employees who can vouch its importance to our prospect consumer/buyers. For example the largest underwear company in china during pandemic used its employees to sell their product and have given them incentives for those who will reached the target sales and it is actually effective. In such a way it helps the company while it face declining sales due to lockdowns.
We just have to explore and study what strategy best suits for our business and be open for innovations, it will leave you two choices; to adapt or to die. International business should look into the possible future scenario and how to sustain in the business since history has already proven that even big company can be affected and forced to close due to the inability to adapt to change and failed to innovate for example NOKIA. So if we want our business to stay adapt and innovate.
Being an MBA student, what do you think be the next trend in “International Business” given the problem caused by COVID-19?
1. Online Businesses
During this pandemic the new business trend is online businesses. Though this scheme or method of availing of goods and services is already exist and available before the COVID-19 crisis but the percentage is not that remarkable. But during the lockdown or quarantine many activities are restricted and limited this is where this type of transaction shoot up. Many people realize not to compromise safety by gathering in a place just to have access to their needs. During the isolation people are stocking up household essentials like medical supplies, sanitary packs and especially foods and groceries.
They opted to buy or shop items online. There is great significant in shopping behaviours’ of the people during this time. It is quite comfortable because they order items or product online and just wait several days for delivery. No hassle at all, they can pay on COD basis. Of course there are other transactions where they can pay through credit cards, on line banking or PayPal.
2. Delivery Services
Like Online businesses delivery services sprout during this global pandemic. This a bridge of online business and the customers. Delivery and take-out services take the lead in providing the needs of the populace. Food delivery services estimated an increase by half. And many delivery drivers were hired during this period. A blessings to unemployed during this trying times.
Online businesses and delivery services are the new business trends during the COVID-19 pandemic.
A new normal in business.
With the effect caused by COVID-19, I think one of the major trend that will probably arise will be mobile market. The mobile market will be responsible for selling meat, fish, fruits and other essential goods in the community. These concept of having mobile market will be spearheaded by the government. It is the one who is in-charge of making guidelines to have a proper implementation on it. The goods that will be sell in the said mobile market have been pre-packed and weighted already for easier transactions.
The primary purpose of mobile market is to provide the needs of the consumers not just only for outbreak like COVID-9 but also it could be applicable for normal days or even experiencing typhoon and other phenomena. It is a great help for the buyers who are having difficult time going out in their houses because of lack of transportation and far from supermarkets.
Mobile markets could be possibly deployed around the city and some other far areas. It aims to prevent the people from going to the public markets to buy their essentials and also it will lead to a decreasing exposure of massive crowds in bigger markets and can mitigate air pollution because of the lessen usage of vehicles. It is also convenient and easy for consumers to buy goods and other essentials because it’s not time consuming.
Being an MBA student, I think these are the things that will be the next trends with the cause of the COVID-19. Due to pandemic a lot of people have been affected, it even changes the way how they live. Furthermore, people slowly adjust and adapt to the new changes. As technology grows exponentially, Online Businesses and Online Education will ascend higher and it will be the next trends. People, especially the parents will feel fear and anxiety, thinking that they will be infected with the infectious disease. Online Education is an answer to all parents, to keep their children learning while safety. Moreover, Humans are now conscious of their health, that’s why people will adapt and adjust this new change. People are fastened now in technology so customers will be attached to online buying. I believe that this will be the next trend that will bloom in the next years to come.
As an MBA student, given the problem caused by COVID-19, I guess the next trend in International Business are the following; Online business, digital transformation, potential rise of facial recognition technology, uptick in grocery delivery over restaurant take out and innovation in the products. Online business, this is the trend right now, since people cannot go out from their houses due to pandemic, they tend to bought products through online especially foods, here we have the Panda food who can deliver different fast food products. The digital transformation will boost also since we realize that technology is very important even without face to face contact. Business can still be going on because of the technology, and a shift to more technology based will be observed on these days. Potential rise of facial recognition technology for the entrance in every company for a safer no physical contact to avoid the spread of virus. Innovation of the products is another trend, in order to support the people, styles of dress, fashion, etc., should be innovated to answer the needs of the customer.
As an MBA student, I think the next trends given the problem COVID-19 is online workforce, growing new market, marketing via live videos, and slower growth in the economy. There’s lots of people who resigned especially in companies that are directly affected by the COVID-19 (E.g. hospitals), these people opted online jobs rather than risk their lives staying in the company. Growing new market is brought about by the change in purchasing power and pattern. Marketing via live videos is now the most important tool companies use to reach buyers. Lastly, slower growth in the economy is brought about by the temporary closures of some companies in the country.
The Covid-19 affect business operation locally and internationally stagnant, no transport hub, limited choice of resources and life risking for our frontliners.
As an MBA student, the next trend I can see for business to plan are the implementation of online workforce and doing video marketing. International business involves cross-border transactions of goods and services between countries and doing it online might be more convenient during this pandemic. As we can see, online services during this crisis became an essential trend to help businesses to still perform their operations.
We love to spare time scrolling our phones and I can see that people are thinking they way out to survive, involving themselves to do online deals examples are joining networking business (working at home) , captcha encoding (working through phone), online shopping (buying online instead of going to the malls) and many others.
This unfavorable delimma helped us realized that we are innovative, we are seeing our technology as our source for a living instead of using it for gaming and doing nothing.
A novel coronavirus has caused thousands of human infections in China since December 2019, raising a global public health concern (Xu, 2020).
The outbreak highlights cracks in global trust, the pitfalls of global interdependency and the challenge of global governance. Businesses that invest in strategic, operational and financial resilience to emerging global risk will be better position to respond and recover (Bingham, 2020).
The covid-19 affect business operations locally and internationally stagnant, no transport hub, limited choice of resources and life risking for frontliners employees. As an MBA student the next trend for international business given the cause of this disease is the implementation of online workforce and doing business marketing via live video and that scientific advancement impose in different organization.
Recognizing the risk of healthcare worker shortages, organizations are banning travel to medical meetings, cancelling conferences, limiting not essential travel, and recommending that personal travel be curtailed. (Adams, 2020).
The best alternative and trend for today is implementing the workforce through online, except for making the employees safe, the business can still operate and provide their services.
International business involves cross-border transactions of goods and services between two or more countries. Marketing vi live videos can be very helpful. Companies deliver and advertise products for consumers to be more comfortable as well as be entertained to the different video stream provided with relevant information for what the company has to offer.
Therefore international business will be paralyzed and cause low in profit, specific technology advancement will help each organization more of it’s plan, despite the threat of coronavirus, the proper use of technology good help the burdens of the businesses and regains its operation internationally.
After this pandemic Covid19, I think one trend will be a boost on Online employment or work at home jobs since one of the challenges we are encountering now that some establishments have no work no pay policy due to lockdowns travel ban temporarily store or office closure employees can not go to their respective office or work. the advantages of working at home are Flexible schedules, no office distractions, no cost of commuting, limited physical interaction with other people and more time with your love ones. Another trend for me will be online shopping of goods found in the market or grocery shops since online shopping of clothing, gadgets, cosmetics, etc are already in trend. and currently, during CoVid19 there was already a food delivery services offered to the market whether the restaurant itself doesn’t offer delivery but when their business is registered to this food delivery service provider customers can easily use the app to order and the food delivery service provider will deliver the food order to your doorsteps. also, In some places, they are already selling online rice, canned goods, meat, vegetables, fruits, frozen product, and other home supplies it is more convenient for the consumer since can be delivered to their doorsteps.
It is with no doubt that technology plays a vital role in setting the international business trends. Through technology, rapid innovation and knowledge are at the finger tips of anyone who has access to the internet. In the current situation today caused by the COVID-19 outbreak, many businesses are looking for ideas on how to reduce physical contact of human beings. Automation and robotics come into mind. Imagine having your ordered shipment delivered by unmanned vehicles, automation in manufacturing, unmanned public transportation, and many more automations you can think of. Many local suppliers have difficulty in the delivery of their products. They depend on the shipment through transportation, and transportation rely on human beings to man the vehicles, and human beings are required to stay at home. No active transport system, no business for many and the economy is greatly affected.
There are online jobs that are working on how to identify objects on the road like road signs, traffic lights, road obstacles, and many more. These jobs are done to pave the way for unmanned vehicles in the future. Some car manufacturers actually have their prototypes but I believe this will take some years for the breakthrough.
The use of monetary bills and coins may also be obsolete. As you know, metals are good transmittal of the so-called “Corana virus” and our coins are made up of metals. Businesses in the situation these days opt for payment through bank transfers or any of that sort that doesn’t involve the exchange of the physical monetary bills. Online payment is preferably used today especially that we won’t immediately identify if the person paying you is a carrier or not. Paying bills online if fast, accurate, cost efficient, and very convenient.
International businesses were greatly impacted by the Covid-19 pandemic. Nonetheless, digital innovation would still be on the top of the list in the business trends. Software services developing new applications that could be beneficial for global consumers. As most of the countries are on lockdown and on quarantined, people are encouraged to stay at home to slow down the spread of the virus.This will increase the market size for those innovative companies that used social media as a marketing platform. Due to the advancement of technology, at times like this, people are brought together through messenging, video and livestreaming applications.
Working at home is becoming a more popular business especially during this time. While this has been around for some time, the last few weeks have proven the advantages of not having to go to an office to work. As someone who is a part of the BPO industry, this alternative has sounded very inviting and I have witnessed several colleagues who ditched the call center and found their way through homebased jobs.
The GIG economy gas seen growth in the US before COVID19 and we’ve heard about this too. It’s a trend foreseen by our company which they have already started to invest in it. The biggest advantage of this is flexible work hours as you get to choose how much time you want to spend working. For example, Grab – owning a car and being part of this company allows you to decide when to take your car out for hire. Without tight schedules to follow, you can work on your own pace and hit whatever targets you want. This free market system is with temporary positions has been emerging in different industries.
Aside from the trends mentioned in the article, health-related industries would soar high in terms of its demand because most people would be very health-conscious, to be ready for whatever sickness might come their way. During this time of crisis, everyone might ruminate on their current lifestyle. They will be very careful about their food preferences and health lifestyle. The demand for food supplements will be high too. The government will spend more on healthcare needs and facilities, like constructing facilities to cater to pandemic diseases.
Question: Being an MBA student, what do you think will be the next trend in international business given the problem caused by COVID-19?
Answer: The next trend in international business, will mostly likely center on technology, which means lesser utilization of human beings and more of machines and maybe in some areas it will be robotics. Technology here will involve the very common area of business transaction now with teenagers in online selling.
If you consider video presentation an vlogging is now a very common trend in the mainstream business. Many people are working at home and earn a lot of money without even employing.
In my own opinion the next trend in International Business given the problem caused by COVID-19 most of business will promote more on health and sanitation products and programs. Incase in the future during the pandemic that was happening now everyone will be prepared. Alcohols/sanitizers, facemask,PPE’s and other medical supply that usually needed in times like this will be indemand.
With COVID-19, there is a sudden change in market behavior both in local and international stages. Implementation of the closure of some physical store/offices and social distancing created a major shift in the normal work process. Employer opts to let their employees work from home, bringing the workloads to their respective homes. This is for them to avoid crowded places and to acquire the virus. In connection to this, if this work from home set up will be beneficial to the business, for me, it can be the next international business trend. Having the comfort of home and being productive at the same time can give a work-life balance for the employees. At the same time, there is a cost-cutting benefit for employers like electricity and office space. On the other hand, one of the risks in doing the work from home is the monitoring of work progress status. The thought of not taking the work seriously because your boss is not around may delay the work and desirable quality outcome may not be achieved. An employer may choose to install a monitoring device in the laptop or computer being used by their staff. They may also let the employee report to the office at the desired number of days per week. At the end of this pandemic, there will be a major adjustment to the work schedule and nature of the work of the workforce. Businesses in the international market may study and prepare, as early as now, for any trends that will occur in the future that may have a major impact on them.
Change is everywhere, therefore trends come with change. Pandemic terribly affects the world. Online workforce since technology today is driving trends in the world around us and people are literate about online. Many companies accept online workforce since pandemic still ongoing. IT developers enhance artificial intelligence which very useful to all business to continue operate via online. People may prefer online business to stay at their home to earn since may business were closed and no job for employees. They may grab this this trends due to convenience, easy access to system where they can receive training, expect more complex and competitive salaries. A digital environment is a bit challenging to manage empowered employees but mentoring employees, they could adapt the technological advances.
As the CORONA virus pandemic continues to expand, trends on Online workforce, Training remote workers for e-learning and Introduction of green technology will most likely to mainstream. As more people are experiencing a new way of living, consumers are adjusting their spending and how they are going about their daily lives being locked up (staying home), online services could get adopted far faster. The Globalization of desk jobs is also becoming increasingly digital. Taken into account bigger companies prompted to ask thousands of employees to work from home since the outbreak. A trend on green technology will also be possible. Those sustainable investments that will anchor in nature-based solutions and geared toward public well-being as consumers are already more aware of the importance of their health and the public safety.
Grace Acejo
The on-going effects of COVID-19 pandemic is becoming to get worst – resulting to more casualties and negative economic growth as the virus continues to spread globally. This marks a significant event in the history and is greatly affecting the entire business sectors thus looking forward to a more realistic approach when this pandemic ends – more companies to invest on online workforce; fast-paced innovation to progress technological advancement, and; e-marketing to instantly boost business’ credibility.
Our lives have changed so rapidly within the past few weeks as COVID-19 became a pandemic. As we continue to see the outbreak spread and governments and businesses respond to COVID-19, we’ve seen changes in every aspect of our daily life. As people’s behaviors change, their search behaviors change too. In my opinion, these are the things that will be the next trend with the cause of COVID-19.
a. Food Preferences – With the projected rise in telecommuting comes freer time for the average worker, and with COVID-19 comes a potential obsession for boosting immunity, i.e., increased demand for cheap but healthier food options. Heavily processed food may still be popular, but as the economy matures, they will start looking for those that can help them fight a future epidemic.
b. Food Establishment – Traditional dine-in restaurants will take a significant hit and they’ll need to make their home delivery services more seriously.
c. Mass Transportation – Mass transportation may need to be redesigned to reflect the New Normal. We can’t pack people as tightly anymore.
d. Residential Real Estate – People will more likely avoid living in high-density housing like condominiums or row houses and they’ll get out of it as soon as they can.
e. Education – Classroom-based learning will likely decline as more educational institutional find ways to promote distance learning. As to whether distance learning will be more effective than the traditional method, only time will tell.
When a business adopts a certain situation, draw solution to its challenges and take advantage of the greatest opportunities and turned out to be a success many of the other businesses will follow their style. Thus, a new will trend rise.
Facing the problems caused by this COVID19, companies and businesses embraced the idea of employees to “Work at Home”. Because of the increased connectivity and advanced communication, companies may consider the convenience of letting their employees work at home. With the right company system and system security, employees with routine work can work at home provided that they must finish a given task to be passed on a fixed time. These can help companies lessen some expenses. These can also encourage employees to manage their time well.
Companies and businesses (especially healthcare) also experience the scarcity of supplies during this COVID19. So, to cope up with this, some companies make their supplies “Do it Yourself” or “Customized” products and customers embrace this idea. Because of more intense competition businesses produce products based on the specification of the client. Customizing the product based on the wants of the clients gives them a sense of authenticity and ownership which can also accumulate more clients. These may apply to food products, clothing, apparels and products that show the identity and uniqueness of the client.
International businesses function in a much wider scope and up to limitless variation. With the presence of COVID19, limiting all distances and personal contact from each other is also saying that the ideas and trends relating to building relationships with each other through social and face to face interactions to build each other up, could be at halt. Government rules and implementations require us to stay at home to prevent the widespread of the disease and limit us from going out for no reason at all but only for the basic necessities. Here comes the online world, the one powerful connection that will solve this distance problem. Offices temporarily closed as of the moment, continues their productivity in their respective homes using web communications. Meetings, classes, trainings are still possible with the connection ongoing. Instead of personally shopping your groceries, online orders could be made and delivered to your door. Completion of requirements of classes are submitted online for completion and a lot more. This tells us that online workforce will be a major trend even with this COVID19 crisis.
Topic 2- TITLE: INTERNATIONAL BUSINESS I NEW TRENDS
QUESTION: Being an MBA Student, what do you think will be the next trend in “international Business” given the problem caused COVID-19?
As this pandemic virus continuous to invade the world, significant challenges are also increasing in the business sector globally. Since all businesses remains to be unprepared with the presence of this unseen antagonist, the business trend also becomes volatile. As for me, the next trend in the international business will be more of online or home-base job. With the presence of the virus, most of the business were pushed to rest for a while and the people were obliged to stay home. But as I observed those with online business-like home base job like for example the call center and English tutorial remains to function continuously. While others have to problem the transportation or the logistics, those who are mainly dependent with internet remains uninterrupted.
Thus for me, online jobs or e-commerce marketing will be the next trend because people who are used to stay home and receive the same benefits with those who are in the office or secures a position in the office enjoys the luxury of time with their family while still working. After this pandemic virus I think online grocery shopping will be boosted because people now have fears of leaving their homes.
More booming of Outsourcing:
As we all know that outsourcing is to find the best product and services not just in one’s border but beyond one’s national border or worldwide. Employing talented and highly skilled worker is expensive. So for small and medium even in large companies it’s their way of producing, advertising and marketing their product and services in an affordable price but of a quality service.
More Joint Venture and Partnership will happen:
As this pandemic has a large scale effect in the international business will enter into joint venture so as to produce goods and services the meet the demands of the just recovering economy. And for them to save the cost of the procurement, production, advertising and marketing and to have an access and can penetrate and survive the tight competition in the international market.
As an MBA student, I believed one of the trends that will also arise caused by covid19 is:
WORKFORCE EMPOWERMENT THRU DIFFERENT AVAILABLE ONLINE OR MEDIA PLATFORMS BY CONCRETE TRAINING AND HELPFUL WELLNESS AND HEALTH SUPPORT ACTIVITIES.
Experiencing difficulties, employee of different companies, sectors are struggling and sacrificing thereselves. Doing best effort to help and assist affected individials. Even employees of closed businesses caused by this crisis are also experiencing anxiety and other negative energy caused by covid19. This is not rare when their is crisis.
To the best effort, employers, highest officials(publi or private) should be inovative to help their affected employees.
To help lessen or avoid the negative effect caused by the pandemic. There should be a sustaining program that will help assist affected employees. I would like to cite some examples of kind assistance extended to us by our company aside from the financial and food.
1. TELEMEDICINE FACILITY – Free teleconsultations services. This would greatly help employees and to feel secured even on lockdown.
2. WELLNESS BULLETIN/WEBINAR – Simple health tips health tips or exercises that may help ease affected individuals boredam that may affect their memtal health.
3. MOTIVATIONAL / INSPIRATIONAL BULLETIN – Life touching quotes that will help inspires the team during difficult times.
4. SPECIAL APPRECIATION OR RECOGNITION – During this times, their are others who reach out to help esp.the needy. Recognizing there selfless act is heart pounding and could boost them or encourage to do better.
5. SAFETY TIPS ON WHAT TO DO DURING CRISIS – Helpful reminders that will surely help employees especially if they are experiencing negativity and what to do in crucial situations.
It is normal to feel panic and anxiety in times of uncertainty, but lets strive tk move forward by changing our outlook.
Have we ever assessed our business ability to continue our business when channels are limited or closed? What are your remedies?
Will you close too? Companies facing disruptions currently need to be making plans to adjust their business operations brought by the novel corona virus 2019. The current corona virus outbreak emphasises the need to embrace dynamic risk management. Too many companies are focused on results in short term, leaving their long term viability at risk because investments were not in good times to strenghten alternate supply chains. The current corona virus crisis shows how quickly events can take over and take something that was concerning to business disruptions.
As an MBA student, the next trend in international business that is now applicable amidst corona virus is the online workforce as stated in this article and I strongly agree with the author. In the current situation using social media to coordinate employees nd partners with remote working and a new set of complex coordination challenges, many companies look to social media platforms to coordinate employees and partners. For example Cosmo Lady, a leading and largest underwear company in china, intiated a program in increasing sales through WeChat, enlisting employees to promote their social media circles. The company created a sales ranking among all employees including the chairman and CEO helpling motivate the rest of the staff to participate in the initiative.
In addition, it is also important to sense and prioritize new risks and implication to our business components such as our products and services. After this prepare for a faster recovery that can that you can expect. For example for only six weeks after the initial outbreak, china appears to be in the early stages of recovery. Congestion delay currently start at 73 % of 2019 levels up from 62% at the worst part of the pandemic, indicating that the movement of people and good is resuming with appropriate application of new trend. I believe that it is possible to bounce back after this hard times.
QUESTION:
Being an MBA student, what do you think will be the next trend in “International Business” given the problem caused by COVID-19?
ANSWER:
The Pandemic really affects the economy worldwide, if this will continue with this kind of living where, we have limited access to markets, malls, amusement parks, schools, and even our own businesses, for me, Online Selling is 1 of the many international trend that will soar high in the business industry. People are afraid to go outside, if not all, and willing to spend more than to be exposed on the virus outside of their comfort zone. Logistic company also have a big part in the trend following the pandemic arises across the world.
COVID-19 puts even more pressure on doing business Online. While we have been moving in this direction, a lot of business was still done bu having someone “fly” over to a location. As an MBA student, I think we are going to need to understand even better how do we grow business from a far and online, specially B2B (business to business) business. We may not have the luxury anymore to just fly into a country or city, so how do we make sure our sales in that city are growing.
I think one of the major trend that will probably arise caused by COVID-19 will be mobile markets. The mobile market/s will sell meat, fruits, vegetables seafood, rice, crops, canned goods, processed food, eggs, poultry and other food supplies so residents won’t have to go the supermarkets or public markets. These concept of having mobile market will be governed by the government in order to provide guidelines and proper implementation that will be observed and followed by by big business owners, farmers and vendors.
The primary purpose of mobile market is to provide for the needs of its constituents not just only for outbreak like COVID but also it could be applicable for those buyers who are having difficult time going out in their houses because of lack of transportation, far from supermarkets and caused of typhoon other other natural phenomena where most families are stuck in their areas.
Mobile markets could be deployed around the city and some other far areas. It aims to prevent the people from going to the public markets to buy their needs, further decreasing the exposure of crowds in bigger markets and can mitigate air pollution because of the lessen usage of vehicles. It is also convenient and easy for consumers to buy goods and other essentials because it’s not time consuming. The goods have been pre-packed by weight for easier transactions so that the vendor will no longer have to weigh the goods during the transaction process.
Being an MBA what do you think will be the next trend in “International Business” given the problem cause by COVID-19?
Business greatly affected by COVID-19 both near-term effects and the less-expected longer-run consequences. The outbreak highlights the crack in global trust, the challenge for global governance and pitfalls of global inter-dependency. Epidemics are the amplifier of existing trends and vulnerabilities and a standalone business risk. Businesses that invest in strategic ,operational and financial resilience to emerging global risk will be better positioned to respond and recover.As forecast by the united nations the global economy shrink by 1%,millions of workers are facing the bleak prospect of losing their jobs, moderate declines in private consumption,investment and exports and offsetting increases in government spending global growth would fall to 1.2 percent this year 2020.As forecast the service sector hit hard particularly industries that involve physical interactions such as retail trade,leisure and hospitality,recreation and transportation services.
Some trends would be in the following areas:
1. Advertising business- during this epidemic the ads rise to 91% where people would like to know and understand the impact of COVID-19
2. Business or work from home – will increase especially in encoding, paper works,online and tele-communicating works
3. Restriction on imports of exotic and decorative including insect
4. Some industries well poised for market shift to consider products package during health emergencies
5. Product, research and development on medical will rise
6. Hospital business will be challenging that part of the development and improvement of isolation facilities
7. Small business will take time to improve their online web presence and social media.
8. Governments to consider and roll out large stimulus package to avert a sharp downturn of their economies which could potentially plunge the global economy into a deep recession.
8. Expected after the crisis demand will suffers as consumers cut spending throughout the year.
There are always business opportunities in times of crisis and emergencies only the resilient and in better position can recovered.
Looking on a general perspective, the challenge of the businesses during the pandemic, is how to bring the product / service to the client even if they are at home. I would go for more interactive online platforms for consumers.
For developed countries where no ‘sari-sari store’ set up is being used, online ordering will be most convenient for consumers with delivery service to match them. Maybe an enhancement of the online services will be attractive like giving flexibility to client by allowing placing of advance orders with scheduled deliveries. In developing countries, the online ordering and delivery is already making its way into the market. But since internet is not as widely used as much as in developed countries, making the product available in small retail stores is a way to ensure sales. Although, a lot will be taken into consideration for this step like the nature of the product, market positioning and branding. For non-consumable goods like shoes and apparel, it is better to have an online platform for consumers to shop. In addition, if sales personnel will be able to interact with consumers shopping real time, I believe it will help the client feel valued and gain their loyalty.
As an MBA student the next trend in International business as an effect brought by COVID-19 will change which is in relation in the adherence with the prevention of the spread of COVID-19 as International business is very sensitive in the adaptation of the new concepts of business as responses in the world current situation and quickly adapt the newest trend in order your business in the international set-up will not be left behind. As far as COVID-19 is concern, it is a challenge on how to address this particular issue to have a a safe business journey all the way. Being an MBA student you should know how to handle and manage the business with caution and prevention of the pandemic caused by COVID-19. To start, set your goal, establishing your goal, is a prerequisite in business to have direction, in order to have that goal, make your Vision and Mission Statement as a foundation of the existence of business. With the consideration of the best technology and competent employees your business will survive. All you have to do is to organized the entire bureaucracy structure of your business and to have an intensive monitoring of what is happening in the business world. Beforehand you should do the basic steps to come up a better organization of your business in the international settings. First, it is necessary to conduct “Situational Analysis” to find out what is your business positioning in order to formulate strategy to overcome the challenges, obstacles and hindrances your business is facing. Create different committees to task the study of the different area of concern and consolidate findings and reports to be included in your analysis. This will includes what is trending in the International market, what is the magnitude of your products selling capability in the global setting and your primary targets. To know what is the status of your business positioning in the midst of the pandemic COVID-19, and the possible strengths, weaknesses, opportunities and threats. Second, Strategic planning which is in-line with the current situation on how to survive the threat of COVID-19, converting your weakness and threats to strengths and opportunities depending on the result in the situational analysis conducted. Converting your weakness, threats to strengths and opportunity; example you may convert or shift your business to products and services needed in the COVID-19 pandemic, any business that is relative to this issues like medical supplies, to take the opportunities brought COVID-19, yes, it can be possible, just for the time being and return to your original business after the phenomenon. In planning, it includes brainstorming and deliberation of possible inputs of any member of the planning committee. This phase includes the question and answer portion or the problems and solutions to current issues and trends in the global market. In the creation of the different committee, it includes training committee who will determine the training needs analysis of employees who will be involve in the operation of the business. Why? There is so much expectation to fill out the gap between the productivity of as targeted by the business. This committee will choose training, workshop and seminar which is needed and necessary to equipped them and cut costs. Third, is to implement your approved strategic planning. The implementation what have been planned is necessary to determine whether your plan is effective or not. It is required to carefully and strictly see how your plan is implemented in the strategic planning in order to measure the result and productivity if its relevant with your business vision and mission. Fourth is monitoring of the result of your implemented programs (Strategic Plan), to determine how and what is the result and its implication in the business. Part of monitoring is to see to it that the strategic plan was correctly implemented. This is the crucial part of your business because the next phase will be the evaluation. It is crucial because the evaluation is anchored to the result of implementation it needs accuracy and precise, interpretation because any mistake will definitely lead your business to possibility low productivity in terms of profit. Next phase will be evaluation, this phase is to determined whether the strategy is effective or not. If the evaluation comes out to be effective meaning to say the business will succeed. But if the result of evaluation is failure, you have to find out what is wrong, you need to modify the strategy until it becomes perfect.
For me, as an MBA student, the next trend in international business would be increased in globalization and inter-connectivity. Amidst the current situation caused by the pandemic, travel ban or restriction is one of the best option that many countries have done to control the spread of virus infection. You don’t have to travel physically if you want to meet your international business partner to discuss your business operations with the current outbreak or even if the pandemic has subsided. Instead, you can use the advance technology right at your doorstep. It is a privileged that everyone can now access the internet anytime and anywhere. And as for businesses, there are a lot of software application that allows video streaming or video conferencing just with the use of your laptop that you can access for free, while others come with a minimal fee for subscription. One of the friendly user software application that businesses can use is Zoom. In Zoom, you can do video conference meeting at your most convenient time. It allows the users to view and exchange information, updates, business status, revenue analysis and the like. Businesses using this kind of software will still get the same result as they wanted even if they didn’t meet physically. You can save some of your finances likewise your time if you are doing it virtually.
Businesses should brace for an intense competition in the global market once the pandemic will be over to acquire what they have lost during these economic crisis. And it would be tough if your business could not adapt to the challenging world were technology plays a vital role in the business growth and success.
QUESTION: Being an MBA student, what do you think will be the next trend in “International Business” given the problem caused by COVID-19?
Before this pandemic, we had many warning signs that our homeland was in danger: the 2002 SARS outbreak; the 2003 resurgence of H5N1 avian flu; the 2009 H1N1 swine flu outbreak; the 2012 MERS outbreak; the 2014 Ebola outbreak. Despite the warnings, we didn’t perceive the danger precariously enough — and were caught unprepared for COVID-19. Even as early as January this year, the sign of the pandemic was imminent, yet, we didn’t take it seriously enough, and so here we are.
With this, in my own opinion, the next global trend for the succeeding years will be the Research, specifically, Clinical Research. In this way, it will allow countries and global businesses to put resources and funds into combatting viruses and diseases. It also allows them to prepare in advance proactively, put safety measures in place, gear their employees, and improve their capability in technology. COVID-19 exposes a great variety of unpreparedness on the of the government and businesses as well. That is why, for me, the next global trend will be Clinical Research.
With the COVID-19 tragedy that has struck the world it would be a must that businesses should evolve in a way that it can mitigate the effects of the current threat and unforeseen events in the years to come.
We have already seen call centers or BPO companies adjust their businesses in relative to COVID-19 by letting some of their employees work at their respective homes. Adjustments such as this questions the old and traditional thinking that work must be accomplished in a fixed site or workplace.
“Work from home model can be convenient and economical option for the companies in need of customer service solution” (Klein, 2016). Work from home has been practiced by some BPOs in the western countries as early as 2014, “and outsourced or work from home call center agents proved to be as equally effective as with in an in-house call centres, with greater cost effectiveness”(Rongala, 2016).
I think in the near future with the current pace technology is being developed, businesses not involving manual labor(food industry, construction, hospitality, healthcare) or businesses that are mainly involved in office work could be flexible enought to practice work from home, this could save space, money, for infrastructure and could be flexible to withstand long lockdowns like what current businesses are experiencing.
According to ADB, this COVID-19 pandemic may push 11million in South East Asia into poverty. As an MBA student, it bothers me to think that our economy and that of the world may slowdown brought about by this crisis. Countries affected by this virus used their funds to provide the needs of frontliners, displaced workforce and supplies needed to combat this virus.
These funds could have been allocated by the government to fuel other projects like infrastructure, education and other social services. What we see now as the next trend is a bleeding economy trying to push despite the uphill battle. Yet resilience and hope remains that we will get through this.
As I read the article, I really agree that these are possible trend in international business. Some of these mentioned may either rapidly take place after the current pandemic or gradually emerge due to possible constraints. The current pandemic has affected everyone, globally. Many people have lost their families, some their lives and others their source of income. In times like this, manager’s have engaged themselves in rigorous strategic planning for the current situation and the possible future situation. As an MBA Student, there was one portion of the article that I agree with the most. This is the online workforce. I myself, have first hand experience with this. I am currently working for a KPO/BPO company and amidst this pandemic we are still functioning as normal because we can easily work from the comforts of our homes as long as we have a computer/laptop and internet connection. Despite other companies, who have laid off recruiters due to the incapability of hiring new talents we continue our operations. Clients have been patronizing our services because we can still provide the needed talents and our employees can still provide the same output regardless the current situation. Unlike their onshore workers, home based employees still thrive. If you can observe, even during the Enhanced Community Quarantine in Negros Occidental BPO (Business Process Outsourcing Companies) are still open. Keeping a big portion of our population employed and financially stable despite COVID-19. Aside from such, other home base job like online teachers and booming because Chinese students can’t go out and book online classes instead. I really see the future in this type of industry especially with companies who are looking for cheaper labor costs. Advancement of technology has even created new positions that never existed before. Currently, in our talent market a lot of clients are looking for Social Media Specialist, E-Commerce Coordinators, Website Developers, among others. Who ever knew that handling social media accounts for clients could lead to earning salary? Clients who are engaged in e-commerce also tend to outsource positions such as product listers, product description writers and SEO specialists. If you think of it, these positions never existed before but advance in technology, evolution of marketing and the ever-changing dynamics in business have made these positions a necessity in the talent market. Furthermore, up-skilling in these types of industry will help you make more money if you want to work home based. People are even making money by sharing on how to gain these skills through SkillShare. These are just a few examples but these really convince me that in the future more of our workforce will be online.
Businesses and communities are facing up the reality of COVID-19. Online workforce and E-learning is the next trend in international business due to the advancement of technology and the flexibility it offers. Now is the time workforce give emphasis on remote working because it only needs desktop and internet to get you started without leaving the comfort of your home and without sacrificing your health due to this outbreak. The issue now in the Philippines is most of companies strictly implemented the no work no pay policy and did not impose work from home with these it’s an eye opener that online platform is best suited on all kinds of crisis where you can still earn without leaving home. Next is in the field of Educational institution various schools already invest in online learning a method of learning suited to everyone also it can reduce cost due to a lot of training time is reduced with aspect of trainer and can enhance the profitability of the institution. Indeed digital age maker people spend more tome at home.
Question: Being an MBA student, what do you think be the next trend in “International Business” given the problem caused by COVID-19?
COVID-19 brings massive change in all areas in the world and each one of us has never anticipated the effects that draw drastic measures for our government to fight and stop the spread of virus. These drastic measures brought impact to businesses due to quarantine policies that hamper their operations. They were forced to close their business and some made adjustments on their business processes to at least meet the ongoing demands of consumers. However, this will continue even though after the said pandemic will be over. Business trends internationally will face another era of business paradigm brought by the cause of COVID-19. Given the uncertainties of what will be the next step for all businesses, the emerging new business trend will again flourish to answer the diverse new customer needs and wants. As MBA student, I think the next trend in “International Business” will pertains to giving financial aids to investors like banks and lending companies. Companies will seek financial assistance to bounce back and to help them bring their businesses back on track. Banks and other financing companies will design comprehensive interest rates to compete with each other and to entice companies to do business with them. Another one is there will be digital evolution where in less face to face encounter to promote social distancing. Creating and enhancing existing digital platforms such as teleconferencing, video chat, and etc. People will be more conscious and cautious when it comes to health care and hygiene. This disastrous event teaches us the importance of living in a clean and hygienic environment to prevent the spread of infections. Thus, products promoting good health and infection control will become a new trend in the next years to come.
I think the trends in International Business caused by COVID-19, first in Hospitality Sector. Their will be a reduce of personal and business travel. Domestics and International travel will face a downward pressure caused of consumers/costumers were hesitate and fear to travel. In hotel operations expects a drop for occupancy and operations. Second trends large numbers of jobless during the recession. Even in the early stage of COVID-19 more company already stop their operation. The challenges in small business is on how to support their employees during this crisis. Third the other side, the demand for medical related professionals and business establishment will be open. Other countries now, starts research and studies in making vaccines or medicines that will use to cure viral diseases. In addition, Medical Heath related professionals were in shortage and high demand in every country. Lastly, their will be an Increase of home based working situations. Companies now into benchmarking in home base working environment. It will also anticipates the demand in collaboration with the use of high technology to be more productive and efficient in working at home. Another is online transactions, advertising and marketing will be more popular in gaining loyalty to customers with a small budget.