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Role of Internet in Business

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The internet can increase internationally trade culturally since the senior staff understands the culture of the other countries in terms of demand and operations better hence easier to cope.

The internet has enabled small and medium-sized companies to be part of the global economies. They can access a broader range of customers and seek for low-cost supplies through the internet. This lowers the cost of operating globally hence encouraging their participation. Companies can expand and open subsidiaries worldwide, in which they operate online by holding video-conferencing meetings instead of traveling all the way to meet. Advertisements and the creation of global awareness of companys products are also made easier by the internet. A company can create a small website, post their products and prices, and communicate with the potential buyers. The internet also builds confidence among the buyers since they refer to reviews made by other buyers on the company services. IF the company is trustworthy, they go ahead and purchase if it is not; they decline. Shipping of products overseas has also been made easier by the ocean shipping companies. Shipping a product is not easy as it may disappear along the way. The internet helps the sellers and buyers to communicate with the shipping company through emails, tracking devices, and other electronic devices. This has helped to avoid delays and streamline exporting and importing hence enabling operations for many countries that would otherwise be confined locally. The online payment method has also made international trade easier; cash in advance payments holds an order until the buyer has paid in full. Documentary collections have the importers’ bank pay the supplier ones the products are received. An open account has sales paid for ones they are received while letters of credit have a bank that assures the exporter payments as long as the terms and conditions are met. These methods of payments make buyers and sellers more confident to participate in international trade.

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