Is technical globalization possible in the e-commerce market?
Large online stores are gradually expanding beyond the borders of the countries in which they were created. China has become the first country to try to master the global e-commerce market. Will major players in the e-commerce market from other countries be able to repeat this experience, is it possible to allow a massive transition to global trade on the Internet? Experts from specialized companies speak about this.
CarolineLee, CocoSign (Richmond)
Globalization has drastically impacted the e-commerce market. Advancements in mobile technology have made the world more connected than ever, which cause e-commerce to grow on a large scale.
Needless to say, technical globalization is indeed possible in the e-commerce market. Now, more and more online stores are opening, and people find it more convenient to shop online than offline.
Given this mindset, we can surely expect the emergence of a single trading platform that will include several small online stores.
Although there is no such store yet, if we take Amazon as an example, it has multiple retailers that can come and sell their products on Amazon. So, with the technologies like artificial intelligence and machine learning, we can develop a software solution that can have multiple online stores in it.
Daria Bogretsova, Marketing Director, Leobit
If we are talking about global trading platforms, then Alibaba is one such B2B trading platform. Meanwhile, Etsy, ThomasNet, etc. are still limited to the United States to some extent. Alibaba serves buyers and suppliers around the world. It is doing well (over 960 million users), acting as an intermediary, helping to build relationships, and facilitating transactions between multinational companies. So a global platform already exists. Whether another one may appear is a question.
Any global trading platform will need to authenticate its users. The platform must verify the identity of users, the accuracy of company / inventory information, and perform background checks. If anything there is a failure between the two parties, the platform can become responsible. In addition, the platform should offer live chat, order tracking, gallery, RFQ functionality, easy product loading, robust SEO, internal analytics, and more.
Not every company will be able to solve all these problems. It is very difficult, so it is unlikely that we will see competition between global trading platforms. Most likely this story will be about a monopoly.
Is technical globalization possible in the e-commerce market?
As the technology advanced and modified itself with time, it crosses all the boundaries and spreads everywhere. It has created a new way of gaining access to new markets through e-commerce. In a broader sense, technical globalization impacts employment patterns, efficiency, and industry structure.
When new inventions, new technology modified themselves and took the older products, new items came to the surface and got fame for several reasons. Technology doesn’t restrict itself to a particular area. It moves everyone because of its demand and everyone in small and big e-commerce markets. Evolution doesn’t bind itself and broadens its horizon beyond the limit.
Can we expect the emergence of a single trading platform that will include small online stores? Is it possible for a large international online trading platform to function?
As trading platforms are software that is utilized for trading that includes launching, closing, and dealing with the market positions via a financial mediator like an online broker, so with time, there is this possibility that one day a single platform will come to the surface and include small online stores in it. The tool’s primary purpose is to maintain funded accounts and conduct limited trades; investors maintain funded accounts and execute securities trades on various markets.
For smooth business dealing, a dynamic trading platform can use architecture databases to improve safety, provides transparency, and gives secondary market exchangeability. Yes, the large international online trading platform can operate worldwide, but it is significant to consider the technology being offered through that platform. You need to ensure that the tools you will receive are suitable according to your investing style. These tools are being made by keeping in mind the modern day’s investment and business needs so that you can rely on them.
Will it be technically difficult to implement such a software solution?
It varies from platform to platform. Some trading platforms are hard to use in technical terms because they require a lot of complexity to deal with day-to-day investments. As they are used to deal with the market positions and if applied at a broader scale, then there is a higher chance that the practical implementation would be hard to deal with.
What will you need to consider when developing?
While developing a trading platform, there are a few things to keep in mind. The first thing to remember is that a trading app can’t exist without a trading platform, so you need both. If you need to create an investment app, you should know that you’ll function on an investing platform in effect. You then need to know which platform your application will run on. Do your research and get to know which devices your customers utilize and create an app that is user-friendly with the most popular platforms.
You should also have a good idea about the experts related to the field who will help you complete your platform. Don’t forget that while designing a trading system that you are done with usability testing, it will ensure that your final product is the one you initially made or thought about.
Alina Clark, CocoDoc (Beverly Hills, CA)
The rapid proliferation of the Internet gave rise to e-commerce, which has become a common phenomenon in the world today. Internet-based economic structures and information groups are the new business reality, as organisations and individuals revel in the ease of purchasing commodities and services from foreign shores.
Most developing countries, however, are far from experiencing this reality due to many factors which act as obstacles for e-commerce to flourish.
Financial systems in developing countries need to be restructured to enable online payment mechanisms and credit facilities.
Developing countries are generally lagging behind in this regard, other than those with governments that are aggressively supporting e-commerce and reaping the benefits of doing that. In fact, regulatory support has a stronger impact on e-commerce in developing countries relative to developed countries.
If these factors are looked upon thoroughly, better alternatives can be provided which in turn will flourish the globalization of e-commerce.
David Attard, CollectiveRay
Developing software that covers cross-country trade will be a difficult task as the number of data developers will have to provide will be large. I won’t say it is not feasible, it may take place in the future, as we have already been using e-commerce for the last decade.
Now every store has its own application unifying all of them into a single application will be better for the consumers as they won’t need to use numerous applications. Furthermore, the trading system of different countries either should be included or the countries change them for sake of the new unified platform.