Technology is an essential element in the global business environment since it has revolutionized the international economy by making it become a vital competitive strategy. Technological changes have contributed to markets and production globalization by facilitating the transition of services from manual to electronic delivery in every sector (Marszk & Lechman, 2021).
Due to the variations in delivery mode, both the private and public segments have encountered advanced modifications worldwide. For example, the invention of the telegraph machine, the radio, and the airplane have contributed to the global business environment by offering more reliable and faster communication. Further, through technological advancements, different economic sectors are easily incorporated, making it possible for the production and marketing of goods and services throughout the world (Marszk & Lechman, 2021). Without the technological changes, globalizing markets and production would have been impossible.
The Internet and the world wide web impact international business activity and the globalization of the world economy by providing information alongside commerce. With this, it means the two affect global business activities through instant data, which is a powerful ability in the universal business environment since it simultaneously helps reach different people worldwide. Popkova (2018) argues that business and economic growth have a tight relationship with the reliable tools used in marketing.
The Internet and the world wide web provide a crucial marketing tool for global commercial activity via a widespread consumer access technique. The two are an ability the business has acquired to reach its audience, through interaction with potential consumers, at a low cost (Popkova, 2018). The rapid growth of the internet throughout history has allowed businesses to experience and enjoy marketing importance easily.
Marszk A. & Lechman E. (2021). The digitalization of financial markets: the socioeconomic impact of financial technologies. Routledge. Web.
Popkova E. G. (2018). The impact of information on modern humans. Springer. Web.