Guest Post By:
Author: Susan Smith
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wholesale business: Gone are the days when things were done manually. The new emerging technologies have changed the face of the world entirely. From leisurely life to technology has penetrated every aspect of our life. Now we all have computerized operating systems, which complete our tasks with the ease of a single click. If we say, now technology drives us, it would not be wrong.
Economic development of any country heavily depends upon its trading sector and if we look at it, with the aid of technology, it has changed a lot in just few years. Technology in the form of cell phones, fax, machines, email, internet, pagers, and PCs has allowed traders globally to get up to the minute information of the markets and streamline their trading processes accordingly.
Technology is the backbone of trading business because it decides how trading businesses are going to operate and with whom they will operate with. Technology has revolutionized the trading processes by offering better information handling, communications and easier solutions. Following points discuss how technology lays the foundation for a successful trading business.
Increases productivity
Technology offers various software and tools with the help of which traders can view and analyze the markets and save on their trading expenses. These tools allow traders to check data history before risking any cash. They use internet to track orders globally and allow others to monitor trade through their smartphones and PCs. This has helped them in wining clients beyond geographical boundaries and has increased the realm of their operations. According to a survey report of 300 trading businesses, more than 80% of the businesses claimed that making the right use of technology has helped them in increasing their productivity and overall trading performance.
Technology offers various software and tools with the help of which traders can view and analyze the markets and save on their trading expenses. These tools allow traders to check data history before risking any cash. They use internet to track orders globally and allow others to monitor trade through their smartphones and PCs. This has helped them in wining clients beyond geographical boundaries and has increased the realm of their operations. According to a survey report of 300 trading businesses, more than 80% of the businesses claimed that making the right use of technology has helped them in increasing their productivity and overall trading performance.
Expansion through globalization
Video conferencing, chatting, email, and social media platforms allow traders to work with anyone, anywhere in the world. It enables traders to identify the needs of people beyond geographical boundaries and expand their brick and mortar sales to full fledge e-commerce operating worldwide. Internet marketing is a world in itself that allows traders to build customer contacts and satisfy them to the best of their efforts. Information technology has made the world’s economy a single interdependent unit and now the two far-flung traders can trade smoothly with one another despite language and distance barriers.
Video conferencing, chatting, email, and social media platforms allow traders to work with anyone, anywhere in the world. It enables traders to identify the needs of people beyond geographical boundaries and expand their brick and mortar sales to full fledge e-commerce operating worldwide. Internet marketing is a world in itself that allows traders to build customer contacts and satisfy them to the best of their efforts. Information technology has made the world’s economy a single interdependent unit and now the two far-flung traders can trade smoothly with one another despite language and distance barriers.
Better communication & payment
Image processing and the latest storage technologies now allow traders to store tons of data, which was previously stored in big warehouses in paper form. Now customers can place and trace their orders by sitting at far off places. Moreover, internet-banking technologies like credit cards, ATMs and online money transfers have allowed traders to safely make payments worldwide in all types of currencies. Smartphone is a great technology known for its accessibility, whether you are at your office or not, it allows you to connect with the worldwide traders in real time. Moreover, technology has opened the path of direct communications between traders with video conferring, emails, faxes and telephone calls.
Image processing and the latest storage technologies now allow traders to store tons of data, which was previously stored in big warehouses in paper form. Now customers can place and trace their orders by sitting at far off places. Moreover, internet-banking technologies like credit cards, ATMs and online money transfers have allowed traders to safely make payments worldwide in all types of currencies. Smartphone is a great technology known for its accessibility, whether you are at your office or not, it allows you to connect with the worldwide traders in real time. Moreover, technology has opened the path of direct communications between traders with video conferring, emails, faxes and telephone calls.
Cost effectiveness
Technology helps traders in all trading processes starting from order placement to scheduling, production and distribution worldwide of goods. It does all this by automating and streamlining all the business processes in the most cost effective way. It has brought real economic value in all the business areas like production, marketing, communication, storage and even distribution. This has resulted in an overall convenient and smooth trade, leaving good profit margins for the traders. This on one hand, is contributing to the eliminate vicious circles of poverty. On the other hand, is setting the feet of worldwide markets towards economic development.
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