How the Global Economy Affects Your Business Online

July 8th, 2014
in econ_news

The global economy is in constant flux. Even the slightest changes in the global marketplace can have disastrous results for your online business. Not all the changes in the market will affect you, so knowing which ones will and how you can learn to skirt dips in your profitability will help your business to grow even in the face of adversity. You need to understand the relationship between the global marketplace and your online business and the factors which will always keep the money rolling in. Here are a few things you should know if you have a business online so you won’t have to sweat the world news quite as much in the future.

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Set Up Information Exchanges

Global news can provide you with insight into markets, but only on a grand scale. You may never get the real picture about what is going on in a focused manner. This is why you need to have connections in other markets throughout the world. Technology has made it easier than ever to establish and maintain conversations with people in other parts of the world. According to The Small Business Chronicle, you can collaborate with people all over the world to learn what is going on through video, email and conversations. Best of all, most of these services will not cost anything, because you can utilize software online for communication. Maintaining these kinds of relationships used to mean having to jump on an airplane and travel the world on a constant basis as well as racking up huge telephone bills. Even small businesses online can establish and maintain these kinds of relationships, thanks to the advancement of technology.

Internet Business is Booming

When you realize a shift in the global market, you need to simply start focusing your attention in the markets that can purchase what you're selling. A look at Internet sales, as reported by USA Today, reveals that the sales over the Internet are expected to grow at a rate of 11 percent in the United States alone. This growth is even larger in emerging markets still getting accustomed to using computers and smartphones as a part of daily life. As such, it’s highly important to make sure you recognize which markets have the ability to purchase what you're selling and focus your efforts to make your business more appealing to these markets. You don’t have to know the everyday lives of the people buying your products. Mostly what you need to know is what kinds of problems your business can offer to solve. Focus on the solutions you offer, rather than how much better your products are than the competitor’s. In fact, when it comes to marketing on the Internet, you don’t even want to mention the competition. The last thing you want is for your visitors to leave the site to see if what you're saying about the competition is true. You have no guarantee they will come back.

Establish Your Brand as the Authority

When it comes to Internet sales, people like to purchase from companies they feel they can trust. One of the best ways you can develop this trust is to set your business up as the authority in the industry. Make sure you have information on your website, social media and blogs that speak of your presence in the market and your authority when talking about news and information related to the industry. Many businesses concentrate so much on selling their products, they don’t stop to think about how they're perceived by the buyer. The most successful businesses sell by providing information rather than telling the buyers what to do. No one likes to be told what to do, especially when it comes to spending money. If you provide information your clients can use, they can make an informed decision, they’ll feel good about buying your products or services.

Establish Yourself Online and in Person

It’s hard for many people to trust a company they cannot see. Proving your business as a real business is a lot easier if you have a physical store. You can share pictures of employees behind a cash register with an iPad or an iPad store, like those available at premium companies like Shopify . When people visit your site and see your pictures they can automatically connect with your business and they’ll be inclined to want to purchase from you. Make sure the pictures don’t look forced. Of course, before you take the pictures, you should make sure your store and your website have the same look, according to Moon Fruit. This will help to ensure that when people see the pictures they will instantly recognize your store.

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