E-Commerce as a Means for International Growth
E-commerce is at the heart of the expansion of industrial and commercial globalization. Based on the growth of e-commerce businesses, non-U.S. countries are projected to hold $424 billion of potential global purchasing power by 2021. This marks a definite advantage for businesses, and particularly those based in the U.S., to expand into foreign markets.
Small scale businesses can utilize e-commerce as an easy and affordable way of managing export solutions. Despite the relative ease of access to e-commerce platforms, about 28% of all small businesses don’t even have a website to run e-commerce on. This major pitfall combined with a multitude of other detrimental factors leaves the majority of smaller companies ill-equipped to take advantage of internet-connected foreign markets. Since nearly 66% of e-commerce purchases made by consumers are for products manufactured outside of their native country, it appears imperative that small businesses
optimize their exporting practices.
- $424 billion of potential non-U.S. global purchasing power by 2021
- Roughly 66% of all e-commerce purchases are for foreign products
- About 28% of all small businesses don’t even have an e-commerce website
- Most small businesses are generally ill-equipped to take advantage of growing or emerging global markets
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