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Advances in technology have greatly contributed to the main forces behind globalization. As technology progresses, organizations are compelled to become global by increasing their market size and economies of scale necessary to break even. Two significant factors are associated with how technology contributes to globalization and trickles down to the consumer. With technology advancements, costs of communication and transportation have been reduced across nations. The outcome of reduced costs of sourcing raw materials and associated inputs has encouraged globalization in organizations, owing to patent technology, and businesses easily exploit foreign markets without major competition (Shao, 2021). To the consumer, technology has guaranteed the availability of a wide range of products at cost-friendly prices, ensuring that goods are available at localized prices regardless of the country of production.
Two, technology has become central to the creation and growth of businesses worldwide. With this, the global market has been created, which has triggered collaborative networks between firms. Due to networking across businesses, technology has been associated with establishing global ethical practices that ensure goods production adheres to certain protocols. Therefore, in the presence of technology, organizations have overcome major hurdles in international trade, and the marketplace has changed. Specifically, technology has driven every nation to more ethical standards, and with this, it is now possible to ensure that goods produced in one region of the world have the same production standards as those from another area (Shao, 2021). To the consumer, ethical standardization in producing goods has resulted in the same quality of products. With standardization, customers are assured of product quality across the international market since firms must meet the basic best practices in their production.
Reference
Shao, B. (2021). The impact of innovation on globalization. Brill.
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