Global Trade accounted for 54% to 60% of all worldwide sales in the last few years. We would like to help you find the first key steps to increasing your company’s global trade.
The first step toward improving your global trade is to find global key sources and suppliers. It is becoming apparent that companies are reducing their overall reliance on China, which currently has about 28% of global manufacturing. This is creating new and incredible opportunities away from China.
With 2020 winding to a close, companies are planning bifurcated strategies in the year 2021 and beyond: one to be in a COVID lockdown, the other based on a post-COVID open society.
Most major companies have already made these planning steps. Now it is time for the small and midsize companies to realize and maximize the effects of major global changes.
Today, companies are finding alternative, closer suppliers and are looked internally at their safety protocols. They are also looking at expanding their digital footprint globally. Knowing it is becoming more effective, providing better tracking and is much cheaper, this migration to digitalization and the uptake of new technologies can help firms find a balance between supply chain resiliency and efficiency.
1. Increased Global Improvements
Streamline while expanding the company’s global capabilities. Many business leaders believe that the more online digital distribution your company provided, the less your company was affected by Covid-19. So if your company wants to attain 50% of its revenues outside of its native country, you need to either spend a large amount of time and money or find a very effective third party platform. One of the best global examples, providing tremendous global value combined with opened worldwide revenues, is ShopTheGlobe.co.
2. Increased Co-Innovation Across Organizations
This collaboration means co-innovating to find new ways to source, buy, move, store, sell and deliver; seeking the best of a broad range of services in many cross-organizational sharing arrangements.
From its earliest days, the pandemic quickly separated digital leaders from brick location laggards. Digital leaders had many advantages such as online support for: tools, accurate visibility, supplier status, orders, shipments and inventory. These companies were able to make more accurate decisions from market-driven data, including freight forwarders and third-party logistics providers.
The move to more advanced digit solutions and platforms has never before demonstrated such large advantages.
One obvious lesson from this pandemic is that digital capabilities help protect companies, allowing them to make critical decisions in real time.
With it comes to predictive modeling, and big cloud based data, as you project the future out (no matter how good your modeling is!) the error rate increases exponentially with each doubling of time. That became very oblivious during the pandemic.
When things are relatively stable, those digital capabilities do help and increase some competitive advantages. But in a COVID level disruption, outside of predictive modeling, they also helped companies to optimize schedules, shipping, online sales etc.
Global research shows that utilizing Global Value Chains has proven to be one of the single best and most affordable ways to raise product branding (either inside a crisis or outside) while also improving sales position in the globe market. We’re recommending you take the first step with the fast growing platform ShopTheGlobe.