Question

What are some of the key global trends that may be causing challenges or bridging the gap in technology for some developing countries?

Answer 1

The key global trends that are bridging the gap in technology are :

Digitilization:

With the ever changing dynamic environment, there has been a mental shift in the mind set of people also. Their want of ease has encouraged them to digitilize and transact online. From ordering food to reserving hotel rooms, from making payments to booking flights, everything is done digitally today. Customers today want products at their door steps and shop through variety of products with the help of online stores. This trend has eliminated the concept of queing up for making payments or visiting stores physically. This trend has played an integral role in bridging gap in technology and various advancements.

Smarter Business: (Virtual Stores)

One of the key global trend is the Virtual set up of businesses even the most popular physical opertaing store. The way a business sells its products today has changed and bridged the gap in technology by connecting customers from different nations and areas to a single store through internet. The business have straight away transformed its existence and operations from brick and barter to the click and brick which provides the customers with a wide access to the products of number of virtual stores where from they can choose and compare products. This global trend is seen everywhere, even the small retail outlets are also setting up their own websites and business pages on Instagram, Facebook, LinkedIn etc. It has to a great extend played an integral role in technological advancements.

The various global trends that are acting as a barrier and creating challenges for technological advancements are :

Urbanization:

It is seen that the locus of economic activities like markets, businesses and population is towards the urban areas of every state or Nation , thus decreasing connectivity to the rural areas and are left unattended resukting in poor infrastructure less job opportunities etc. . These areas stay underdeveloped and uneducated than the rest due to the unavailability of facilities such as transport, emerging markets ,ogidtics, telecommunications etc., these areas therefore stay unaware about the technological advancements taking place or even if they come across certain technological trends, it becomes difficult to introduce it in the area due to less demand and lack of infrastructure.

Traditional Mindset:

The importance of personalization in developing countries acts as a challenge to technological advancements. The old mindset of visiting stores , the satisfaction from touching and evaluating the products before purchasing, lack of facilities, less educated about innovative nethods of transacting, unavailability of high tech infrastructure, lack of training etc are acting as a challenge to smooth technological advancements which needs to be adressed.

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