While many companies that deal in international trade still use traditional methods of trade agreement processing, these older methods are steadily becoming outdated. New and advancing technologies are making it easier to conduct international trade by improving operating efficiency and reducing costs. Here are 5 exciting examples of technology being used to change how we do trade in the world market.
1. Artificial Intelligence
AI and machine learning technologies have quickly grown in popularity, with countless companies employing these tools for a variety of purposes. Many companies have added AI chatbots to their websites to help visitors navigate or analyze how customers interact with their site. AI is also being used for tasks like supply chain management and data analysis, helping companies to better understand and optimize how they move their products.
2. 3D Printing
As 3D printing technology advances, more companies will be able to adopt this method of manufacturing. By cutting the cost of labor, parts, and imported specialty pieces with a custom 3D printer, this amazing technology will ultimately save companies money. While the technology may not yet be affordable enough to be rolled out on a massive scale, the promise of faster and less expensive production methods will continue to motivate the improvement of this tech.
3. Mobile Payment
As smartphones and smart devices have become more affordable, thereby becoming more accessible to a wider market, mobile payment technologies have increased in popularity. By having access to a smart device, a wider market has also had access to banks and financial institutions. Now, with brick and mortar stores as well as online stores accepting Apple Pay, Google Pay, Venmo, PayPal, and more, the chance to reach the global market has never been better.
A large contributor to extraneous cost and difficulties in international trade has to do with a lack of transparency. Traditional methods of conducting business, making payments, and handling the supply chain can be risky with frequent mistakes and lost pieces of information compromising integrity. Blockchain and its public decentralized distributed ledger cannot be changed and encourages a greater level of transparency for its users. Companies like TraDove are already utilizing blockchain technologies like payments and smart contracts to help its users conduct business more securely.
5. Online Sharing and Trade
Companies who deal mostly or entirely in services are also able to take advantage of new and emerging technologies. By connecting people from all over the globe via the Internet and on specific trade and sharing sites, companies and individuals can gain access to services of every kind remotely. Whether it be to hire a freelancer, practice a language, talk to a tutor, or find a company to work with, connecting online is a great way to stimulate the growth of your company.