"Visions of World Benefit & Global Responsibility: Perspectives of McGill Students

Monday, July 30, 2007

Dot-coms and the new economy

In early 21st century, a new era of dot-com companies emerged where organizations use the internet to do business. There are companies selling manufactured goods and products like the e-bays, companies providing lodgings for example the hotels and also companies providing hotel packages. There are a variety of dot-com companies available now on the market for shoppers to surf through. Doing e-commerce is simple, is fast and it requires only a fast internet connection and credit card. So, basically everyone having web net connections can have the access to shop on dot-coms. Since it’s so convenient and simple to use, dot-coms creates the new economy of doing business at a global scale. The wide-spread use of dot-com makes it a very important tool for use. For example, the amazon.com sells millions of textbooks, novels, and maybe documentaries using just a website address. The site includes almost every book you want to find and serves as an interface between the seller and buyers. E-bays sells their product also online, and with the myriad of products, only a credit card number is required to purchase any of them. Nike company increased communication and feed-backs between buyers and sellers through a website where you can customize your own running-shoes. This increased communication and connectedness between people is a very innovative way of doing business. Also, the creation of chat rooms between buyers allow the company to know about comments to their products instantly through the internet and sellers can know more information about their products before buying it too.. The emergence of dot-coms will shape our ways to do business and evolve new rules. For example, instead of going to shops and get the products we want, we just have to connect to internet and order the product on the web. Many of companies then can order inventory according to the number of orders and eliminate the time it stays on the shelf. Dot-coms also allow us to customize our product and make it more convenient so buyers can get the exact product they are looking for. Dot-coms and the new economy created a bridge between people across countries. With this increased communication, new cultures will emerge as a combination of what has shaped it. For example, now the North American consumers like to purchase manufactured goods online made in Asia and Asians like to purchase electronics and cosmetics from the Westeners. Wal-Mart and Macdonald went to Asia and brought Western culture to Asian people. There is increased cross-cultural communiation and merging of the cultures to achieve globalization.Sources:


No comments: