What's your opinion?
Do you think that all small businesses will be replaced by bigger companies?
No, I don’t believe that will happen, quite the reverse. Some big companies might remain so or become even bigger.
They may merge with other big companies to consolidate their market share and grow their profits, especially in many mass-produced products which are not very personal or interesting such as laundry detergent and household cleaning products.
But there has been a trend in recent years for small niche businesses providing specialist products and services to consumers, and it’s a trend that is still growing.
There is a lot of emphasis on personalizing the purchasing experience and customizing products for customers. I believe that there will be even more small enterprises serving very specialized markets in response to people’s desire to consume in this way.
It is a direct result of globalization and the developments in e-commerce that allow even a small business to cater to an international customer base. Even for what you might think are very niche products, their market on a global scale makes it a viable business proposition now.
3 Reasons Why Small Businesses Will Thrive in the Future Despite Globalization
Globalization may have helped large companies grow, but it has also opened up opportunities for small businesses in previously unimaginable ways. Here are three reasons why the future belongs to small enterprises:
- Small businesses are leaner and more responsive to their customers' needs.
- The internet has shrunk the world, making it easier for small businesses to sell their products or services in places where they never could before.
- Small businesses have a greater incentive to innovate and improve their products or services because they can't compete on scale.