Thanks to globalisation, the availability of global products and services has indeed increased, which, in turn, had a negative effect, causing some local businesses to close in several places. I do not support this view, as this trend makes local businesses innovative and allows expansion beyond regional borders.
From one perspective, globalization, a term used to describe how trade and technology have made the world a more connected and interdependent place, has some negative implications regarding local businesses. Globalization allowed multinational companies to enter regional markets, often providing lower-cost products due to economies of scale. As a result, local companies may not be able to compete on price or variety, since domestic businesses lack resources, which leads to a decrease in the number of businesses. Instead, foreign brands and companies eventually take dominance over a local market. Another detrimental impact of this trend is consumer preferences. With greater access to international goods, consumers may prefer foreign products over local ones, especially if they realize they are getting high-quality items. This shift in client behaviour can also lead to a drop in demand for locally produced goods.
From another perspective, many benefits are coming with globalization, in my view. When exposed to global competition, local businesses try to improve their product quality and customer service and innovate something new to remain in a competitive marketplace. In other words, people may have a greater variety of products, enjoying a buying experience. In addition to the drive, local companies usually adapt successfully by integrating aspects of globalization into their operations, such as outsourcing practices. For example, Toy Bola, an Uzbek company specialising in manufacturing various types of toys, was first developed locally, serving goods to markets within a country. With the influence of other multinational toy manufacturing companies, Toy Bola has been able to increase its production and sales, now exporting toys to many countries worldwide. Thus, I believe that globalization presents opportunities for local companies to sell their goods internationally.
In conclusion, there is a view that while globalization could pose some challenges to some domestic businesses, I see this as a positive trend as it has made the world a rather more connected place, increasing the availability of products worldwide and enabling local companies not only to thrive but also prosper.