Impact of Future Trends on International Business: A Report

This essay examines future trends in international business, emphasizing the impact of the COVID-19 pandemic on the retail industry. It highlights the increasing role of technology, virtual engagement, and the decline in trust among international organizations. The essay identifies entrepreneurship, employee safety, and scenario planning as crucial trends. It discusses how businesses must adapt to these changes to enhance consumer engagement, optimize resource utilization, and gain a competitive advantage. The importance of scenario planning for anticipating market opportunities and threats is also stressed, as is the need for flexible work structures and employee well-being. The conclusion underscores the need for businesses to incorporate these trends to succeed and expand in the post-pandemic market environment.

Future Trends in
International Business

Table of Contents
INTRODUCTION ..........................................................................................................................3
MAIN BODY...................................................................................................................................3
CONCLUSION ...............................................................................................................................5
REFRENCES...................................................................................................................................6
Books and Journal.......................................................................................................................6

INTRODUCTION
In today's scenario, it has become prominent for the organisations all around the world to follow
with the current trends prevailing in the international markets in order to carry out their
management's operations and functioning smoothly in the same(Calma and Suder, 2020). This
report encompasses the identification of analyses of upcoming trends that may impact the
operations of retail industry in the near future. It also discusses why it is essential and important
for the retail industry to incorporate and depend on these trends in order to enhance the
engagement and retention of consumers in the respective business organisations and to ensure
the optimum and effective utilization of the resources, time, value and money of the same.
MAIN BODY
International business can be termed as a business process which involves facilitating the
business organisations all across the globe in order to carry out cross border trading. It provides
the opportunity to the organisations to expand their business line and diversify its operations
around the world in order to enhance its brand value and acquire grand market share in its
respective industry(Patel, 2018) . Considering current COVID-19 crisis, it has become more
difficult and challenging for retail industries to survive and operate in international markets as
based on the article COVID-19 and International
Business: A Viewpoint, it can be suggested that the role of technology will increase in the
coming times and virtual engagement will become a trend in the future run. Although virtual
money was in demand in pre corona phase but post pandemic, the utilisation of virtual money
will intensify at a global level. The operations of retail organisations will become digital in
nature and they will be able to enhance their market reach due to the same. It can be identified
and stated that due to authority and permissibility, the trust among the retail organisations
operating in international market environment is decreasing. Various countries are putting
restrictions on retail organisations to perform the business functions in their respective countries
due to the prevailing condition of COVID-19 in the world (Calma and Suder, 2020). This will
surely effect the relationship between the firms and organisation around the world. It can be
identified that Entrepreneurship will be considered as one of the major future trends as
innovation is emerging in the market environment of retail industry and individuals are now
interested in investing their time and money in innovative and creative products and services

rather than basic goods and services. The consumers wants best of all and are ready to pay for
the same. In retail industry, due to the impact of Corona outbreak and its effect on the economic
stability, the demand for employees will increase and a lot of work will be available for the
people as new organisation will be setting up and in order to carry out their business operations,
these organisations will be hiring and on boarding an effective, efficient and competent
workforce. Retail industry will redefine its operations in the coming future and will be
dominating the market environment. There will be changes in the working habits of the
organisations and the work structure will be more flexible that before. In the coming years, the
employee safety will be considered as one of the major norms in the retail industry and
organisation will focus on promoting the health and safety of employees by following all the
precautionary measures led down by World Health Organisation in the workplace (Katsikeas,
2018). According to the article Scenario-planning in strategic decision-making:
requirements, benefits and inhibitors it can be suggested that in order to make a mark in the
target market, retail industry will have foresee the future opportunities and threats in the
prevailing market in order to cope up with the same and overcome them effectively and gain a
competitive advantage over them. The retail industry will also have to invest it time, resources
and efforts in scenario planning in order to analyse current and future scenarios of the business
environment and form specific strategies relating to the same which in turn will help the retail
organisations to enhance their strategical abilities and also help in creating a innovative space in
organisations so as to enhance the organisational operations in the target market ( Calma and
Suder, 2020). So in order to succeed in the international markets its very essential for the retail
industry to carry out effective scenario planning so as to build a foundation for growth and
stability in the retail organisation and pave the the way for future advancement of operations in
the retail organisations. The decision making capabilities of the retail organisation will also
enhance if they incorporate scenario-planning in their organisations functions in order to develop
in the log run and dominate the market environment in the future (Cohen, 2018). It can be said
that in order to decrease the workload, organisations will be depending on time saving
technologies and software so as help the employees of the organisation to perform their work
productively and efficiently. An organisation can benefit from the adoption of scenario plans by
incorporating the right resources and strategies in their organisations and try to form decision by
considering the same. It will enable the retail industry to be more agile and competent in its

business operations. and It can be termed that scenario plans will emerge as one of the business
trends (Kahiya and Eldrede ,2019).
CONCLUSION
Overall, it can be concluded that in order to run and emerge as one of the leading names in the
retail industry in the post pandemic phase , it is essential for the business organisation to start
incorporating the future trends in their business functions so as to enhance their brand value in
the business environment . Future trends will also provide an opportunity to the retail industry to
expand their operations and dominate the market.

REFRENCES
Books and Journal
Calma, A. and Suder, G., 2020. Mapping international business and international business policy
research: Intellectual structure and research trends. International Business Review, p.101691.
Calma, A. and Suder, G., 2020. Mapping international business and policy research: Intellectual
structure and research trends.
Cohen, R.B., 2018. 12 The new international division of labor, multinational corporations and
urban hierarchy. Urbanization and urban planning in capitalist society, 7.
Kahiya, Eldrede T. 2019 "Context in international business: Entrepreneurial internationalization
from a distant small open economy." International Business Review 29, no. 1 (2020): 101621.
Katsikeas, C.S., 2018. Special Issue on the Future of International Marketing: Trends,
Developments, and Directions. Journal of International Marketing, 26(1), pp.1-3.
Patel, T., 2018. Innovative Trends in Culture in International Business Literature: Toward
Multiparadigmatic and Nonlinear Studies of Culture. International Studies of Management &
Organization, 48(4), pp.435-456.