How has ICT facilitated growth and organizational competitiveness in wholesale and retail trade?
Describe how small and medium-sized enterprises (SMEs) in developing countries such as the Caribbean appear to be most under threat.
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In today's competitive business environment, due to rapid changes in technology, organizations use developed ICT tools to integrate all the processes and systems in order to provide best services to the customers and to achieve competitive advantages. In wholesale and retail trade, ICT supports the companies to improve their productivity and efficiency in order to meet the demand and needs of customers in an effective way (Lindner & Wald, 2011). This guideline discusses how ICT improves growth and organizational competitiveness in wholesale and retail trade. Along with this, this guideline also discusses that how SMEs in developing countries are appearing under threat due to the use of ICT tools.
ICT Facilitate Growth and Competitiveness
In today's business environment, the use of ICT helps the organizations to improve their operations as well as supply chain activities to meet the demand of customers. It is found that effective use of ICT in wholesale and retail trade supports firms to remove the distance and time constraints in accessing required information flow. It helps firms to reduce the time of delays in supplying products and services to the clients and customers (Schivardi & Viviano, 2011). The extensive use of ICT by retail businesses helps them to reduce the cost of production because ICT enables retail businesses to produce, transmit, access and share the knowledge at minimum cost. It also facilitates better merchandise planning and enhances the ability to manage the organizational activities to attract customers in the retail stores or at the business counters (Magesa, Michael & Ko, 2014).
The use of ICT also provides benefits to the firms in wholesale and retail trade in terms of improving their logistic services significantly. It helps to enhance their productivity and competitiveness in the world market easily. It is found that in retail trading, the use of ICT helps the firms to track their supply chain activities and ensure on-time delivery of products and services to the clients and customers. It is because ICT enables the firm in identifying and tracking the shipment to improve trading activities for providing effective products and services to the customers at low costs (De Vries & Koetter, 2011).
In wholesale and retail trade, ICT also facilitates growth and competitiveness of the firm in terms of stocking variety of products in one store. For example, Wal-Mart, one of the leading retail firms of US, uses ICT tools to maintain a wide variety of products in one store in order ...
This response provides guidelines and references for how information and communication technologies have facilitated growth and organizational competitiveness in wholesale and retail trade. Further, it is discussed how because of this trend, some SMEs in developing countries such as the Caribbean appear to be most under threat.