Digital transformation of world trade

Abstract

Background. Thanks to theconstant digitalization of modern life, consumers from almost all countries now receive income from the benefits of online transactions. As the Internet spreads rapidly around the world, the number of customers using digital technologies is growing every year. In addition, the COVID-19 pandemic continues to have a significant impact on digital commerce and online consumer behavioraround the world.
An analysis of recent research and publications has shown that the impact of exogenous and endogenous factors on the transformation of online and offline trade remains unnoticed by leading researchers around the world.
The aim is to identify current trends in the process of digitalization of world trade.
Materials and methods. The main research methods are logical, analytical, graphical, tabular, and statistical.
Results. The transformation of world trade has accelerated in the development of the process of digitalization of the world economy. Despite the slowdown in the growth of digital trade, there is an increase in the number of buyers and, consequently, sales. The development and application of information and communication technologies has determined the leading positions of countries in terms of foreign exchange earnings. China, the United States, Great Britain and Japan hold the undisputed championship. The other six countries, included in the TOP-10, are constantly changing, which is characterized by increased competition in this area.
Conclusion. The rapid development of digital trade is due to the use of quality infrastructure that supports computer networks. Exogenous factors that will affect the competitive position of leading countries in the field of retail are the level of development of online trade, the rate of vaccination against COVID-19, modification of coronavirus infection and subsequent outbreaks of this disease, which will lead to further quarantine measures. In addition, increasing competition from developing countries should be noted. Thus, in response to exogenous changes, endogenous changes will primarily take place in the companies of the leading countries, which will be related to changes in supply chains, where the main focus will be on sustainability, excessiveness and diversification of products. Smaller retailers will continue to focus on speed and cost of delivery. It is obvious that digital trade has an inexhaustible potential of opportunities for enterprising entrepreneurs.