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Thanks to globalisation, multinational conglomerates have entered the local markets. They have huge marketing budgets to promote their products and attract buyers. Unfortunately, the aggressive marketing strategies employed by big conglomerates lead to the demise of local shops. However, local store owners can counter this attack by improving the quality of their products and offering personalised services.

Global business giants now have their outlets even in small villages. Since they offer huge discounts on most products, they can easily attract buyers. At first glance, this may seem beneficial for the customers but it really is not. The presence of international retailers in the local market hurts local businesses and thus the local economy. For example, many local artisans have lost their livelihood because their products have no buyers. Instead of buying their handmade products, people now prefer to buy the factory made goods that look more attractive. If local people lose their livelihood, eventually the purchasing power of the local community will diminish.

The only way for local businesses to compete with international giants is to offer personalised services. While it is true that local traders cannot offer the kind of discounts or offers that multinational giants offer, they know their customers better. It is also possible for them to understand the exact needs of their target group. This knowledge actually puts them in a better position to cater to the specific needs of their buyers. In addition to this, the local businessmen should try to improve the quality of their products. This is essential to ensure that their customers will return. The government also needs to intervene and prevent multinational giants from entering certain sectors.

To conclude, when international companies woo local customers with great discounts and offers, the local economy suffers the most. However, local businessmen can overcome this threat by offering customized solutions to their buyers.