Expo 2020 Dubai introduces a new platform to drive business growth
It is essential for a business to grow in order to survive. However, it is not an easy task to grow a business as it requires the expansion of both consumer base along with an increase in the overall revenue. Even though increasing the consumer base may seem straightforward, it is not an easy task and requires huge marketing of the product of the business. This marketing can be done using several platforms, which will eventually increase the revenue of the business.
Marketing and advertising the business on a global platform is now easy due to globalization as compared to several years back when globalization was just starting. One such platform to ensure business growth through marketing and advertising is being introduced in Dubai. Companies from around the world can unlock business opportunities on Expo 2020 Dubai’s new Global Online Marketplace (OMP), it will allow for forging international partnerships and driving growth.
In line with its theme, ‘Connecting Minds, Creating the Future’, The free-to-use platform forms part of Expo 2020’s commitment to creating a long-lasting economic impact by supporting companies of all sizes, especially small and medium-sized enterprises (SMEs). Often it happens that the small and medium-sized firms are unable to reach a huge consumer base due to the lack of sufficient funds and capital. On the other hand, large corporation has enough capital to spend on its marketing and advertising activities thus garnering more consumers and expanding to newer markets.
The Global Online Marketplace in Dubai is offering a chance to all firms where smaller firms have the chance to get market traction they have been waiting for to increase the reach of their business. Since small and medium-sized enterprises lack on several aspects that are vital factors in enhancing and expanding a business, they have the opportunity in Global Online Marketplace.
Showcase your portfolio to Participants and Contractors
The OMP enables users to showcase their products, services, and expertise to Expo 2020 and its participants, licensees, and contractors, as well as other registered businesses. Users are free to share their ideas related to a product or services that they want to show the world. The primary benefit that the users can gain from the Expo 2020’s global platform is to spend less and achieve more in terms of consumer attraction, contractor’s attraction, marketing, and advertisement of the business and its product or services.
All the firms across the world have the chance to unlock fresh business opportunity, increase their international presence and make international partnership by participating in online marketplace of Expo 2020 and making it a successful driving factor in the success of the business.
It also allows firms to promote their supply chains in both new and established markets by posting tender opportunities, which are visible to vendors and suppliers worldwide. Suppliers can sell their product or can add their services, such as encouraging the consumer to select the company’s product or services. With a small experience or knowledge of sales along with consumer satisfaction in the existing market, this platform can offer a huge opportunity to create a reliable supply chain and new business relationships.
With 25 million visits projected between October 2020 and April 2021 and 70 percent of visitors expected to come from outside the UAE, the next World Expo represents a major commercial opportunity for businesses of all sizes.
Expo 2020 has awarded 4,500 contracts so far, more than half of which have been won by SMEs.
Expo has committed to allocate 20 percent of its direct and indirect spend to SMEs, and the OMP will take it to its goal.
Richard McGuire, Vice President — Procurement, Expo 2020 Dubai, said, “The next World Expo is not only an opportunity to showcase innovations and new ideas but is also an opportunity to benefit economies across our region and beyond by facilitating new connections between businesses of all sizes”.
He also added, “At Expo 2020, we understand that SMEs are the backbone of any economy, which is why we have introduced a number of initiatives and platforms designed to increase their reach and visibility. By facilitating cross-border trade and SME internationalization, the OMP will help further strengthen the UAE’s position as a global hub for commerce”.
Factors necessary for Growth
As this platform is offering an opportunity to companies and firms of all sizes, it can be most advantageous to small and medium-sized firms. Mere a presence in this platform may provide the global attention that the firm may be looking for and an increased consumer base for some time only. However, to sustain the business on a longer-term, it is necessary for the business to have a grip on some aspects to ensure that they get maximum from this opportunity.
The business should be proficient in sales and should be able to convince the new users to try its products or services. This will not only increases the consumer base for the company but will also help it in increasing its revenue that it can further invest in the growth of the business.
Businesses need to consider the market they want to expand and the target consumer base. This requires the attention of the consumer of all types and the global platform in Dubai’s Expo 2020 is the great opportunity that businesses can consider. New business with innovative ideas and designs will easily be able to showcase their ideas to a mass that otherwise would require them to invest heavily that also without assurance of increasing its revenue and overall consumer base.
An international business platform has far more reach as compared to a platform of any country or region, thus with the allocation of 20 percent of spend on smaller firms, these firms can get most with little investment, and the opportunity might not be available to them for long. Every new business must ensure to make a presence on Expo 2020 Dubai’s new Global Online Marketplace (OMP) with their innovative ideas, products, and services.