Globalization is the growth of business outside the national borders. It involves understanding the laws and regulations of various countries to build the business environment. Globalization includes internalization and localization.
Localization is a procedure where a product is made available for the local market by making it appealing for the local community. It includes local preferences, culture and regional aspects other than just the translation of web pages in the local language.
For a stable worldwide business, you need both globalization – through which you can increase the reach of your business and localization – where you can show customized content based on the local preferences and other aspects.
These help in effective target marketing and cohesive global strategy.