Final answer:
Retailers are a major link in the supply chain for real estate firms, bridging the gap between producers and consumers. Technological advancements and globalization have intensified competition and reshaped market dynamics, allowing global transactions through business-to-business websites.
Step-by-step explanation:
In the context of real estate firms, one of the major links in the supply chain is retailers. Retailers serve as a crucial conduit between the producers of goods, such as property developers, and the final consumers, including households and businesses. Notably, the role of retailers has been significantly impacted by two major shifts: technology and globalization.
Technological advancements, particularly in communication technologies and the internet, have allowed consumers and businesses to seek out products and services on a global scale. This has led to an increase in competition among local businesses, and a similar effect is found in business-to-business markets. Here, online platforms facilitate connections between buyers and suppliers from various parts of the world. These developments have a profound effect on how markets are defined and operated, especially with the advent of business-to-business websites that enable global transactions.