Final answer:
The development of technology and globalization has reshaped markets, and online marketplaces play a disruptive role in traditional retail. Consumers can now order products from anywhere in the world, increasing competition for local businesses. The same disruptive effect can also be seen in markets for business supplies.
Step-by-step explanation:
In recent decades, there have been two especially important shifts affecting how we define markets: one centers on technology and the other centers on globalization. With the vast improvement in communications technologies, including the development of the internet, a consumer can order books or pet supplies from all over the country or the world. As a result, the degree of competition many local retail businesses face has increased. The same effect may operate even more strongly in markets for business supplies, where so-called "business-to-business" websites can allow buyers and suppliers from anywhere in the world to find each other.
An online marketplace becomes disruptive when it significantly alters the traditional way industries operate, often through advancements in technology and globalization. These marketplaces increase the competition for local businesses as consumers can access products from anywhere in the world, leading to more choices and potentially lower prices. Business-to-business (B2B) platforms connect buyers and suppliers globally, fundamentally changing procurement processes. Disruptive online marketplaces have sociological impacts as well; for instance, digital photography led to the decline of film companies, and online music platforms precipitated the closure of many record stores.