Final answer:
The limited retail competition globally and the resulting thin profit margins for suppliers can be attributed to the increased competition from the rise of technology and globalization, leading to a broader, more interconnected market.
Step-by-step explanation:
From a global standpoint, retail competition is often seen as limited, and when it does exist, it tends to result in thin profit margins for suppliers. This phenomenon is largely due to two interconnected shifts: the rise of technology and the forces of globalization. The improvement in communications technologies, such as the internet, has led to an environment where consumers can easily order products from all over the world, bringing into play more competitors for local businesses. Additionally, business-to-business (B2B) markets have also become more competitive with the advent of global online platforms connecting buyers and suppliers internationally. These shifts have significantly increased the level of competition, leading to pressure on profit margins as businesses often need to keep prices low to remain competitive in a larger, more interconnected marketplace.