Final answer:
Customer power has greatly increased due to advancements in technology and globalization. Consumers now have more choices and information, leading to heightened competition among businesses and a shift towards global markets. These changes have transformed how businesses need to operate to satisfy and retain customers.
Step-by-step explanation:
Over the years, customer power has changed significantly due to two interrelated factors: technology and globalization. The advent of communications technologies, particularly the internet, has revolutionized how consumers interact with businesses. No longer limited by geographical constraints, consumers can easily order products and services from around the globe, vastly increasing competition in local markets.
Local retail businesses now have to compete not just with their physical neighbors but with companies across the country or even internationally. Business-to-business (B2B) markets have especially felt this change, as platforms on the internet enable suppliers and buyers from different parts of the world to connect and engage in transactions.
This shift towards global markets and the reliance on technology for business transactions have greatly empowered consumers. They now enjoy a broader selection, more competitive pricing, and greater access to information about products and services. This change has inevitably increased buyers' expectations and businesses must respond accordingly to remain competitive.