Perfectly competitive market is unable to exist in the modern age

My belief is that nowadays the requirement of the existence of a perfectly competitive market is unable to be satisfied. Usually, people believe with the modern technology, the improved and faster information transfers can help to improve the market condition to support forming a perfectly competitive market, which ideally matches the interests of consumers, as the price under a perfectly competitive market condition tends to be the lowest possible price. The faster information transferring system definitely helps to improve the consumers' knowledge about the market; however, it also helps companies and suppliers to improve their knowledge about their consumers to a greater extent. Companies and other forms of suppliers have greater resources than their individual customers; therefore, the improvement of collecting information on the supply side is greater than the improvement on the demand side. Therefore, information asymmetry still exists.

Moreover, once companies and other suppliers have greater knowledge about their customers, they are able to differentiate their customers and avoid direct competitions which can easily lead to price competitions.  In addition, it is not only the interest of the suppliers to differentiate their products, it is also the interest of the demand side to receive personalised products which are closer to their needs than general products. Additionally, the communication between customers and their service or product suppliers become easier and faster so they can tell their suppliers their specific preferences and make their suppliers possible to provide products that deliver products that meet their preferences perfectly. When consumers split themselves into several smaller groups or start to purchase individually personalised products, the conditions for the existence of a perfectly competitive market fail automatically.

Overall, when customers start to look for products and services that meet their specific preferences, they will automatically split general markets into many small specific markets, and this meets the interest of suppliers to maximise their profits, as differentiating markets helps to reduce competitions and boost profits.