Every business is global on the web, and compared to and competing with, every other business.
In 1994 the general public probably had to call you, go to the library, or request a brochure to get information about your product or service. That limited the choices, to your product, and maybe one or two other's product.
Today, 5 minutes at a computer or tablet, gives customers all the infomation they need to trust and purchase from you... or someone else.
Maybe the competitor down the street looks better online? Or maybe the competitor in the next town looks better? Or maybe, the competition captures the interest of the customer, gets their name, and proactively contacts them before they ever get to your brochure web site!