Making Digital Marketplaces Fairer
15 Pages Posted: 17 Mar 2018
Date Written: March 17, 2018
Digital Marketplace is the online platform where all organizations can use to find and buy cloud based services. Businesses leverage digital channels such as, Google search, social media, email, and their websites to connect with their current and prospective customers. Digital Marketplace uses digital technologies, mainly on the Internet but also uses mobile phones, and other digital medium. Due to increase in use and rapid growth of digital marketplaces in the world, it became essential to establish regulatory measures and standards in order to protect the rights of the consumers for the regulatory bodies of any country. The expansion of this market is due to the consumer’s choice between a digital and a physical transaction which is governed by the (i) benefits of examining a good in person, (ii) the relative hassle costs between search online and offline, (iii) the benefit of instant product availability, (iv) differences in assortment, and (v) the barriers of regulations. In a world where digital devices are ubiquitous, transactions with not-in-person component, such as flight or hotel purchases, will naturally take place digitally. On the other hand, purchases like furniture, where examining goods in person is valuable that is impossible to check through online. The growth in digital transactions can be driven by innovation spurred by competition between the marketplaces. Digital marketplace also increases the competitiveness of peer sellers and enhances the assortment of options available to the consumers. Now, millions of consumers are involved around the world with these opportunities due to the rapid growth of internet, mobile phones and other digital technologies. However, along with the growth of online activities of the consumers, some serious challenges are created by which consumers are now often cheated and becoming the victims. Therefore, question has been raised from different corners regarding the fraud, deception, and sufferings of the innocent consumers all over the world through online transactions in digital marketplace.
Keywords: Digital Marketplace, Digital Channels, Regulatory Measures and Standards, Risk to Deceive of Customers
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