What to do to ensure that even in the digital era, customer is rightAs we mark the World Consumer Rights Day (WCRD) today, it is important to take stock of progress made in consumer markets so far. Over the past decade, consumer markets for goods and services have undergone profound transformation.Global markets and the use of new technologies are driving the changes in consumer services. These changes without a doubt have brought significant benefits to consumers and in many instances lead to improved efficiency.The theme for this year’s WCRD focuses on better and trusted digital products. However, these tools might be limited in the digital markets given the interoperability with other markets.Ideally, an effective consumer protection framework should address these inherent information asymmetry and power imbalances in markets. Education can potentially be an effective form of consumer protection though does not act as a substitute for regulation but complements an effective legal and regulatory framework.

Source: Standard Digital March 14, 2019 21:05 UTC