Evaluating the Integrity of Product or Service-Related Information in the Digital Markets-A Call for a Paradigm Shift in the Regulatory Framework in India
摘要
Over the past seventy-five years, consumer behavior and market access have experienced transformative changes globally, with India exemplifying this trend. As of 2023, the number of digital buyers in India has reached approximately 225 million, with projections indicating an increase to 540 million by 2028. The expectations and behaviors of consumers in traditional brick-and-mortar environments significantly differ from those in digital markets. Notably, the sources of information that consumers rely on for product or service decisions have shifted dramatically. Traditionally, consumers gathered information through conventional marketing channels such as radio, television, newspapers, and in-store visits. In contrast, contemporary consumers predominantly depend on search engines and digital applications, which facilitate product comparisons and access to peer reviews. The proliferation of readily available information poses challenges in regulating and controlling the narratives that shape consumer perceptions. Companies frequently employ tactics such as manipulating consumer reviews and leveraging social media influencers to craft favorable product images. In response to these challenges, the Government of India introduced guidelines in January 2023 aimed at regulating the conduct of celebrities, influencers, and virtual personas on social media platforms. However, these guidelines are limited in scope and effectiveness, lacking robust enforcement mechanisms, which undermines their potential to safeguard consumers against misinformation. This research article explores the theoretical foundations of products and services related information in the digital markets.