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Consumer Rights Vs Competitive market

Published : Monday, 18 March, 2024 at 12:00 AM  Count : 260

Consumer Rights Vs Competitive market

Consumer Rights Vs Competitive market

Every aspect of our daily lives is dependent on manykinds of products or services. We all have unique reasons for consuming diverse products or services, which are determined by our age, preferences, gender, economic group, and professional characteristics. Therefore, we are exposed to a vast variety of products and services.

 When we consider all these factors together, it becomes clear how crucial consumer rights are. Although the concept of consumer rights is a global issue, its implementation in Bangladesh isrelatively new.

In the market system of Bangladesh, the misdeeds against consumer rights have been going on for a long time. It is unacceptable that some businesses continue to sell or offer to sell goods and services at a higher price than the fixed rate, even when the price has been set. In addition, the sale or offering of adulterated products and the mixing of prohibited and harmful substances in food products are grave crimes. Manipulating the quantity and measurement of products, selling expired or banned items that could lead to death, and avoiding to disclose price lists of goods or services where applicable are also inexcusable offenses. To put an end to these abuses, the Consumer Rights Protection Act of 2009 was introduced in Bangladesh for the first time.

Although there are several consumer rights rules in Bangladesh, they are not always enforced, which puts many consumers in danger of unknowingly using unsafe goods or services. The general public is ignorant of their rights as consumers, and market monitoring measures are insufficient in remote locations. In our country, the topic of consumer rights is still developing. However, all parties involved in the market must take the subject of consumer rights more seriously, given that our daily lives depend on a variety of common and necessary products and services. Ensuring consumer rights throughout the nation is imperative.

Consumer Rights Vs Competitive market

Consumer Rights Vs Competitive market

The conventional market system has been augmented by the advent of online marketplaces. According to e-CABin Bangladesh, more than 2,500 businesses are operating in the e-commerce platform, and approximately 300,000 Facebook pages are dedicated to retail and wholesale businesses. By 2028, the number of consumers on digital platforms in Bangladesh is expected to exceed 40 million. Consequently, consumer rights protection has become more sensitive than ever before, leading the government to introduce the Digital Commerce Governance Guidelines in 2021. Overall, it can be said that consumer rights protection, particularly in the realm of digital commerce, has made notable progress in our country.

Bangladesh is more populous than other countries in the world. The Market system here is also gradually multifaceted. Every day, new entrepreneurs and business ideas are added as new consumers are added to this process. So keeping the flow of economic growth going and things like consumer rights in harmony at the same time is a big challenge.

It is important to recognize that the post-COVID-19 job market has experienced substantial changes, which have resulted in a rise in entrepreneurship as a source of employment. But this has made the market extremely competitive, especially for new business owners. Regretfully, a lot of sincere and diligent business owners are compelled to participate in a daily rat race with dishonest merchants who break the law. For sincere business owners who are trying to grow their business morally, this circumstance is causing them great harm. To stop these unfair business practices and create an even playing field for all entrepreneurs, action must be taken.

Overall it can be said that consumer rights and this competitive market are facing each other. Where both the consumer and entrepreneur sides have rights, ethics, and prosperity contexts. Just as it is important to ensure the rights of consumers to certain standards, it is equally important to encourage entrepreneurs to conduct business according to the principles. At the same time, it is expected for all parties that the authorities go to the strictest position regarding the so-called entrepreneurs who do not adopt the principles in the right way in buying and selling goods or services.

It is essential to safeguard consumer rights and encourage market expansion and innovation at the same time.

 Given this, tax breaks ought to be given to business owners who are dedicated to creating and launching new goods or services for a set amount of time. Certain authorities can also incentivize them to invest in commercial areas, expedite the issuance of concessions, licenses, and renewals, and balance the overall situation by evaluating their business statistics and information. These initiatives will contribute to the development of a just and equitable business climate that upholds the rights of consumers as well as the interests of entrepreneurs.

Just as the fact that consumer rights are protected by the prevailing laws and policies of the country should be applauded, on the other hand, consumers should also become aware of their rights. A consumer needs to have a clear understanding of the demand niche so that he or she can understand which product or service applies to them. In that case, careful consideration is expected of an informed consumer,even at the possibility of any tempting advertisement. On the other side, an ideal entrepreneur also has to stay in the market avoiding deception in providing information regarding products and services while advertising.

Bangladesh has a significant customer base for a wide range of goods and services due to its dense population.

Therefore, even in the face of intense economic competition, consumer rights cannot be compromised. But unemployment continues to be a serious problem. Thats the reason a lot of people decide to start their own businesses and work for themselves. This establishes a long-lasting and mutually beneficial coexistence between the consumer and the business.

Healthy lives and economic prosperity are non-negotiable requirements for progress and development in any society. To achieve these objectives, it is imperative that all parties within the market system conduct themselves with respect and integrity. The coordination of market activities is a complex and challenging task, and it requires the active participation and cooperation of all stakeholders. We must all be willing to take responsibility for addressing any issues that arise and be proactive in devising solutions that benefit the greater welfare. It is only through bold and assertive action that we can create a vibrant, sustainable, and prosperous economy for all.

There is a need for legislators and regulatory authorities to work collaboratively to identify and address the ongoing challenges of the market system. While it is commendable that measures have been implemented to protect consumer rights and ensure a balanced economy, there is a greater need to focus on remedying problems as they arise. A more proactive approach where the emphasis is on identifying and addressing issues before they escalate can help create a healthy business environment that prioritizes consumer protection and economic stability. By working together, we can develop a comprehensive approach that addresses issues while also creating a better future for all.

It is crucial to increase awareness and promote the protection of consumer rights in order to sustain a healthy market system. One effective way to achieve this is through institutional solutions that can address these issues. Unfortunately, consumer rights are not given much importance in the education system of Bangladesh.

 Although some specialized subjects like business administration, law, and technical studies cover these topics to some extent, which is not enough to make a significant impact. Therefore, it is essential to incorporate consumer rights and business ethics issues into the curriculum of all levels of education in Bangladesh. By doing this, we can ensure a smooth and efficient way to protect consumer rights and resolve various challenges in the competitive market. Including consumer rights and business ethics in general education will help us move towards a healthier and more prosperous future as a nation.

The writer is Lecturer, Department of Business Administration, Rabindra Maitree University

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