Let’s pretend I’m psychic for 10 seconds. I’m going to go out on a limb and say that you’ve heard the term “consumer protection” and you know that it has something to do with protecting people who buy stuff, but you aren’t quite sure about everything it means or why it’s so important. Was I right? Did I give physic Shawn Spencer a run for his money?
Consumer protection put in the simplest of ways, is the protection of buyers of goods and services against low quality or dangerous products and advertisements that deceive people. The current market for consumer goods has seemingly expanded way larger and quicker than the universe did billions of years ago. The amount of similar and substitute goods flooding the market has increased, demand has increased, and the competition is ever growing. Imagine having to sell lemonade in a street already saturated with 10 other lemonade stands.
Consumer protection laws are, therefore, also made to ensure fair trade, competition, and accurate information in the marketplace. For example, a government may require businesses to disclose detailed information about products—particularly in areas where safety or public health is an issue, such as food safety.
When carrying out transactions in the modern market, this is a huge area of concern to the average consumer. Whether you’re buying goods from that really popular e-commerce website that everyone has been talking about or that store only two blocks away from your home, your safety as the consumer is, and should be, a priority.
Below are a couple reasons why consumer protection is worth all the fuss.
- Protecting Purchases: Certain buyer protection organizations have emerged to ensure that you are protected in every way possible. Many even offer compensations in case of any accrued loss. You as a buyer can now make purchases online without fear, knowing that someone’s got your back. The goal of consumer laws is to place all consumers on an even par. In the past, purchases of goods or services for personal, family, or household use—were thought to be fair enough because it was assumed that buyers and sellers bargained from equal positions. Starting in the 1960s, legislatures began to respond to complaints by consumer advocates that consumers were inherently disadvantaged, particularly when bargaining with large corporations and industries. Several types of agencies and statutes, both state and federal, now work to protect consumers.
- Business Owners Can Make More Sales: Some buyers get really frustrated at the way prices of goods and services change after making a purchase. Guaranteeing your buyers that you will match competitor prices will keep buyers from leaving you site and finding your competitor’s site. Price match guarantees can help business owners turn more visitors into paying customers.
I believe that the best consumer protection strategy any organization can make is widespread public awareness of consumer rights and common scams. Transparent and service-oriented businesses equip consumers with the peace of mind they need to make buying decisions. when buying goods and services and if they feel their rights are being infringed on by a seller, special organizations have made it their personal responsibilities to ensure that buyers are protected 100%.