Singapore is considering whether local rules deserve to be up-to-date to address potential festivals and customer issues that can also result from the proliferation of e-commerce platforms. These come with the desire to provide “greater clarity” regarding the role of knowledge in the sector, as market operators would possibly deny access as a competitive measure.
For now, at least, there are no primary festival disruptions involving e-commerce platforms in the country, according to the Singapore Competition and Consumer Commission (CCCS), which brought industry feedback. to address major festival disruptions that may result from the proliferation of e-commerce platforms competing in Singapore’s market segments.
The commission conducted a study, conducted through Frontier Economics, which included interviews with industry stakeholders, an online survey of e-commerce users, and a review of foreign jurisdictions.
Among its key findings, the study found that electronic payment through e-commerce platforms was unlikely to be a prerequisite for good luck in those markets in Singapore, where there were a wide variety of virtual payment systems and most consumers turned to those operating. through banks or credit cards for your transactions.
Lack of knowledge has also not been seen as a critical barrier to access to e-commerce platforms, although the role of knowledge may be increasingly vital for those traders with the continued use of synthetic intelligence (AI) and algorithms, the CCCS said. in a Thursday . . .
He added that while knowledge coverage was not a key competitive factor, e-commerce platforms seemed to see it as essential for construction to accept it as true with its users. However, consumers recently do not see knowledge coverage as a key detail in opting for an e-commerce platform, the commission said.
By the way, the top 3 points that influenced consumer selection of an e-commerce app were the most productive value offerings, ease of use, and smart reputation.
According to CCCS, e-commerce platform operators analyzed the knowledge they gathered to expand more effective methods for visitor loyalty and advanced quality of service.
With the greatest importance of knowledge in virtual markets, knowledge can be just an entry barrier, the regulator said.
“This is the case when knowledge confers competitive merit on a former player in the market, and when new entrants cannot gather the same volume or variety of knowledge as the former operator,” the commission said.
He added that ownership or knowledge could simply be an impediment to entry, and its role in market dominance deserves to be evaluated.
The study met several spaces where more clarity and direction of the CCCS may be enforced by corporations” the Singapore Festival Law in virtual space.
For example, he noted that access to knowledge can give virtual platforms a competitive advantage, that is, when a platform has exclusive access to a giant amount of knowledge in each consumer. “These giant knowledge caches can simply be used through device learning algorithms implemented across virtual platforms to the wisdom of visitors and their services, which in turn attracts more users, who can then provide more knowledge on an ongoing basis,” he said.
The study warned that the importance of knowledge is likely to increase over time as more knowledge is collected and incorporated into artificial intelligence. Data can be used to drive the e-commerce platform’s trading strategy, he said.
The CCCS stated that festival problems can also arise when a dominant platform refuses to provide or provide key knowledge. “In this sense, existing precedents imply that a dominant company’s refusal to supply or supply knowledge to a competitor would possibly constitute abusive conduct and thereby violate segment 47 of the Competition Act,” he said.
In addition, developing the integration of artificial intelligence to make pricing decisions can simply increase the likelihood that another bureaucracy of possible collusion between sellers will add the e-commerce platform.
Given the increased importance of knowledge as inputs and the threat that the refusal to supply or supply knowledge of a dominant company constitutes abusive behaviour, the CCCS considered that it might be appropriate to update the CCCS rules on Article 47 Prohibition to further explain the role of knowledge as inputs and festival problems that could possibly move from limited to knowledge.
“The amendments would serve to balance the flexibility of the CCCS to interfere in appropriate circumstances, without unduly restricting the collection or use of cutting-edge knowledge across companies,” he said.
At the same time, another revealed the need for e-commerce markets to better deliver their services. According to a report published Thursday through Blackbox Research and Toluna, 39% of Asean consumers say they are not happy with their virtual trading experience. They highlighted considerations about delivery prices and services, product reliability, and the authenticity of in-app reviews.
Conducted in June, the survey survey surveyed 4,780 people in six Asean markets, adding Singapore, Vietnam and Indonesia.
Indonesia and Malaysia had the lowest satisfaction rates with 54% and 57% respectively in terms of their experience.
The report noted that while major e-commerce brands such as Shopee, Lazada and Grab enjoyed the best usage rates in the region, this expansion was in charge of increased scrutiny by consumers.
Blackbox Research’s foreign sales director, Yashan Cama, noted that customer frustrations over quality of service can simply be “decisive” for major e-commerce brands.
“We hope that some of these iconic brands will rejoice in the turmoil in the coming months if those existing disruptions are not resolved temporarily,” Cama said. “Our report showed that consumers expect more from the delight of e-commerce and will only become more perceptive in the future. Online retail has gone from a niche to a key visitor service, and the criteria want to be in line with those expected. “
He suggested that e-commerce actors rectify the key parts of the visitor’s adventure and order processing cycle to solve problems. “With consumers now more informed and knowledgeable, and 5G generation about to transform the platform’s capabilities, today’s market leaders are in danger of setting themselves aside if they don’t move on to a more transparent experience. “He noticed.
According to the study, 59% of consumers in the region now spend more on Array and the average buyer’s overall spend expands by 32%, suggesting that there are opportunities for expansion in e-commerce.
Cama said: “The retail landscape in Southeast Asia has undergone seismic change since COVID-19 hit the region. While it has been transparent for some time that consumers are virtually more knowledgeable, it is also transparent that older consumers have become comfortable with tools and services. This generational hole has been reduced in recent months. “
The study found that 56% of Generation Z consumers spent more online, however, the increase in spending was also evident among their older peers, where Generation X recorded the largest increase at 60%.
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