Nowadays, businesses are more inclined to prioritising their online ventures. Retail businesses are thriving through social networking sites and whole new corporations are being built solely based on websites and apps. Even though all these are contributing to our economy, there are also some drawbacks.
There is still an absence of proper law and regulations related to these online businesses. They operate independently and without oversight which makes it difficult to take any measure against them, ultimately making consumers the sufferers. Many a time, they are involved in unethical practices but go unpunished. This would eventually cause e-commerce to suffer and entrepreneurs will be affected.
Effective rules and regulations pertaining to e-commerce should be implemented within the country. Accountability and transparency should exist or else the businesses themselves will suffer in the long run. It is high time the government stepped in to improve the situation of the online marketplace. Besides addressing the concern about reliability, the entrepreneurs should also be given the opportunity to get loans from banks. Financial institutions still have not recognised an intellectual property website, for instance, as an asset. E-traders too are not given trade licenses which deters them from expanding their businesses. Yet, these are attracting FDIs for expansion. Digital entrepreneurship thus should be encouraged through all means available.