Seoul, March 25 (IANS) South Korea’s Fair Trade Commission (FTC) announced plans to launch a study into the e-commerce sector to ensure fair business practices among online shopping consumers. The four-week preliminary market research will begin on Tuesday to collect opinions and review similar studies conducted by the EU, Britain, and Australia.
The FTC will analyze the market structure and competition issues in the e-commerce sector by gathering input from stakeholders, relevant associations, and consumers. The regulator will also conduct inquiries into major e-commerce operators domestically and internationally to issue a report by the end of the year.
According to the FTC, the e-commerce market’s rapid evolution necessitates an in-depth analysis to address concerns over fairness in business practices and potential consumer harm. The value of online shopping transactions has increased significantly in recent years, highlighting the need for preemptive responses to competition and innovation issues.
“The growing dependence on a handful of operators has raised concerns about the fairness of business practices and the possibility of consumer damage. Such an in-depth market study will help us devise preemptive responses to competition and innovation issues,” the FTC stated.
The value of online shopping transactions in South Korea has risen from 190.2 trillion won ($141.61 billion) in 2021 to over 227.3 trillion won in 2023. The FTC’s study aims to address competition and innovation challenges in the e-commerce sector to ensure fair business practices and protect consumer rights.–IANS rvt/kvd
