Factors Causing Exploitation of Consumers in 2023

Introduction

Consumer exploitation has been a long-standing issue in the market since ages. It is the intentional or unintentional exploitation of consumers by sellers or manufacturers. In the modern world, technology and digitalization have made it easier for manufacturers and sellers to exploit the consumers. This article looks at some of the factors causing exploitation of consumers in 2023.

Advancement in Technology

In the modern world, technology is changing every day. The advancement of technology has resulted in new products coming into the market which are often complicated and hard to understand. Consumers find it hard to comprehend the features of the product and often take decisions based on the manufacturer’s claims. This makes them vulnerable to exploitation.

Unscrupulous Business Practices

Unscrupulous business practices by manufacturers and sellers are one of the major reasons for consumer exploitation. Manufacturers often use unfair tactics to push their products and take advantage of the lack of knowledge of the consumers. They also often offer products with hidden costs and charges which can lead to exploitation.

Lack of Education and Awareness

Consumers often lack the knowledge and awareness about their rights when it comes to buying products. This makes them vulnerable to exploitation. Manufacturers and sellers often take advantage of this lack of knowledge and charge more than the actual price of the product.

Lack of Regulations

Lack of regulations in the market also leads to exploitation of consumers. There is no proper oversight of the market and manufacturers and sellers often take advantage of this situation and exploit the consumers. This is one of the major factors causing exploitation of consumers in 2023.

Conclusion

Consumer exploitation is a serious issue and needs to be addressed. Advancement in technology, unscrupulous business practices, lack of education and awareness and lack of regulations are some of the factors causing exploitation of consumers in 2023. It is important to create awareness among the consumers and regulate the market to protect them from exploitation.