Importance Of Consumer Protection

Why do We Need What is Called Consumer Protection?
Clothes, furniture and electronics. At first thought, these items do not seem to bare any similarities other than the fact that consumers desire these materialistic goods. One of the only similarities they have is that consumers are protected by basic consumer rights upon purchasing these items. Consumer protection is a collective set of laws and organizations set up to safeguard the interests of consumers in terms of "fair trade, competition and accurate information". [1] In this fast-paced society of ours, most corporations and business are profit-driven. Businessmen seek ways to maximise their profits and some even resort to underhand ways or unscrupulous methods to achieve what they want.

In fact, the implementation of consumer protection law also has the vested interest for businesses. It is a given fact that businesses have to take into account consumers' interest if they want to thrive in a competitive market. In view of our ever advancing technology, liberalisation and globalisation has increased economic competition by leaps and bounds. Many companies sell the same goods at similar prices and one of the few ways to stand out is to successfully satisfy the customers. Consumer protection sets the baseline of how a company should respect the interest and safety of the consumers. By taking into consideration the needs of consumers, businesses will then be able to keep up with both internal and international competition. Furthermore, apart from consumers, suppliers and retailers are also some of the other stakeholders that companies must keep in mind. Companies can only thrive and survive in the industry by getting resources from suppliers. Working in the business industry requires mutual trust that is built upon honesty and being forthright. If a company does not even fulfil the basic requirement of consumer protection, businesses will take a hit, and in turn suppliers and retailers will be affected as well. Suppliers and retailers might not wish to collaborate with the company and this will result in business complications. Hence, respecting consumers' rights is both beneficial for the consumers as well as the