Giant companies made unethical use of customers’ data, ended the competition
New Delhi : American companies like Apple, Amazon, Facebook and Google, which started in garages and dormitories, have become the largest companies in the world today. In the past decades, the speed with which they have established a monopoly in the social media, internet and online retail sector has forced the US Congress to investigate them.
Impact on small businesses and traders in India
It exposed the dominant behavior of companies. Companies hurt small businesses and traders to increase their business. By using unethical personal data of common citizens, they ended the competition. Now the action can be taken on this in the US Parliament. If this happens, it will also have an impact on India. Because these companies are also working with us on a large scale.
The question is arising that can India also take any action on these companies? In India too, the same type of rights plaintiff is behaving in a monopoly dispute, other companies will also be brought into action.
Meanwhile, there have been allegations on Facebook and Twitter that they allowed their social media platform to be used in the US in favor of Donald Trump’s rival Joe Biden. On this, Trump spoke about the division of these companies on Wednesday. Like the US, these tech companies were accused of influencing public opinion in India. Last month, a former Facebook employee reported that the platform was interfering with India’s political activities.
New rules to break the monopoly in US Congress
From business to democracy, these companies gave us the strength to intervene, as they have created a monopoly in their respective fields. Anti-competitive rules have been enacted in the US Congress to break this monopoly. New standards are going to apply to these. The Indian Competition Commission was created in India to monitor this. It is expected that tough steps can be taken here like the US.
Understand from Amazon’s example…
Sales only 5 percent, occupies 40% market
The US Congress, in an important disclosure on e-commerce website Amazon, said that Amazon sells only 5% of its own products made in the electronic and beauty sector of its e-commerce platform. Nevertheless, it occupies 35 to 40% of the market of this sector. Only 2 percent of the products of ‘Kitchen for Home Appliance’ are its. But there is more demand for such products and around 30 percent of these products are sold in the market. It has its own model for this monopoly in which Amazon is making unethical use of the data stored with the products of the small businesses that customers like.
What do consumers really benefit
Huge discounts and a lot of freebies are being received, so why should ordinary citizens worry? In 2016, Reliance Jio launched 4G service in India in which consumers were given free internet and calling services for about 1 year. Result of this? At one time, more than 15 telecom companies were serving in India, today only 3 are left. In the past year, these companies have announced several times to increase rates.
Just before the epidemic, in the report of the Competition Commission of India this year, Flipkart and Amazon were announced to be investigated for selling various smartphones through their e-commerce platform. In the epidemic, e-commerce not only grew rapidly, but foreign investment in it also increased manifold. Experts see it as a monopoly.