March 15 of every year is a very special day for consumers as this day is celebrated as World Consumer Rights Day. On this day in 1962, the 35th US president, John F. Kennedy, addressed to US Congress, addressed consumer rights. This day is a significant reminder of the importance of the protection and empowerment of consumers.
While addressing to US Congress, John F. Kennedy outlined four fundamental rights that every consumer deserves:
- The Right to Safety: Consumer health and well-being should not be put at risk by any product or service. This ensures that services or products are safe to use by any human being.
- The Right to Be Informed: Consumers should be made well aware of the ingredients, potential risks, warranties, or pricing before the consumption of any kind of product or any kind of service
- The Right to Choose: It should be a consumer’s choice to choose the product he/she wants from the competitive marketplace
- The Right to Be Heard: If any situation persists where a consumer feels that his/her rules are being violated then they should have the right to voice their concerns and seek redress
From Vision to Reality:
Inspired by President Kennedy’s address, advocacy groups worldwide realized the importance of a united front. In 1983, the consumer movement took a significant step and the world celebrated 15th March as World Consumer Rights Day. This global event served as a checkpoint for the amplification of consumer rights across borders and promoted an environment of fair market practices. The movement gained further momentum with the United Nations recognizing the day. Solidifying its importance on the international stage.
Ever-evolving Landscape:
Today’s consumers are vividly different from the one that existed in 1962. The rise of e-commerce, digital payments, and data privacy concerns have presented new challenges and opportunities for consumer protection. World Consumer Rights Day reflects this evolving landscape by selecting a specific theme each year. World Consumer Day 2024 puts the spotlight on “Fair and Responsible AI for Consumers”
Artificial Intelligence is rapidly growing and also plays a crucial role in transforming various spectrum of our lives, which includes online shopping, financial services, and even healthcare. The theme of “Fair and responsible AI for consumers”, clearly highlights the need for consumer protection from these advancements.
Today’s consumers are more concerned about AI bias, data security, and transparency. For example, AI algorithms can be used to provide the consumer with personalized advertising and this leads to stereotypes and discrimination against certain demographics. Similarly, the use of AI in financial services raises questions about the algorithm bias in loan approvals and credit scores, thus manipulating consumer’s decision taking capabilities.
World Consumer Rights Day 2024, clearly recognizes the immediate actions required for transparency and accountability in the development and implementation of AI technologies. Consumers must be guided on how the AI algorithms are used, what data is collected, and how it can be protected. Additionally, it is necessary to implement a clear procedure for reversing the unfair outcomes, when the consumer feels their rights are violated
To create a marketplace that cultivates trust, fairness, and innovations consumers, businesses, and policymakers must come together. World Consumer Rights Day
By working together, consumers, businesses, and policymakers can create a marketplace that cultivates trust, fairness, and innovation. World Consumer Rights Day ignites a conversation that paves the path for a future where consumers’ rights and not just secure but empowered.
