Nowadays, there is no denying that we are living in an intelligent era, which brings much convenience to our life. With the development of technology and human’s pursuit of a convenient life, the online marketplace becomes widespread and plays an important role in our life now.
Because there are two sets of customers for online marketplace business, which are the sellers and the buyers. How to balance these two customers on the online platform? And how can online marketplace business earn trust between the sellers and the buyers to facilitate all the transactions? As all the online marketplace business realized, trust is the key to the success of the online marketplace and the facilitation of online transactions.
They pretend to be legitimate online sellers, sell products to the buyers and leave buyers empty-handed in the end. For buyers, they lose their money and have to go through a long process to get their money back. But unfortunately, in most cases, they can’t get their money back successfully, because the sellers will disappear on the Internet after fraud.
One customer of Amazon stated the order never arrived. When they tried to contact the seller online, it seemed that the seller was no longer a part of the Amazon platform. Coincidentally, some other customers also faced the same situations. The products they bought online were never delivered to them and the sellers disappeared and were no longer a part of Amazon. Obviously, online marketplace fraud is a common problem in this industry, which destroys customers’ trust a lot.
For the sellers, the biggest problem they are afraid of is a chargeback. “Chargeback fraud occurs when a consumer makes an online purchase with their own credit card and then requests a chargeback from the issuing bank after receiving the purchased goods or services.” Consumer claims they did not authorize the purchase or identity theft. In this case, it will increase the risk and cost of the sellers.
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