More regulations needed on extremely low price products

E-commerce has been developing rapidly in China in recent years, according to a report by the Ministry of Industry and Information Technology, the total volume of electronic business in China will reach 18 trillion yuan in 2015, four times the current level.

360buy is a large online e-business company with good reputation.

360buy is taken to court because of a dispute.

It promoted 1 Yuan trip on the website and many consumers paid for the trip, but later the company canceled the event unilaterally. 360buy explained it was caused by a technical problem.

Consumers were not satisfied with the result since 360buy only agreed to give 20 Yuan voucher as compensation to those victims, who said they had to use the voucher on the website and spend more on the website.

We know that one advantage for online shopping is the product price, which is lower than the same product in real stores.

We can find some knockoffs are sold on the internet and such products look the same as the genuine ones in real brand shops. These transactions are likely to cause dispute between both parties.

We can see that policies and regulations still lag behind the development of this new sector, it is necessary to establish complete laws and regulations for e-business industry.

The Ministry of Commerce says comprehensive laws and a national information database for e-commerce credit are expected to be set up in China by 2015.

IBUonline pays attention to online regulations and laws establishment process.

IBUonline is a B2B platform, which has helped many China suppliers find suitable overseas buyers.