A newly implemented e-commerce rating system in the city-state of Singapore has rated Facebook’s Marketplace as the least trustworthy e-commerce platform, behind Amazon and its Alibaba-owned Asian analogue Lazada.
The ratings system, known as the E-commerce Marketplace Transaction Safety Ratings (TSR) [PDF], was launched on May 14th by the Inter-Ministry Committee on Scams (IMCS).
The four-tier rating scheme rates e-commerce players on guarantees of user authenticity, transaction safety, dispute resolution, and ability to act effectively to protect customers.
Amazon, Lazada and another Southeast Asia e-commerce platform Qoo10 were deemed to meet all four requirements. Facebook Marketplace met only one – perhaps a reflection of its peer-to-peer sales status meaning it does not ned some of the protections of rival platforms. The ratings will be updated yearly.
Singaporean authorities plan six-monthly updates to help consumers better understand which e-commerce platforms are safe. Those updates will offer additional data such as whether platforms adequately maintain transaction records and user data.
The IMCS initiatives don’t stop there: the Committee also…
