Department of Economics, Faculty of Arts and Social Sciences, Asian International University, Imphal West, Manipur, India.
Review Article
World Journal of Advanced Research and Reviews, 2024, 24(01), 1572-1577
Received on 07 September 2024; revised on 15 October 2024; accepted on 17 October 2024
Since the start of the millennial era, technical advancements have led to exponential growth in electronic commerce, or e-commerce. According to the United Nations Conference on Trade and Development (UNCTAD), e-commerce sales reached about US$25 trillion globally in 2021 [1] and are expected to grow at a compound annual growth rate of 9% through 2027, which is twice as fast as the 4% annual growth rate predicted for traditional in-person retail [2]. Online dispute resolution (ODR) techniques that aim to settle disagreements and lower the likelihood of expensive lawsuits are becoming more and more necessary as both individuals and corporations use online shopping platforms. Due of its legally binding nature, arbitration is the most formal method, as was briefly discussed [3]. Online arbitration is carried out using electronic methods, like email and digital tools designed to make the duties of arbitrators and parties to a dispute easier. It adheres to the same rules and processes as traditional arbitration. On the plus side of e-arbitration, advancements in technology allow for time and cost savings without sacrificing the ease of remote filing. The conclusion of e-arbitration agreements raises several negative issues, including privacy and data protection issues for the consumer signing the agreements and power imbalances between corporate entities and the consumer. The degree to which artificial intelligence (AI) is effectively and sufficiently analysing a dispute between parties is up for debate because it's unclear how new this adjudication process is.
E- Commerce; Artificial Intelligence; OECD; ODR; Arbitration
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Vinod N and Poonam Gupta. A comprehensive outline towards conciliation in the contemporary world of E-commerce. World Journal of Advanced Research and Reviews, 2024, 24(1), 1572-1577. Article DOI: https://doi.org/10.30574/wjarr.2024.24.1.3162