Navigating the path to economic empowerment: overcoming challenges in digital platforms for economic empowerment
Jaramogi Oginga Odinga University of Science & Technology, Kenya.
Review Article
World Journal of Advanced Research and Reviews, 2023, 20(03), 1503-1521
Article DOI: 10.30574/wjarr.2023.20.3.1450
Publication history:
Received on 10 June 2023; revised on 21 December 2023; accepted on 23 December 2023
Abstract:
This paper presents a comprehensive survey of the challenges faced by economic empowerment digital platforms. As these online platforms revolutionize the economic landscape, they encounter various hurdles that hinder their potential for fostering financial inclusion and empowerment. Through an extensive analysis of existing literature and empirical studies, this survey identifies and categorizes the key challenges faced by these platforms. The survey reveals that regulatory frameworks pose significant obstacles to economic empowerment digital platforms. Issues such as unclear or outdated regulations, varying legal requirements across jurisdictions, and the need for compliance with consumer protection and data privacy laws hinder platform operations and expansion. Moreover, the absence of standardized regulations often leads to legal uncertainties and challenges in ensuring fair competition. Furthermore, the survey highlights the persistent challenge of trust and reputation management within economic empowerment digital platforms. As these platforms rely heavily on user-generated content and interactions, establishing trust among users becomes critical. Issues such as fraudulent activities, identity verification, and dispute resolution mechanisms emerge as key challenges that platforms must address to maintain user trust and credibility. The survey also addresses the technological challenges faced by economic empowerment digital platforms. Issues such as cybersecurity threats, data breaches, and privacy concerns pose significant risks to both platform operators and users. Platforms must invest in robust security measures and adopt innovative technologies to mitigate these challenges and safeguard user information and transactions. Additionally, the survey examines challenges related to financial inclusion and accessibility. Despite the potential for economic empowerment, certain groups, such as individuals from low-income communities or those lacking digital literacy, may face barriers in accessing and utilizing these platforms. Bridging the digital divide and ensuring equal opportunities for all individuals to participate and benefit from these platforms remains an ongoing challenge. Finally, the survey highlights the need for collaboration and cooperation among stakeholders. Platform operators, policymakers, regulatory bodies, and user communities must engage in constructive dialogue to address the challenges faced by economic empowerment digital platforms effectively. Collaborative efforts can lead to the development of regulatory frameworks, industry standards, and best practices that foster a conducive environment for these platforms to thrive.
Keywords:
Digital platform; Economic empowerment; Privacy; Security
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Copyright information:
Copyright © 2023 Author(s) retain the copyright of this article. This article is published under the terms of the Creative Commons Attribution Liscense 4.0