The rapid growth of online platforms naturally causes huge disruptions to thetraditional business models in most industries. With such technologicalleapfrogging and consumer preference shift being supported by these onlineplatforms, innovative services and convenience are created but raise bigregulatory challenges.
As such, the incumbent businesses are experiencingincreased competition, shareholder erosion, and spurring business strategies.Challenges online platforms pose to the regulatory process are antitrustconcerns, data privacy, consumer protection, taxation, and laws relative tolabor, all of which will significantly alter business models currently in place.This analysis opens up to a delicate balance between fostering innovation at oneend while ensuring fair competition and leading traditional businesses to adaptto changing circumstances.
IntroductionIndeed, the Internet has transformed the way that people interact with products and services, mainly through the modes of e-commerce giants, ride-sharing services, streaming services, and social media networks. Their business models, driven …