11 Nov The 3’T’s … No, Not the Tenors!
Without Truth at its core, no marketplace can exist very long. This doesn’t mean the truth has to be pretty, sound good, or be popular. But, at the end of the day, it has to be real, and yes, truthful (#1 of the 3 T’s). The internet provides a huge, expanding, and deep marketplace for all of us pursuing our economic dreams through online commerce. Largely, the market has worked better and better as it has matured. In its formative years, it regrettably attracted many who sought it out as an anonymous cover for shady business practices. But as Truth gained a stronger toehold, the market responded with more widespread benefits for all involved.
Thanks in large part to advances in technology; Trust (T #2) and Transparency (T #3) began to be introduced in larger and larger measures. Today, we’re closer than ever to an environment that resembles a level playing field for everyone involved. Advancing software, backed up by some stringent laws, have been developed for both buyers and sellers that give them insight and protections against overt fraud. Now it’s time for continuous refinement.
A less talked about variable is that most commerce on the web is centered in the US. Yet, publishers, suppliers, developers and etc. participate in this market from all over the world. Most focused on the US. One sees vestiges of deep cultural differences regarding commerce where the motto in some parts of the world is still largely, “Buyer Beware” or “All’s Fair in War and Commerce”. What’s accepted in one country is viewed as fraudulent in another. This creates problems and disrupts markets. The most likely deterrent to keep this in check is more technological innovation. It’s a bit like “whack a mole”, but over the long haul, it appears technology is winning.
As an individual market participant, it’s important to understand and compensate for those you are working with. Don’t ignore bad practices but call it out and demand the 3 T’s from all of those you are working with. This may seem a bit old-fashioned, but it’s what we can do as individuals to keep our marketplace viable, vibrant and open for future generations to prosper. The virtual marketplace is not somewhere to relax and take it easy but rather a work in progress that demands your full attention.