The Inform Consumers Act, a new law that aims to curb organized retail theft and the sale of counterfeit and harmful products on online platforms, takes effect as more retailers blame theft as a reason for lower profits.
During the second quarter of 2020, e-commerce sales in the U.S. accounted for 16.1% of total retail sales and reached $211.5 billion, a 44.5% increase from the prior-year period, according to Census data. E-commerce growth in the U.S. has since leveled out, but its share of sales has remained consistent.
Criminals have been able to operate with"complete anonymity using fake screen names and fake addresses," but the Inform Act will change that, Lisa LaBruno, senior executive vice president of retail operations at the Retail Industry Leaders Association, told CNBC. "This compromise legislation avoids a patchwork of state laws and has broad support from consumer groups, retailers, and law enforcement," eBay wrote in the post.Online marketplaces are now required to collect, verify and disclose certain information about third-party sellers that have high transaction volumes on their platforms. Many of the online marketplaces subject to the legislation are national, household names.
Marketplaces must include that information either in the sellers' product listings or in order confirmations, and suspend sellers if they fail to disclose the required information. The marketplaces also have to provide a clear way for consumers to report suspicious conduct on product listings from relevant third-party vendors. The FTC and states will share enforcement authority of the Inform Act.
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