The Indian government is looking to come up with a regulatory framework to govern live commerce, according to a report in the Economic Times. The report added that the Bureau of Indian Standards (BIS) has reached out to various stakeholders to assess the need for guidelines. The comments were sought from members of BIS’ retail, e-commerce and e-payment services sectional committee after the International Standards Organisation called for a ballot to consider a new proposal on live commerce, ET reported. Why it matters: It is important to make note of this development as there are no separate guidelines in place to regulate live commerce. It is even more worthwhile as Gross Merchandise Value (GMV) from live commerce is expected to touch $ 4-5 billion by 2025. Who are the members in the BIS committee: The committee consists of the following members apart from officials from government ministries such as Electronics and Information Technology and Corporate Affairs — Amazon India, BigBasket, Flipkart, Paytm, Reliance Industries, Tata group, Directorate General of Foreign Trade, Quality Council of India, Internet and Mobile Association of India (IAMAI), Confederation of Indian Industry (CII). Understanding live commerce: Live commerce is a way for brands to sell products through live streams on digital platforms, Business Standard explained. It was provided a fillip by the COVID-19 pandemic in 2020 as people were confined to their homes. It offers an interactive experience to potential consumers where they can see an influencer try on products and ask questions during live streaming,…
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