The e-basket platform, set to launch in Cyprus in the summer of 2024, aims to provide transparency in pricing for basic goods, empowering consumers to make cost-effective decisions. The platform will require supermarkets with over €5 million turnover to report prices, ensuring accurate price comparisons, and will be accessible via web and mobile apps.
What is the e-basket platform and when will it launch?
The e-basket platform is a digital initiative set to launch in Cyprus in the summer of 2024. It aims to provide transparency in pricing for basic goods, empowering consumers to make cost-effective decisions. The platform, accessible via web and mobile apps, will feature products based on statistical relevance to household shopping, and require supermarkets with over €5 million turnover to report prices, ensuring accurate price comparisons.
A New Way to Shop: E-Basket Brings Transparency
In an effort to empower consumers, Cyprus is set to unveil its e-basket app and digital platform in the summer of 2024. This initiative, which found its roots in legislation passed just recently, is designed to shine a light on the pricing of basic goods, providing shoppers with a transparent view of their options. Constantinos Karagiorgis, head of the consumer protection service, emphasized that the bidding process for the platform’s development would be prompt, taking an estimated two months to complete.
Once the tendering process concludes, a span of three to five months will be necessary for finalizing all related procedures. As a result, the anticipated launch is set for the warmer months of 2024. This digital platform is not just limited to a web interface; it will also be accessible through mobile applications compatible with Android and iOS devices, ensuring a wide reach among consumers.
The Goal: Consumer Empowerment in Crisis Times
Karagiorgis further noted the platform’s significant role, particularly during economic downturns. The e-basket’s objective is to offer a daily, direct source of information, enabling consumers to make cost-effective decisions tailored to their financial circumstances. In determining which products will be featured, the platform will rely on statistical data to select items that bear the most significance and frequency in the average household’s shopping basket.
Moreover, amendments in parliament have led to an increase in the minimum annual turnover for businesses. Supermarkets are now required to report product prices to the platform if their turnover exceeds €5 million. This change aims to encompass a broader range of retailers, thereby enhancing the platform’s data comprehensiveness. The introduction of “product code” in the legal text also promises a more accurate comparison of prices, as it ensures that identical products are matched by their barcodes.
Enhancing the Shopping Experience
The e-basket is more than just a consumer tool; it reflects a shift towards digital solutions that add value to everyday activities like grocery shopping. By utilizing the latest technology, Cyprus is setting a precedent for other nations to follow in improving their consumer protection strategies. The inclusion of the most demanded products will likely evolve over time, as shopping habits change and new data becomes available.
As the summer of 2024 approaches, anticipation for the e-basket platform grows among tech-savvy consumers eager to optimize their shopping experiences. With its user-friendly design and comprehensive features, the e-basket app is poised to become an essential tool for price-conscious shoppers and a model for transparency in commerce.
What is the e-basket platform and when will it launch?
The e-basket platform is a digital initiative set to launch in Cyprus in the summer of 2024. It aims to provide transparency in pricing for basic goods, empowering consumers to make cost-effective decisions. The platform, accessible via web and mobile apps, will feature products based on statistical relevance to household shopping, and require supermarkets with over €5 million turnover to report prices, ensuring accurate price comparisons.
How does the e-basket platform empower consumers?
The e-basket platform empowers consumers by providing transparency in pricing for basic goods. It allows consumers to make cost-effective decisions by comparing prices of products. The platform will feature products that are statistically relevant to household shopping, ensuring that consumers have access to the information they need to make informed purchasing decisions.
How will the e-basket platform ensure accurate price comparisons?
The e-basket platform will require supermarkets with over €5 million turnover to report prices. This requirement ensures that the platform has accurate and up-to-date price information for comparison. In addition, the platform will use “product code” in the legal text to match identical products by their barcodes, ensuring that price comparisons are based on the same products.
How will the e-basket platform be accessible to consumers?
The e-basket platform will be accessible to consumers through web and mobile apps. This means that consumers can access the platform from their computers or smartphones. The mobile apps will be compatible with both Android and iOS devices, ensuring that a wide range of consumers can use the platform. This accessibility allows consumers to access the platform wherever they are and whenever they need to compare prices.
