ICT based market information system: An effective approach for market price monitoring and supervision in developing countries

This paper presents an effective framework for market monitoring, supervision and price management in developing countries using Information and Communication Technology (ICT). This research also illustrates the possible ways to handle the price hike and also derives solutions to resist unethical and ill-motivated hoarding by integrating ICT. In this paper, we have presented an overview on the application of ICT in disseminating market price information to the consumers and also existent mechanisms in adopting ICT as a tool to stabilize the market price from the point of view of consumers´ right. Rather than paying the price of any commodity in cash to the seller, the consumer is charged through the identification of his mobile phone within particular fair price margin by sending SMS. The seller also demands the price using SMS and confirmation is also made by the buyer through the same. This fair price margin should be market specific and be defined by the government or some legitimate agencies appointed to monitor the market as currently done to some extent for displaying the market price on the entrance of the markets in large cities. Since, the price margin is supposed to be defined balancing mutual interests of the producer, seller and buyer along with considerations of all other related phenomena like transport costs to the market, labor costs in that area etc, there may be legal bindings to come to an agreement. Illustrating ICT based promising and easiest framework of making the people aware of price of any product and thus maintaining a reasonable price for markets in developing country like Bangladesh is the main contribution of the paper.