Wish Reinforces its Commitment to Consumer Protection Through the Voluntary Signing of the European Commission’s ‘Consumer Protection Pledge’
SAN FRANCISCO - November 30, 2023 - ContextLogic Inc. (d/b/a Wish) (NASDAQ: WISH), one of the world’s largest mobile ecommerce platforms, today became a signatory of the Consumer Protection Pledge - which encompasses the Digital Consumer Rights Commitments and the Product Safety Pledge +.
The Digital Consumer Rights Commitments address some of the key aspects of consumer rights when using online marketplaces. They include commitments regarding:
- The transparency of important information and marketing tools, namely consumer reviews and influencer marketing
- Leveraging the power of marketplaces to facilitate the exercise of certain EU consumer rights
- Offering training and advice to sellers operating on marketplaces
The Product Safety Pledge, which Wish originally signed in 2020, was expanded to include a deeper set of commitments within the Product Safety Pledge +, signed in March 2023.
Together, the two parts form the Consumer Protection Pledge.
Speaking at the signing ceremony hosted by the European Commission in Brussels today, Mauricio Monico, Chief Product Officer at Wish, said: “As a leading online marketplace, we recognize the role we have to play in helping consumers make safe and informed shopping choices online. Over the years, we have introduced a number of measures to help prevent consumers from experiencing economic harm and physical risks to health and safety, and are continuing to explore ways to expand and improve on those practices.
“The signing of the Consumer Protection Pledge today is testament to our commitment to consumers and further enhances the work we are doing to build consumer trust and confidence in Wish.”
“We thank Commissioner Reynders and the European Commission for their partnership in pushing forward with the voluntary commitments which provide an example for other market participants and constitute an important step towards promoting a general culture of compliance,” concluded Mr. Monico.
All 11 signatories have undertaken to implement and apply the commitments and key performance indicators from July 2024. They will also report to the Commission about their implementation and application (both qualitative and quantitative data) twice a year. The Commission will publish progress reports based on the Signatories’ contributions in an anonymous manner. implement and apply the commitments and key performance indicators from July 2024.
For more information about Wish, visit www.wish.com.
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Founded in 2010 and headquartered in San Francisco, Wish is one of the largest global ecommerce platforms, connecting millions of value-conscious consumers in over 60 countries to thousands of merchants around the world. Wish combines technology and data science capabilities and an innovative discovery-based mobile shopping experience to create a highly-visual, entertaining, and personalized shopping experience for its users. For more information about the company or to download the Wish mobile app, visit Wish mobile app, visit www.wish.com or follow @Wish on Facebook, Instagram and TikTok or @WishShopping on Twitter and YouTube.
Carys Comerford-Green, Wish
Ralph Fong, Wish
This news release contains forward-looking statements within the meaning of the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact could be deemed forward-looking, including, but not limited to, statements regarding Wish's outlook; priorities; strategic direction; the Consumer Protection Pledge and its impact on consumer trust and confidence; the implementation timeline of commitments and key performance indicators; business operations; quotes by management; and growth initiatives. In some cases, forward-looking statements can be identified by terms such as “anticipates,” “believes,” “could,” “estimates,” “expects,” “foresees,” “forecasts,” “guidance,” “intends” “goals,” “may,” “might,” “outlook,” “plans,” “potential,” “predicts,” “projects,” “seeks,” “should,” “targets,” “will,” “would” or similar expressions and the negatives of those terms. These forward-looking statements are subject to risks, uncertainties, and assumptions. If the risks materialize or assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. Further information on these and additional risks that could affect Wish’s results is included in its filings with the Securities and Exchange Commission (“SEC”), including its most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q, and future reports that Wish may file with the SEC from time to time, which could cause actual results to vary from expectations. Any forward-looking statement made by Wish in this news release speaks only as of the day on which Wish makes it. Wish assumes no obligation to, and does not currently intend to, update any such forward-looking statements after the date of this release.