Answer:
Commoditization is a method in which goods or services become almost indistinguishable from competing offerings over time. Usually, commoditized products within specific categories are so related to one another that the only distinguishing feature is pricing.
Explanation:
Commoditization serves the human and also damages them. It can help in making their lives simpler such as the products that are sold in the market which makes the consumers purchase at a cheaper price. It can ruin their lives also through modernization because through modernization, there are enhanced technologies that can raise the price of the products in the market. Commoditization benefits consumers who want goods and services without guesswork and the cheapest possible price. Since Commoditization controls the global economy, companies compete to create virtually identical products while providing them at the lowest price. Commoditization hurts customers who want a wide variety of features and selections from which to choose. They might be able to easily purchase an item, but it might not be specialized to their liking.
