Online Trading booster for Stock Trading

Stock trading in India has become a common interest for each and everybody from the elders to the young generation, government employees to the private ones and from all fields and areas. And since the Online fever or the Internet technology has changed the whole scenario everywhere and in almost every field then how could share market be the odd one out.

Internet technology has helped tremendously in accommodating the growing trade volume of over 8 lakhs online transactions and fast increasing. The online stock broker system (user friendly software) has come out to be the one to aid online stock trading. This online stock trading system has helped the investors in a vast way by allowing them to trade online by saving their time and energy and providing them with the opportunity of making the optimum use of internet for their convenience. It also provides a first hand to the person who wants to start with stock trading sitting at home. And all of this can be accredited to the Internet Technology.

IT Act 2000 in India provides legal infrastructure for e-Commerce

As already mentioned in the previous article, IT Act 2000 in India is there to provide rudimentary legal infrastructure in terms of transactions being done online. To provide legal infrastructure and finally legal sanctity to all the electronic records and other activities carried out by electronic means is why the Act came into existence. In the absence of any Cyberlaw e-Commerce can’t flourish. This act would help in facilitating the smooth flow of trade and Commerce to take place with legal sanctity being attached to all the activities carried online. It refers to a publication of rules and regulations in the electronic form. In layman’s language it could be interpreted that this IT Act 2000 is the backbone for e-Commerce growing. With such an Act in place even e-Governance could be benefited. Looking at all these facts one thing that can’t be ignored is that without legal infrastructure in place nothing can be proceeded with.

Cyber laws to keep a check on online crime

Just like in the real world we need to have law and order in place similarly in the virtual world too there is the need for law and regulation and for this cyberspace is being governed by Cyberlaw. Anything and everything pertaining to the online world is being addressed under the Cyberlaw. On the same hand Cyberlaw is something that needs to be constantly evolving process since there are so many new technologies coming up and such many other things happening in the Cyberspace. Nobody can think of online transactions happening without a proper decorum being maintained even in the virtual world.

And that is why the parliament of India passed its Cyberlaw in the form of Information Technology Act (IT Act), 2000, that provides the legal infrastructure for e-Commerce. The main objective of this Act would be to provide legal sanctity to all the transactions carried out by electronic means.

Indian Tourism benefited by Online transactions

Because of Internet penetration in India mostly all businesses have been benefited finally leading to increase in the growth of e-Commerce. And so same is the case for Hospitality Industry falling under the umbrella of Tourism Industry.

Indian Hotels are cashing in on the technology being available to them and not leaving any opportunity being grabbed. There are more than 370 hotels spread over more than 150 Indian cities and the hotels are of all class and categories. Internet has changed the whole scenario of tourism by making it e-tourism and enabling the tourists to make their reservations for the Hotels online. Even travelers are interested in packages including the travel, stay, pick and drop etc being taken care. Now with all the Online transactions being done, travelers have an ease in finding solution to all their problems at one place and can very easily make all the arrangements online. Internet in the form of Online e-booking facility has lead to this rise in the e-Tourism.

e-Commerce enablers…..Machines

e-Commerce is not only or does not only mean transacting online. To put it in simple words it is basically interaction of people with a system. By interacting with a system they learn and understand as to how the particular system works. Once a user starts interacting with the system he starts developing some kind of trust in the system and confidence that the system would react in the expected and obvious manner.

Then slowly with time he would get to know the parameters, behavior and risks being involved with the same. But all of this can be achieved once there is frequent interaction between the user and the system. Since e-Commerce is a combination of both the system and the user a certain kind of understanding to some extent can really help. This could be termed as to building of trust in the system that is an enabler for e-Commerce.

Need for Relationship Banking in India

It’s not only about technology these days. The difference still remains the same that is relationship building. Indian e-Commerce needs Shift to Relationship Driven Methods. Today there are almost 50 banks that have the facility of banking online with major banks like ICICI, HDFC Bank, ABN Amro Bank, Bank of India etc to name a few. But again its not only about Net Banking but rather it is about Relationship Banking. Its emphasis should be on Human Capital, there should be CRM for banking services, tailor made services to its customers which can drive e-Commerce. Security is one the major issue again in terms of Net Banking. Relying only on the technology wouldn’t be a long term solution. To support this there is a quote – One machine can do the work of fifty ordinary men. No machine can do the work of one extraordinary man by Elbert Hubbard. And that is why need is to focus on the relationship driven methods.

e-Tailing in India

In India we have majority of avid shoppers who can shop till they drop. Indians have this never say die attitude for shopping irrespective of the economic condition. That implies that the mass is available but the only problem is with the shift in their paradigm that is to shift them from surfers to shoppers. The web is replacing the Brick and Mortar model of retailing at a quick pace in India. Especially the young clan who all are more technology savvy and thus look for all solutions to be provided to them online within their cozy boundaries. Internet familiarity is thus the biggest factor behind this shift of web retailing or e-Tailing. But the biggest challenge in terms of e-Tailing is turning surfers to shoppers (Online). There are two kinds of e-Tailing websites one being the One Stop Shop and the other being the specialized one. The kick off for the web retailing in India has been started with its major benefits being support to it.

Time to build trust in e-Commerce

In order to enable e-Commerce to grow in India we need to know as to what is it that drives the transactions in a business and if it is trust how do we build it in the e-world. Many are of the view that its Lack of accountability that is causing a big hindrance in the way of e-Commerce transactions being taking up fully. In order to make people trust, there should be trust being build up in the electronic transactions.

There should be certain things to be taken care of just like convenience, accountability and the person’s confidence. These roles will be needed for e-Commerce transactions too. In fact in the e-marketplace the responsibility of building trust with the users becomes the utmost and vital criteria since the end user web transactions are incessantly rising irrespective of the B2B or B2C business line. To be perceived as trustworthy organizations need to communicate to its users clearly as to what security platform or measures are they using to ensure its users safety and security online.

Mobile Internet to further facilitate e-Commerce in India

Internet, Internet and its Internet everywhere. e-Commerce is also flourishing with respect to Internet. The scope of mobile internet comes from this fact that in India there are approx 30 million people who access the internet through cybercafés. And thus for such people internet doesn’t become a basic part of their lives since its just a medium for them to send mails or search for information in fact most of the time these people are disconnected from the internet. So here it is where the mobile internet can have a great scope i.e. it is such a device that is with the person all the time.

Especially with reference to the young clan where mobile first is the criteria it can be a great potential. Also there is some percentage that does not have access to the computer but do have mobile with them. Such a huge number to be connected through their mobiles could do wonders. Though definitely this revolution of mobile internet would take time to come or take over.

Another step ahead….Online tax filing

The Internet in India has really changed the face of India in terms of many services being done online today or now which were very pain staking in earlier times. Just like the other very much upcoming service there is e-filing or filing one’s taxes online. This is another major change catching up recently or something that has made the Indian consumers relieved.

There are now a couple of such portals providing the facility of filing the income tax returns online. But then again online security is and probably should be the top concern of consumers in today’s era since for filing tax returns one needs to provide many of his or her personal as well as financial details. And one can freely and openly provide his all financial and personal details only if proper security is being assured to them while online. With this we can reach to a conclusion that the need of the hour is online security and safety to be taken care of so that the Internet revolution can take on fully and flourish to its zenith in the country.

India and Internet

The evolvement of Internet in India is showing clear signs as its going to be a vital factor for all the communication with the world. Internet is now a word that has relevance to many of the Indians personal (not only related to work) life. The latest revolution being the Online Tax filing in India since paying Income tax is not a choice for anyone or everyone but a mandate requirement for every individual earning income. Just like our any other daily life chores it has become a part of our daily life in some or the other way. The only or major one of the limiting factor for growth of Internet in India is in the rustic areas where there is not much familiarity with English. It’s so here because of the 22 around different languages being spoken here because of which in the areas dominant by local dialect it arises a problem. The total base of internet users in India stands at 49.4 million currently out of which the percentage comprised by rustic areas is very low which needs to be focused upon.

Path ahead for e-Commerce in India

E-commerce is becoming the key to success. The internet usage has made the world really small and through the same business transactions are conducted globally at a faster pace. There is great scope for India as far as internet banking is concerned since the past records in regard to Internet usage in India have been quite optimistic. India’s strength also lies in its untapped market which is the real potential. As we know that with the help of large pool of English speaking and computer literate professionals, competitive telecommunication prices etc India has a great scope for the IT enabled services and is ahead of many countries in being the Hub for IT.

Under e-Commerce the Online Banking services segment in India is on an all time high. Even the Government of India has taken steps over past few years to create an environment which is important for the growth of e-Commerce in India. India is on the threshold of emerging as a key player in global electronic commerce especially in terms of third largest reservoir of technical human resource.