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.

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.

Online banking scenario in India

All the banks and financial Institutions in India are in the process of making their services web-enabled so that the online banking services could be provided to its customers and they can at the other end reap full benefits out of it. This Internet banking arena has also increased the competition among the Banks and in turn has compelled banks to focus more on its customers need and requirements and adoption of upcoming technology on the Internet. It’s being so to keep all the Banks at the same pace. Though as per the global standards India has still to go a long way but gone are those days of traditional banking. Internet banking evolved in the mid-1990s when Internet and the World Wide Web began to catch on. At present Private and Multinational Banks are doing good by implementing Internet Banking in India. Though nationalized banks have not yet implemented Internet Banking system successfully in comparison to the private ones and that is why in such Banks we find mix of both online and manual process.

Loopholes in e-Commerce in India

No second thought to it that e-Commerce is blooming in India but there are still many bottlenecks that are hindering its growth. Some of the major issues are related to safety and security online, infrastructure requirements, credit card and debit card payment, physical delivery of goods etc. All the growth driving factors such as increasing internet user base, young clan being more internet savvy etc would not bring the desired results until and unless these things are taken care of. Online travel retail is boosting e-Commerce in India majorly because of main three reasons that is convenience, very low touch & feel and the good price concessions. Apart from this where touch and feel is required people do not have much interest in spending a big chunk on them. Another major requirement is to have required infrastructure for the proper physical transfer of goods. Then again not to forget is the online security issue and that is why many Indians opt for cash on delivery as the option for the payment. All these loopholes need to be taken care of.

Online Classifieds Industry (e-Commerce) growing

This section of e-Commerce is also catching up in India smoothly and on a good pace. Online classifieds allow people who can be called as Internet Users to showcase their offerings providing them a big and a very huge platform. These online classifieds could be used for several purposes like for matrimony, Job search, Advertisements for sale and purchase of fixed assets, automobiles etc. Out of these especially online matrimony and Job portals have the major market share.

This trend is very much popular among the youngsters or the young clan whereas on the other hand the middle aged and senior citizens still resort to middlemen instead of these online portals since they are not that Internet savvy and apprehensive about using Internet for such purposes. The size of Online Classifieds industry comes to Rs. 540 crores for the year 2006-07. At the end of 2007-08, the industry is expected to grow by 52% to Rs. 820 crores. Growth in this industry is also due to the increase in the Internet usage and e-Commerce transactions growing in India. These figures are being taken from the IAMAI report on e-Commerce market in India.

e-Education in India – Still a long way to go

In India we all have been noticing the change in terms of e-Commerce bringing in all the sections or fields. Same shift is yet to be experienced in the e-Education field in India. Though in some of the sectors like Travel, Web retailing (e-Tailing), Trading and Banking has been noticeable but it’s not so in the case of Education sector in India. This term e-Education has been somewhat taken from the term or concept like e-Learning. Some of the initiatives towards e-Education are Pratham, India, eGurukool, India, Zee interactive, India , Schoolnet to name some.

Since e-Commerce is taking up in India speedily even this sector would be changing though this would for sure take some time since Internet usage in terms of transacting online apart from mailing or information searching is limited only to the elite urban areas. Once this Internet revolution is everywhere in India there would be a great change in the Education sector as well. This would further bring many and big changes in the way we learn and do things today in terms of education.

Time for Indian Banks to take steps...

In India, banks have this facility of transacting online and which is why we all are able to transact online and make our various payments from our very cozy places. But how much these banks take care of the trust that we show in them? There is an alarming situation in terms of online fraudulent cases taking place and looking at that there is need for some new methods to be incorporated in order to stop these fraudulent practices being taking a toll so that the confidence of the people in the country is not shaken up.

With new threats like phishing and Trojan horse attacks the demand of the hour is to make the security measures as per the current standards. When internet is providing a platform for all on the global basis all there required is proper measures for the safety and security being taken care of online so that the growth of the online transactions taking place keeps on augmenting without any hurdles in between. So it’s time for the Indian Banks and Financial Institutions to care of it. This vital issue related to security and safety online if addressed properly can make the ongoing Internet revolution progress by leap and bounds.

e-Tailing coming up and boosting e-Commerce

As already discussed earlier Online travel Industry is the biggest trigger for e-Commerce in India. The next upcoming area or field that is promoting e-Commerce growth is e-Tailing or also known as web retailing. e-Tailing is another factor which is shaping up good in India and encouraging more and more people to come up and transact online. It is in simpler terms a shop which is online and mostly like a departmental store where one can shop for anything and everything. The size of e-Tailing Market for the year 2006-07 was computed to be Rs. 850 crores. e-Tailing contributes around 12% to the total E-Commerce Market size in the year 2006-07. These figures have been taken from IAMAI (Internet and Mobile Association of India) and IMRB International e-Commerce 2006/07 report.

We even see growth in the e-Tailing domain because of various factors like convenience, increase in the number of buyers and sellers, better deals and change in the thinking pattern or behavior of the consumers. If all these factors clubbed together, they can really provide good benefit to the e-Commerce growth in the country. But with all this, the loopholes of the same also need to be addressed to make the e-Commerce flourish.

Factors keeping e-Commerce growing

Since e-Commerce in India has wide scope it becomes mandatory to focus on the features that drive this growth in the country. There are a couple of such points or factors that augment its growth the first and foremost being saving in terms of time and efforts. We all know time today for everyone has become a luxury. And thus by saving time it provides the most precious advantage alone itself capable of driving its growth. Then the next big factor is convenience of transacting from home. It’s really good thanks to Internet that today all the work could be done online.

Another factor is the wide variety of products or services being available at the same platform and along with that one can also do comparisons. One can also have details about the product and with the best discounts being available or the schemes going on. Moving physically never can provide such a big platform that being online one can have. All of these factors can easily drive or trigger the growth of e-commerce, providing all to reap its benefits.

India’s e-Commerce business…still to go

In India Internet is still not being exploited or not started as yet picking up the pace. Apart from the Metros in the other cities or towns internet is still being used for e-mails, chat and information search. There is still requirement for India to take up on the e-Commerce fully so that Internet could be exploited to the best of it just like in many other developed countries. The e-Commerce would again includes the fields like Travel, E-tailing (Web Retailing), Digital Downloads and Classifieds. Out of these Online Travel Industry is the one that contributes the most to it. However, still the prominent problem omnipresent is low penetration of the credit cards along with apprehensions of the people in providing the details of the same. This is one of the problems being present with some of the others to be discussed later. This implies there is a long way to go.

Online Travel Retail boosting e-Commerce in India

As India’s e-Commerce is growing at a laudable pace one of the major contributors to it i.e online travel retail is growing very much. Because of this, India is also leading to one of the major contributors to online travel retail business in Asia. Over the next few years India is likely to grow at a noticeable rate in terms of online travel retail.

This is something that has not happened overnight but has taken its own due time and increased with the boost in India’s economic growth and flourishing urban population. Increase in the urban population in India will definitely or automatically add to increase in the online business and as a result would augment to Online Travel Retail. India’s urban population is also very much inclined towards working or rather transacting online. This boom in the usage of internet by the urban population has led to this worthy scenario of augmented online travel retail and finally the e-Commerce.