Tajiks not yet used to online shopping, sellers blame banks, which wait for demand

Tajiks not yet used to online shopping, sellers blame banks, which wait for demand

Baku, Azerbaijan, May 2

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Along with development of internet, online trading is also actively developing in the world. More and more people prefer to acquire electronic and home appliances, furniture, clothes and other goods through internet. But in Tajikistan, the online shopping remains undeveloped.

Electronic trading, sometimes called e-trading or paperless trading is a method of trading securities (such as stocks, and bonds), foreign exchange or financial derivatives electronically. Information technology is used to bring together buyers and sellers through an electronic trading platform and network to create virtual market places.

For many years stock exchanges were physical locations where buyers and sellers met and negotiated. Exchange trading would typically happen on the floor of an exchange, where traders in brightly colored jackets (to identify which firm they worked for) would shout and gesticulate at one another – a process known as open outcry or pit trading (the exchange floors were often pit-shaped – circular, sloping downwards to the center, so that the traders could see one another).

With the improvement in communications technology in the late 20th century, the need for a physical location became less important and traders started to transact from remote locations in what became known as electronic trading. Electronic trading made transactions easier to complete, monitor, clear, and settle and this helped spur on its development.

One of the earliest examples of widespread electronic trading was on Globex, the CME Group’s electronic trading platform conceived in 1987 and launched fully in 1992. This allowed access to a variety of financial markets such as treasuries, foreign exchange and commodities. The Chicago Board of Trade (CBOT) produced a rival system that was based on Oak Trading Systems’ Oak platform branded ‘E Open Outcry’, an electronic trading platform that allowed for trading to take place alongside that took place in the CBOT pits.

In Tajikistan, people have not yet used to buying goods or services from a seller over the Internet, though quite enough shops have appeared online in the country in recent years: TAJMARKET, alif-shop, Megamag etc.

Sellers say Tajik banks are still not technically ready to establish electronic payment system in local online shops.

Representatives of banks, on their part, say they are interested in introducing technologies first of all for those services that are in demand, while very few electronic commercial transactions have been carried out in Tajikistan. Such transactions have been carried out mostly in Dushanbe.

“Where there is demand there will be supply,” a representative of one of banks said.

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