E-Commerce – A common link connecting businesses all across the world

Indian eCommerce market reached US$5.04 billion in 2010, up from US$3.97 billion in 2009. Internet users have also grown by 44% in Asia and 22.7% in Europe in the last decade.

Bill Gates, the richest man in the world, once said “ In every one or two decades there comes a technology which changes the way humans carry out their daily lives forever”.

1950’s witnessed the advent of television that changed human entertainment forever, 1960’s saw the computer that stream-lined work structure and late 1970’s Internet changed the way humans communicated, learnt, advertised, conducted business and so on. As a result of this, an important human chore was digitalized, like a number of others. Thus, e-commerce came into the picture with a wide horizon.

Today, the amount of trade conducted electronically has grown exponentially with increasing access to Internet. Indian eCommerce market reached US$5.04 billion in 2010, up from US$3.97 billion in 2009. Internet users have also grown by 44% in Asia and 22.7% in Europe in the last decade.

This growth is parallel to the evolution of information and communication technology and the availability of the appropriate Information and Communication Technology (ICT) infrastructure in each nation.

As the number of Internet users grow, e-commerce is bound to grow. For many developed countries such as US, UK and Europe, e-commerce is the best way to reach new markets with local goods. Just to cite an example, India’s largest (and one of the world’s top 5) e-commerce website – Indian Railway Catering and Tourism Corporation (IRCTC) that manages the online rail ticketing for the Indian Railways, has recently gotten into the record books for the largest number of e-commerce transactions daily.

This indeed speaks volumes on the phenomenal success and the growing importance of e-travel agencies year on year.

The liberalization of Indian financial sector along with banking sector reforms has exposed the Indian banks to a new economic environment that is characterized by increase competition & new regulatory requirements. As a result, there is transformation in every sphere of activities amongst Indian banks. The new generation banks have led to an increased competition necessary to spearheaded changes towards higher utilization of e-commerce.  The Reserve Bank of India as the central bank of the country has been playing a development role and has taken several initiatives for safe, secure, sound & efficient payment system under the electronic banking environment.

Realizing the plethora of opportunities available in the banking & finance sector, TimesofMoney, the pioneer in online money transfers, has continuously evolved over the years offering services such as global money transfers, E-payments, co-branded cards and white label solutions, across geographies targeting local and NRI customers.

For any country, the infrastructural framework – in terms of connectivity, security, reliability and affordability – plays a key role in how quickly the nation can enhance its e-readiness. Positive strides are expected from the governing bodies for smooth implementation and complementing the growth of this sector.

In a number of other countries, policies and legal framework for IT sector are still in their infancy, but there remains a strong commitment by various heads of government to provide the necessary leadership to make e-commerce a sustainable and more viable option. There is no doubt that e-commerce, which has become a common link connecting businesses all across the world, is here to stay.

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