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UZEX modernizes electronic system of fair trades
Uzbek Republican commodity exchange has modernized its electronic system of exhibition trade in the framework of measures to improve electronic trading, which is the basis for the development of electronic commerce. With the popularity of the Internet-trading growing in the world, the exchange specialists held consistent work to develop the system of exhibitions and trade fairs on the basis of new innovations.
In July 2016, the current project of the exchange has entered its final implementation phase, which includes updating the system of online auctions using the electronic digital signature (EDS) and the introduction of a new version of the website for fair trade.
Currently, the trade and payment part of the trade fair is integrated into the unified electronic system that allows performing all operations through a new web site yarmarka.uzex.uz. The introduction of electronic digital signature at the initial stage allows customers to make a refund in settlement and clearing house of the exchange directly via the personal cabinet, as well as to recover login and password without contacting the exchange in writing. In addition, the updated system of the stock exchange does not require re-accreditation for clients who previously passed accreditation in any of the trading platforms of the exchange, including stock trading, government and corporate procurement and e-catalog.
The new version of the website of the exchange is consistent with the trends in the development of web resources in the field of Internet trading and has improved design, more user-friendly interface, advanced search mechanisms and navigation. For example, if prior to the update, when placing information about the product the clients had to enter the name of commodity groups and positions independently, the new interface provides the opportunity to choose products from the list and categories of goods for its further placing on auction. Hereby, the updated search system allows finding a product under a particular individual set of parameters.
Bidding through a global network has a number of comparative advantages related with efficiency, convenience for customers, low transaction costs for the entities, as well as with availability of a large customer base of both residents and non-residents of the Republic. The trades are conducted around the clock, 24 hours a day. In addition, the e-commerce does not provide for mandatory inclusion in the exchange's quotation sheet that contributes to a significant extension of the traded commodity items.
The effectiveness of fair trading is evidenced also by the progress achieved in recent years, due to the increased interest of national producers, including small businesses and private entrepreneurship entities to participate in the electronic auction online, as well as the widespread introduction of information and communication technologies on domestic enterprises, which in recent years have been using the advantages of online auction more and more.
In particular, the volume of trades committed in the system of fair trading for the last 10 years has increased by 8 times and last year reached 1.1 trillion soums. In the first half of this year, the figure has reached 780.2 billion soums, having exceeded the previous year by 67%. The number of transactions committed on the platform increased by 7.9%, while the share of small businesses in deals made up 78%. The structure of goods sold in the reporting period was mainly dominated by construction materials, which accounted for 21%, engineering products and chemical products in equal shares by 10% and polymers – 7%.
Modernization of the system of the exhibition and fair trade creates serious prerequisites for achieving a qualitatively new level of online trading in Uzbekistan, providing wide opportunities for all participants of online auctions, primarily for entrepreneurs in the field of electronic commerce. In the future, the exchange plans to expand the use of electronic signature in fair trade, increase the level of personalization of content for the web site under user preferences, integrate the fair system with retail trade and provide individuals with free access to it.
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