Focus on Innovation: The Development and Implementation of E-commerce | Электрон мақолалар

10 Сен 2016
The dynamic development of exchange activity in Uzbekistan is based primarily on the application of market principles and innovative solutions. Particularly the Uzbek Commodity Exchange (UZEX) innovates, aimed at further improvement of the trade arrangements with the widespread introduction of modern forms of information and communication technologies, which in turn creates a solid foundation for the development of the country's B2B e-commerce model.
In this context, the exchange provides customers with a number of conditions and opportunities, including:
- The transparency of electronic trading;
- Equal conditions for all market participants;
- Guaranteeing the execution of exchange transactions;
- Effective communication with customers via interactive services;
- Automated business process management system;
- Development of competitive environment;
- A broad customer base and range of marketed goods.
All trades on Uzbek Commodity Exchange held in electronic form, which contributes to the continuous improvement of the quality provided by the exchange of services and the development of new activities. Exchange trades are carried out in the electronic system of exchange trades (ESET), which are connected to the 800 broker offices, over 1,600 traders, as well as 13 regional branches and 200 trading platforms, located in cities and districts of the republic. The information on commodities put on trades, contracts specifications and quotations are automatically updated on the official website of the commodity exchange ( Publicity of electronic trading is also provided by other media sources, including corporate newspaper and TV program “UZEX News”.
The commodity exchange carried out extensive work to create innovative solutions using the additional conveniences for customers in the past year. In this direction, interactive services such as the price monitoring, online – consulting, call-center and forum are implemented at the special information portal. Among the new developments - electronic modules of arbitration, disciplinary and listing commissions that greatly facilitated the process of buyers and sellers participation at the exchange trades. Perfections in the exchange portal information allowed to enter into the top 5 ranking of UzNet "Business" and "E-commerce" areas.
The commitment of the exchange to the innovative solutions enhances the interest of participants to electronic trading to the modern commodity exchange trading, providing fair competition in the commodity markets. Following the results of 2015 on the exchange about 6.5 thousands of new customers were registered, 95% of which are related to a small business sector. The exchange turnover in 2015 reached 8.8 trillion soums, which is equivalent to US $ 3.4 billion. The total volume of goods exported through the commodity exchange reached 143.1 billion soums or US $ 55.8 million. The level of performance of the obligations under the contracts exceeded 97%, due to the use on the exchange of collateral with clearing mechanisms.
In the face of fierce competition in the world, diversification of sales policy by applying the exchange mechanism is a perspective direction in the development of cotton and textile industry of Uzbekistan. During the past year, 34 thousand tons of cotton linters were sold through the exchange trades in the past year, which is 62% more than in 2014. This was in fact a record.
The leading sellers were TJSC "Buharapahtasanoat" (with a share of 25%), TJSC "Ferganapahtasanoat" (17%) and TJSC "Kashkadarepahtasanoat" (13%).
The rapid development of ICT in Uzbekistan has resulted in a trend of rapid growth of internet trading, by both local and international participants, which brings a number of benefits, including efficiency, low transaction costs and a wide coverage of potential buyers.
The number of online trades in the past year increased by 8% and amounted to 1.1 trillion soums (US $ 421.0 million), and the number of bidders increased by 34%. In the last 4 years the volume of deals in this trading platform has increased in 2.5 times.
In the structure of goods sold through the UZEX online store, textile products took 4.4% of the market, about 47.8 billion soums. Of these, clothes accounted for 40%, of fabric - 33%, knitted goods - 13%, non-woven products - 7%, products of leather - 6% and carpets - 1%.
The Uzbek Commodity Exchange’s mission is to create the best conditions for the business of its customers by means of innovations in the sphere of commodity markets and e-commerce thus providing more opportunities for the promotion of domestic products, including cotton and textile products, both domestic and foreign markets.