Impact of Stock Trading Apps on Indian Millennial Consumer Behavior in the Stock Market

The present study is conducted on the 'stock trading' business and how consumers decide to buy and sell in the digital era. Currently, many apps are available on smartphones, such as 'kite' by Zerodha, Angel Broking Stock Trading App, 'MO investor' by Motilal Oswal, 'IIFL Markets' by IIFL securities, and many others which have more than ten lakhs of downloads on the Google Playstore. Lakhs of Indians, mostly millennials between the ages of 20 and 35, trade daily through these. Before the rise of these apps in the mid-2010s, people used to rely on their stockbrokers to place an order to sell or buy shares of a company. Information sources were just television and newspaper - and most people used to act on the advice of stockbrokers or their trusted acquaintances. Now, the scenario is completely different - stock trading individuals are continuously updated through their 'Trading apps' (such as Kite and others mentioned above) or are advised by gurus through social media apps like Instagram or LinkedIn or YouTube, etc. There are even Stocking Trading Advisory apps such as 'Upstox', 'Smallcase' etc., which advise consumers on purchase, sell, and hold decisions. This paper will focus on the impact of stock trading apps on the Indian Millennial (20 to 35 years) consumer behavior in the stock market. This study will also focus on identifying the 'main parameters of value' the customers consider when deciding to engage in online trading through stock trading apps. This study will further undertake a competitive analysis of the discovered 'main parameters of value' in the most used apps, limiting to Zerodha, Angel Broking, Motilal Oswal, and IIFL securities, etc., which have higher than ten lakhs downloads in google playstore. This study will conclude by identifying which App amongst these is most ahead in its journey to becoming an ideal product at this time.