Open Network for Digital Commerce (ONDC) was always meant to support small retailers that are losing out on the battle of e-deliveries. And it was a huge surprise when a BigTech company like Microsoft announced that it was commencing onboarding efforts with ONDC.
The tech behemoth intends to introduce social e-commerce, which is a group buying experience in the Indian market via the government of India’s initiative to democratize digital commerce. This could be potentially huge considering that the Indian e-commerce industry is anticipated to reach $400 billion by 2030, increasing at a 19% CAGR.
The Open Network for Digital Commerce, a unified payments interface-type protocol, would democratize the e-commerce business by onboarding 6 crore small retailers, said Union Minister Piyush Goyal, at a recent event in Bengaluru. ONDC will provide strength to the small merchants to compete with the larger players. More buyers and sellers will join the network in the future and ONDC is hoped to provide equal opportunity for all. As traction builds, it will lead to many start-ups mushrooming all over the country instead of power and wealth being concentrated in the hands of few, Goyal added.
Meanwhile, Indian start-ups raised $22.9 billion in funding in the first ten months of 2022, down 30% compared to the same period last year.
ONDC ACROSS THE COUNTRY
A rollout of ONDC’s beta phase for Delhi is expected in early December, after the recent launch in Bengaluru, across 16 PIN codes.
The government-backed ONDC has already facilitated more than 2,200 transactions on the network, Goyal said.
Bu hikaye Beyond Market dergisinin December 2022 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber ? Giriş Yap
Bu hikaye Beyond Market dergisinin December 2022 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber? Giriş Yap
Young Or Old? Find Your Ideal Health Plan
Age doesn't define you: find your ideal health coverage at any stage! Choose individual or family plans that fit your needs
IMPORTANT JARGON
The phase-wise voting in India for general elections began on 19th April.
BACK IN BUSINESS
Buoyed by post-pandemic travel trends and rising disposable incomes, India's hotel industry is expected to maintain its growth momentum, going forward
SCOOPING UP SUCCESS
Investments are hot, but innovation and competition are the next scoops to conquer for ice cream companies
DIG DEEPER
Investors chasing high-growth should prioritize near-term EPS explosion to justify high PE ratios, but also verify long-term business health and management before taking the plunge
SOARING AMBITIONS
Bolstered by cost advantages and government support, India's Electronics Manufacturing Services industry sets its sights on a $100 billion slice of the global market by 2026
TARGET IN SIGHT
Government policies and private sector involvement have propelled India's defence exports to new heights, putting the seemingly ambitious $5 billion target firmly within reach
PLAYING THE LONG GAME
Small and mid-cap surge in India raises regulatory concerns, but long-term investors with risk strategies may benefit from these volatile stocks given positive economic and interest rate forecasts
MAGNIFIED PRESSURE
While the asset quality of banks is anticipated to remain largely stable, challenges persist in the form of mobilizing deposits and peaking profitability
OPPORTUNITY KNOCKS, BUT CHALLENGES AWAIT
INDIA'S BOOMING PE MARKET ATTRACTS INVESTMENTS IN CONSUMER AND INFRASTRUCTURE, BUT CHALLENGES LOOM. CAN FIRMS PRIORITIZE VALUE CREATION TO NAVIGATE THE RISKS?
