Microsoft onboarded the government's open network for digital commerce (ONDC), this Tuesday, with an aim to introduce social eCommerce via its app in the Indian market. The tech giant plans to launch a shopping app for Indian consumers, along with their social circle, harnessing the ONDC network. The said network will help discover the best pricing among retailers and sellers.
"By utilising the strength of our open network users, Microsoft, too, can implement their creative ideas like social commerce swiftly, said T Koshy, MD and CEO, ONDC. By 2030, the Indian e-commerce industry is anticipated to reach a market size of $400 billion, increasing at a 19 per cent compound annual growth rate (CAGR).
"Initiatives like ONDC can be a game changer amid this boom. Their UPI-like network for digital commerce is a win-win for both buyers and sellers as it will enable them to connect without dependency on any eCommerce solution, said a Microsoft spokesperson.
With ONDC, a Unified Payments Interface (UPI)-type initiative of the Ministry of Commerce and Industry to promote open networks, the government is trying to create the largest interoperable open platform in a bid to break e-commerce monopolies and build a more democratised digital marketplace by bringing micro, small, and medium enterprise as well as small traders online.
Companies like Dunzo for Business (D4B), Go Frugal, Paytm, Digit, PhonePe and Loadshare have joined the ONDC network. E-commerce platform Snapdeal is set to debut on ONDC this month.