CURRENT AFFAIRS
CURRENT AFFAIRS
Description
The Open Network for Digital Commerce (ONDC), which is funded by the government, has sparked significant interest among important participants in India's digital ecosystem. Among the 125 firms committed to the platform include well-known unicorns such as Zerodha, EaseMyTrip, and Cars24, indicating a strong push to democratize digital commerce.
Unparalleled Support
At a recent event hosted by the Department for Promotion of Industry and Internal Trade (DPIIT), over 125 startups, including high-growth companies and unicorns, confirmed their early commitment to ONDC. This list contains well-known names such as Of Business, Winzo, Livspace, GlobalBees, Pristyn Care, Physics Wallah, and Policybazaar.
Empowering Small Sellers
ONDC aspires to transform digital commerce by providing awareness to products and services, benefiting small and local merchants that were previously underserved by digital platforms. With over 500,000 vendors on board, the majority of them are small or medium-sized, ONDC is poised to change India's e-commerce scene.
Promising Growth Trajectory
Despite its recent launch, ONDC has grown significantly, facilitating millions of transactions per month. Notably, around 70% of these transactions come from tiny towns, demonstrating the platform's reach into hitherto untapped areas.
Challenges And Opportunities
While major e-commerce giants such as Amazon and Flipkart have yet to fully integrate with ONDC, the platform's ability to reach tier III and smaller cities remains an appealing prospect. Companies like Shiprocket see ONDC as a method to increase their reach and successfully serve consumers in remote markets.
Path To Integration
Although migrating to ONDC may provide issues for large firms with current setups, the government underlines that ONDC represents an opportunity for all e-commerce stakeholders. As ONDC evolves, coordination among incumbents and rising businesses will be critical to realizing its full potential.
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