Microsoft has joined the open network for digital commerce established by the government (ONDC). The software company intends to release a shopping app for Indian consumers and their social networks that will use the ONDC network to find the cheapest prices offered by merchants and sellers.
Microsoft can quickly implement their innovative concepts, such as social commerce, by using the power of our open network users, according to T Koshy, MD and CEO of ONDC.
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In this boom, initiatives like ONDC have the potential to change the game. Both consumers and sellers will benefit from their UPI-like network for digital commerce because it will allow them to connect without relying on any e-commerce solutions, according to a Microsoft spokesman. Customers can use the Microsoft app to find the best deal being offered by merchants and sellers on the ONDC network.
The Indian e-commerce sector is projected to reach $400 billion by 2030, growing at a rate of 19% compound annual growth (CAGR).
With ONDC, the government is attempting to build an open, interoperable platform in an effort to end e-commerce monopolies and give online micro, small, and medium-sized businesses and small traders a level playing field.
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By using any ONDC-compatible application or platform, consumers may be able to find any vendor, product, or service through this platform, thereby enhancing their freedom of choice. ONDC has a number of well-known businesses integrated. Reliance’s Dunzo recently joined the ONDC network.
The experimental phase of India’s own open network for digital commerce, or ONDC, a UPI-like protocol, was launched by the government in April this year in five cities: Delhi NCR, Bengaluru, Bhopal, Shillong, and Coimbatore.
In order to create and expedite the implementation of ONDC, the government has established a nine-member advisory group, which includes Nandan Nilekani from Infosys and RS Sharma, CEO of the National Health Authority.