Microsoft joined the government’s Open Network for Digital Commerce (ONDC) on Tuesday in an effort to provide social e-commerce via its app in the Indian market.
The internet giant plans to develop a shopping app for Indian consumers as well as their social network to get the best pricing among stores and sellers.
According to T Koshy, MD and CEO of ONDC, Microsoft can quickly deploy its cutting-edge concepts, including social commerce, by using the strength of its open network users.
By 2030, it is anticipated that the Indian e-commerce market would be worth $400 billion, expanding at a 19% 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.
By bringing online micro, small, and medium-sized businesses as well as small traders, the government is attempting to build the largest interoperable open platform with ONDC, a project similar to the Unified Payments Interface (UPI) of the Ministry of Commerce and Industry to support open networks. This is done in an effort to break up e-commerce monopolies and create a more democratic digital marketplace.
Businesses like Dunzo for Business (D4B), Go Frugal, Paytm, Digit, PhonePe, and Loadshare are now part of the ONDC network. This month, the e-commerce site Snapdeal will make its ONDC debut.