Microsoft has partnered with the government’s Open Network for Digital Commerce (ONDC) to launch a shopping app targeting Indian consumers. This collaboration aims to introduce social e-commerce features through the app, leveraging the ONDC network to provide users with access to competitive pricing from various retailers and sellers.
Introducing Social E-Commerce
The tech giant’s initiative involves creating a shopping app tailored for Indian consumers, integrating social elements to enhance the shopping experience within users’ social circles. By harnessing the capabilities of the ONDC network, Microsoft aims to facilitate seamless and efficient shopping interactions while enabling users to discover the best deals and prices available.
Leveraging Open Network Strengths
T Koshy, Managing Director and CEO of ONDC, emphasized the strength of the open network in enabling swift implementation of innovative ideas such as social commerce. This partnership highlights the potential of leveraging open platforms to drive creativity and innovation in the digital commerce space.
Growth Prospects in Indian E-Commerce
The Indian e-commerce industry is poised for significant growth, with projections indicating a market size of $400 billion by 2030, growing at a compound annual growth rate (CAGR) of 19%. Initiatives like ONDC play a pivotal role in this growth trajectory, providing a level playing field for buyers and sellers and reducing dependency on traditional e-commerce solutions.
Breaking E-Commerce Monopolies
ONDC’s Unified Payments Interface (UPI)-like approach, spearheaded by the Ministry of Commerce and Industry, aims to foster an interoperable open platform. This initiative seeks to break e-commerce monopolies, democratize the digital marketplace, and empower micro, small, and medium enterprises (MSMEs) as well as small traders to participate in online commerce.
Growing Network Participation
Several companies, including Dunzo for Business (D4B), Go Frugal, Paytm, Digit, PhonePe, and Loadshare, have joined the ONDC network, indicating a growing ecosystem of participants. E-commerce platform Snapdeal is also set to debut on ONDC, further expanding the network’s reach and impact in the Indian digital commerce landscape.
Conclusion: A Promising Digital Commerce Landscape
Microsoft’s collaboration with ONDC signals a promising future for digital commerce in India. Through innovative solutions and partnerships, the aim is to create a more inclusive, competitive, and democratized digital marketplace, benefitting both consumers and businesses alike.
