Virendra Pandit
New Delhi: Challenging the dominance of global e-commerce giants like Amazon and Walmart’s Flipkart in India, software behemoth Microsoft onboarded the government’s Open Network for Digital Commerce (ONDC) to introduce social e-commerce via its app in the Indian market.
The media reported on Tuesday the US-based technology giant would launch a shopping app for Indian consumers, along with their social circle, harnessing the reach of the ONDC network to discover the best pricing among retailers and sellers.
India intends to use this new platform to integrate micro, small, and medium enterprises (MSMEs) for national and global business opportunities.
“By utilizing the strength of our open network users, Microsoft, too, can implement their creative ideas like social commerce swiftly, said T. Koshy, Managing Director and Chief Executive Officer, ONDC.
By 2030, the Indian e-commerce industry is expected to reach over USD 400 billion, increasing at a 19 percent 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 democratized digital marketplace by bringing micro, small, and medium enterprise as well as small traders online.
Earlier, companies like Dunzo for Business (D4B), Go Frugal, Paytm, Digit, PhonePe, and Loadshare have already joined the ONDC network.
E-commerce platform Snapdeal is set to debut on ONDC this month.