New Delhi, Aug 9 : Microsoft on Tuesday joined the government’s open network for digital commerce (ONDC), with an goal of introducing social e-emmerce through the app in the Indian market.The tech giant is planning to launch an app for shopping for Indian customers and, along with their social network using the ONDC network to identify the best prices from sellers and retailers.
“By making use of the power of our network users, Microsoft, too, can bring their innovative ideas to life such as social commerce quickly and efficiently, said T Koshy, MD and CEO of ONDC.
In 2030 in 2030, the Indian online commerce industry is expected to grow to a size of $400 billion growing by 19 percent annual rate of growth (CAGR).
“Initiatives like ONDC could be a game changer in this explosion.Their UPI-like online commerce can be a win for sellers and buyers as it will allow users to connect without relying on any eCommerce service according to an official from Microsoft.Microsoft spokesperson.
With ONDC, an Unified Payments Interface (UPI)-type initiative of the Ministry of Commerce and Industry to encourage open networks the government is attempting to build the most open, interoperable platform in attempt to end monopolies in e-commerce and create a more democratic digital marketplace by bringing micro small and medium-sized enterprises as well as small-scale traders online.
Companies such as Dunzo for Business (D4B), Go Frugal, Paytm, Digit, PhonePe and Loadshare have been added to the ONDC network.
E-commerce platform Snapdeal is scheduled to launch at ONDC next month.
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