ONDC : revolution in e-commerce sector

will it end monopoly of large e-commerce firms?

 WHAT IS ONDC
ONDC is government led open platform that aims at promoting open
networks developed on open-sourced methodology, using open
specifications and open network protocols, independent of any specific
platform.
The News
• The ONDC project to integrate e-commerce platforms through an open network
technology has been tasked to the Quality Council of India & DPIIT.
• This initiative aimed to promote open networks for all aspects of the exchange of
goods and services over digital or electronic networks has been launched in Pilot
phase.
• The pilot is being conducted across five cities Delhi, Bengaluru, Coimbatore,
Bhopal, and Shillong. It will be later launched in 100 cities over six months.
• It will be based on open-sourced methodology, using open network protocols
independent of any specific platform.
Potential Benefits of ONDC
• Creating an Open, Inclusive, and Competitive Marketplace to Promote
Interoperability
• Making Digital Commerce Small-Business Friendly
• Unlocking new avenues of innovation to reimagine digital commerce
• Open Network for Digital Commerce Ensuring rapid digitization of MSMEs and
consumers
What are ONDC transaction target
• - ONDC aims to raise the e-commerce penetration in the next 2 years
to 25% of India's consumer purchases, from nearly 8% now
• .- targetting to sign up 900 million buyers and 1.2 billion sellers within
the next 5 years
• - aiming to achieve gross merchandise value of 48 billion dollars

Source: retail.economictimes.indiatimes.com
Financial boon in Indian economy
• The Indian government is attempting to build the largest interoperable open
platform with ONDC, a Unified Payments Interface (UPI)-like initiative of the
Ministry of Commerce and Industry to promote open networks,
• It is done in an effort to dismantle e-commerce monopolies and build a more
democratised digital marketplace by bringing micro, small, and medium
enterprises (MSMEs) as well as small traders online.
• The percentage of digital retail in India is currently between 5 and 6 percent.
conclusion
The ONDC will help open up new markets for small business owners while
decreasing the monopoly of large corporations. It will also help to increase the
number of buyers that have access to every vendor on the network. The project
will thereby benefit both present and potential clients. The lack of digital education
must be addressed first with the aid of many government initiatives that promote
it.
Caption and hashtags
On December 31, 2021, ONDC was incorporated as a private sector, non-profit
(Section-8) company to democratizee-commerce in India and offer alternatives to
proprietary e-commerce sites.
In this system, ONDC plans to enable sellers and buyers tobe digitally visible and
transact through an open network,regardless of what platform or application they
use.
What are your thoughts on ONDC and will it break the monopoly of strong players
like Amazon and Flipkart? Tell us your opinion in comment section
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