New Delhi, Aug 9 (IANS) Microsoft on Tuesday onboarded governments open network for digital commerce (ONDC), with an aim to introduce social e-eommerce via its app in the Indian market.
The tech giant plans to launch a shopping app for the Indian consumers, along with their social circle, harnessing the ONDC network to discover the best pricing among retailers and sellers.
'By utilising the strength of our open network users, Microsoft, too, can implement their creative ideas like social commerce swiftly, said T Koshy, MD and CEO, ONDC.
By 2030, the Indian e-commerce industry is anticipated to reach a market size of $400 billion, increasing at a 19 per cent 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 democratised digital marketplace by bringing micro, small, and medium enterprise as well as small traders online.
Companies like Dunzo for Business (D4B), Go Frugal, Paytm, Digit, PhonePe and Loadshare has joined the ONDC network.
E-commerce platform Snapdeal is set to debut on ONDC this month.
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.