DIGITAL COMMERCE, RIGHT now, is a space dominated by a few major players. Hence, to revolutionise e-commerce, the Government of India, in December 2021, launched the Open Network for Digital Commerce (ONDC). Designed to promote open networks using open-source methodology, open specifications, and open network protocols, ONDC is independent of any specific platform. The goal was to democratise digital commerce, enabling small retailers and businesses to participate in online marketplaces.
“Every product or service that can be catalogued should be available on this network,” T. Koshy, MD and CEO of ONDC, tells Business Today. He emphasises the transformative potential of the platform. “In the current world, when you join a platform, you are visible only to users of that platform. If you want to be visible to customers on multiple platforms, you have to manually make yourself visible on each one,” he adds. Calling it a ground-breaking concept, Koshy says that what is significant with ONDC is that once one makes themselves visible on the network, any buyer using any buyer application can see them.
ONDC aims to replicate the success of the Unified Payments Interface (UPI). With ONDC, India will be the first country to integrate micro to small businesses into the digital economy at a low cost, reducing the entry barrier.
And in a short period of time, ONDC has onboarded prominent players like Ola, Meesho, Khojle. com, Domino’s, and Namma Yatri, among others, either through the seller or the buyer side.
The platform has now forayed into the fintech space, facilitating fully digital and paperless loans in six minutes. The new offering is integrated with nine buyer applications (also known as lending service providers) and three lenders, marking a significant milestone in its mission to enhance accessibility and efficiency in credit services.
Denne historien er fra September 15, 2024-utgaven av Business Today India.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent ? Logg på
Denne historien er fra September 15, 2024-utgaven av Business Today India.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent? Logg på
"Moving to cloud helped us grow❞
What was the problem you were grappling with?
She's Got Time
MORE WOMEN ARE BECOMING WATCH CONNOISSEURS, SEEKING OUT BOTH JEWELLED AND TECHNICAL WATCHES FOR THEIR STYLE AND CRAFTSMANSHIP
RISING STAR
PARUL GULATI IS a name that's been steadily gaining prominence in the Indian entertainment industry after she appeared on season 2 of Shark Tank in 2023. She has become a multifaceted personality who effortlessly transitions between acting and entrepreneurship.
Building on a Legacy
WHEN ZAHABIYA KHORAKIWALA stepped into her role as Managing Director of Wockhardt Hospitals over a decade ago, she confronted formidable challenges that have since turned into achievements.
LEADER IN INNOVATION
AS FEDEX'S PRESIDENT (Middle East, Indian subcontinent and Africa), Kami Viswanathan has a lot on her plate.
WAITING IN THE WINGS
Here are those who missed out as they have not yet completed a year in office; they'll be strong contenders in 2025
A DECENT PROPOSAL
IN TODAY'S WORLD OF TRYING TO CREATE AN EQUITABLE SPACE, BOTH MEN AND WOMEN CONTRIBUTE TO THEIR HOUSEHOLDS. WOMEN ARE ENCOURAGED TO HAVE THEIR OWN SAVINGS POOL AND INVESTMENT ROUTINE. GIVEN THIS, HOW SHOULD FUTURE BRIDES APPROACH FINANCIAL PLANNING?
Women and the STEM Bias
EMPOWERING WOMEN IN STEM WILL NOT ONLY BENEFIT INDIVIDUALS, BUT ALSO STRENGTHEN THE ENTIRE INDUSTRY, DRIVING INNOVATION AND PROGRESS.
ROCKET WOMEN
WOMEN IN INDIA ARE NOT ONLY VENTURING INTO SPACE BUT ARE ALSO STARTING TO SPEARHEAD THE COUNTRY'S EFFORTS IN THE GLOBAL SPACE RACE.
ONE STEP FORWARD
THE NUMBER OF WOMEN INDEPENDENT DIRECTORS IS GROWING STEADILY, BUT IT'S A LONG WAY FROM GENDER PARITY. MUCH MORE NEEDS TO BE DONE TO BREAK THE GLASS CEILING IN BOARDROOMS.
