In an effort to offer social e-commerce via its app in the Indian market, Microsoft on Tuesday (09th August 2022) joined the government’s Open Network for Digital Commerce (ONDC).
The tech giant intends to release a shopping app for Indian consumers and their social networks that will use the ONDC network to find the cheapest prices offered by merchants and sellers.
Microsoft can quickly implement their innovative concepts, like social commerce, by using the power of our open network users, according to T Koshy, MD and CEO of ONDC. The Indian e-commerce sector is projected to reach $400 billion by 2030, growing at a rate of 19% compound annual growth (CAGR).
“In the midst of this surge, initiatives like ONDC could shift the game. According to a Microsoft representative, their UPI-like digital commerce network will benefit both buyers and sellers by allowing them to interact without the need for any eCommerce solutions.
The 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, in an effort to eliminate e-commerce monopolies and create a more democratized digital marketplace by bringing micro, small, and medium-sized enterprises as well as small traders online.
The ONDC network now includes businesses like Dunzo for Business (D4B), Go Frugal, Paytm, Digit, PhonePe, and Loadshare.
This month, the e-commerce site Snapdeal will make its ONDC debut.