In a significant milestone, ONDC, a Government of India initiative to develop a first-of-its-kind open network for digital commerce, welcomes the US-based tech giant Microsoft on its onboarding journey. Through this participation, Microsoft intends to introduce social eCommerce, i.e., group buying experience, in the Indian market.
Microsoft, among the three largest tech companies, is the first in its league to announce commencing onboarding efforts with ONDC. This year, it plans to launch a shopping app for Indian consumers, along with their social circle, harnessing the ONDC network to discover the best pricing among retailers and sellers.
The Fortune 500 company’s collaboration with ONDC is crucial as it widens the models available on the network that is set to change the Indian eCommerce landscape by fostering equal opportunities for small, medium, and large buyers/sellers, creating a level playing field for every stakeholder.
By 2030, the Indian eCommerce industry is anticipated to reach $400 billion, increasing at a 19% CAGR. The industry will continue to flourish in the coming years, backed by high internet penetration and easy UPI payments. ONDC aims to catalyse and accelerate this by enabling all kinds of buyers and sellers to leverage the digitisation of commerce through its network, as it is based on the concepts of decentralisation, openness, and greater user utility.
T. Koshy, MD & CEO, ONDC, said, “ONDC network is not just a model but a flexible idea that has a lot of explored and yet to be explored potential. As Microsoft plugs into the network, it’s a step in the same direction for both of us. By utilizing the strength of our open network users, Microsoft, too, can implement their creative ideas like social commerce swiftly. As we lay the foundation of a level playing field for every stakeholder in the industry, joining hands with Microsoft is a testament to our credibility to foster an open eCommerce ecosystem with numerous possibilities”.
The Spokesperson of Microsoft added,” The Indian eCommerce industry has tremendous growth potential in the next decade. 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. We are delighted to collaborate with ONDC and can’t wait to witness this journey unfold as we plan to introduce a new consumer app experience in the social commerce space”.
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