Microsoft joins with ONDC network to roll out social e-commerce in Indian markettext_fields
NEW DELHI: Microsoft joined with the Open Network for Digital Commerce (ONDC) on Tuesday in an effort to expand social e-commerce in the Indian market. The first significant technology company to accomplish this is it.
The internet giant also has plans to introduce a shopping app in the nation that would let customers find the greatest deals provided by merchants and sellers. On the ONDC network, the application would be available.
"It is a win-win for both buyers and sellers as it will enable them to connect without dependency on any e-commerce solution,"
a Microsoft spokesperson said. The Open Network for Digital Commerce seeks to level the playing field for all participants in the Indian e-commerce market and democratise it.
According to industry observers, India is home to more than 4,000 small and large e-commerce businesses, 500 logistics firms that deliver goods from the portals to clients, and more than 20,000 firms that offer services like travel and lodging through e-commerce, NIE reported.
Delivery startup Dunzo for Business (D4B), Go Frugal, Paytm, Digit, PhonePe, and Loadshare are among the businesses that have joined ONDC. This month, the e-commerce website Snapdeal will make its ONDC debut.
In August, Snapdeal will introduce three major product categories on ONDC, including fashion, home, and beauty & personal care. The Indian e-commerce market is anticipated to develop at a compound annual growth rate (CAGR) of 19.24% from $46.20 billion in 2020 to $111.40 billion by 2025, according to a recent analysis by the Indian Brand Equity Foundation (IBEF).