Microsoft Becomes First Big Tech To Join ONDC
The company also said that it will launch a shopping app for Indian consumers to discover the best pricing among retailers and sellers
Microsoft becomes the first multinational technology firm to join the government's open network for digital commerce (ONDC) platform. The world's second largest technology firm, reportedly, said that it will launch a shopping app for Indian consumers, harnessing the ONDC network to discover the best pricing among retailers and sellers.
"The Indian e-commerce industry has tremendous growth potential in the next decade. Initiatives like ONDC can be a game changer amid this bloom. 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 e-commerce 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," said a Microsoft spokesperson, in a statement.
According to market analysis, this ONDC-Microsoft collaboration will give the company access to micro, small and medium enterprises as well as mid-market customers.
"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 e-commerce ecosystem with numerous possibilities," said T Koshy, managing director of ONDC, in a statement, while responding about the new partnership.
As per reports, in June 2022, Commerce and Industry minister Piyush Gopal had said that ONDC network aims to promote open networks for all the aspects of exchange and goods and services over electronic networks, and had also said that seven companies including buyer-side and seller-side apps had adopted the ONDC protocols and built their own ONDC-compatible apps.
ONDC, an open technology, based on an open protocol that will enable local commerce across segments, such as mobility, grocery, food order and delivery, hotel booking and travel among others to be discovered and engaged by any network-enabled application.
As per market studies, the Indian e-commerce industry is anticipated to reach at $400 billion, growing at a CAGR of 19 per cent by 2030.