The tech giant plans to launch a shopping app for the Indian consumers, along with their social circle, harnessing the ONDC network to discover the best pricing among retailers and sellers
Microsoft on Tuesday onboarded government’s open network for digital commerce (ONDC), with an aim to introduce social e-commerce via its app in the Indian market.
The tech giant plans to launch a shopping app for the Indian consumers, along with their social circle, harnessing the ONDC network to discover the best pricing among retailers and sellers.
By utilising the strength of our open network users, Microsoft, too, can implement their creative ideas like social commerce swiftly, said T Koshy, MD and CEO, ONDC.
By 2030, the Indian e-commerce industry is anticipated to reach a market size of $400 billion, increasing at a 19 per cent compound annual growth rate (CAGR).
The Indian e-commerce 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 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, a Microsoft spokesperson said.
The US-based tech giant is still in the process of integrating with the network.
With ONDC, a Unified Payments Interface (UPI)-type initiative of the Ministry of Commerce and Industry to promote open networks, the government is trying to create the largest interoperable open platform in a bid to break e-commerce monopolies and build a more democratised digital marketplace by bringing micro, small, and medium enterprise as well as small traders online.
Companies like Dunzo for Business (D4B), Go Frugal, Paytm, Digit, PhonePe and Loadshare have joined the ONDC network.