ONDC Achieves Over 70 Lakh Transactions in April: DPIIT

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ONDC Achieves Over 70 Lakh Transactions in April: DPIIT

In a large milestone, the Open Network for Digital Commerce (ONDC) platform recorded over 70 lakh transactions in April 2023. This fulfillment was announced via the Department for Promotion of Industry and Internal Trade (DPIIT). ONDC, which was released in 2021, targets to democratize digital trade by making it reachable to a much wider target audience, particularly small and medium-sized companies (SMEs).

  • Expanding Seller Base and Ecosystem Participation

The DPIIT stated that more than five lakh sellers had been onboarded onto the ONDC platform. Impressively, over 70% of those sellers are small or medium-sized businesses, highlighting the platform’s function in assisting smaller businesses. Furthermore, over 125 surrounding stakeholders, together with startups, unicorns, and installed organizations, have signed Letters of Intent (LoI) to enroll in ONDC, indicating strong interest and self-assurance in the platform’s capability.

  • Startups Driving Innovation

Startups are playing a pivotal role in the ONDC atmosphere with the aid of driving innovation, fostering competition, and enhancing purchaser preference. At the latest occasion, Sanjiv Singh, Joint Secretary of DPIIT, emphasized the significance of startups inside the ONDC community. He noted that over 125 startups have devoted to joining ONDC, reflecting the developing momentum and help for this national initiative.

  • Lowering Barriers to Digital Commerce

One of the large challenges confronted by startups is creating and discovering markets. The ONDC platform addresses this issue with the aid of lowering entry barriers to virtual commerce. This method provides a level gambling subject for all e-trade players, specifically reaping benefits for small-scale corporations and people who have been digitally excluded in the past. By making digital trade more on hand, ONDC allows those organizations to compete extra efficaciously in the marketplace.

  • Management and Governance of ONDC

The ONDC platform is managed via a now not-for-earnings agency integrated below Section 8 of the Companies Act 2013. This entity is chargeable for constructing and retaining the underlying infrastructure of the platform. Additionally, it defines the policies of engagement and the code of conduct for network individuals via the ONDC Network Policy and the ONDC Network

Participant Agreement. This governance structure ensures that the platform operates easily and fairly, supplying a reliable and equitable market for all participants.

  • Detailed Breakdown of ONDC’s Impact and Future Prospects

To apprehend the wider impact of ONDC, it’s far more important to delve into the details of its operations, the benefits it offers, and its destiny potentialities. Below is a comprehensive overview of ways ONDC is transforming digital trade in India.

  • Empowering Small and Medium-Sized Enterprises

Small and medium-sized organizations (SMEs) are regularly at a disadvantage in the digital trade landscape because of confined resources and technical know-how. ONDC addresses those demanding situations by offering a person-pleasant platform that simplifies the procedure of setting up and coping with an internet keep. The platform’s help for SMEs is obvious from the truth that over 70% of the onboarded sellers fall into this category. By empowering SMEs, ONDC no longer most effectively facilitates these agencies’ development however additionally contributes to the overall monetary development of the US.

  • Fostering Innovation Through Startups

Startups are known for their innovative procedures and ability to disrupt conventional markets. By committing to the ONDC network, over a hundred twenty-five startups are poised to deliver clean thoughts and new technologies to the virtual commerce space. This inflow of innovation is anticipated to power competition, enhance patron desire, and result in the improvement of recent products and services. The involvement of startups also highlights the dynamic and forward-wondering nature of the ONDC platform.

  • Creating a Level Playing Field

One of the center standards of ONDC is to create a level of gambling discipline for all individuals. Traditional e-commerce systems often want large players with extra assets. ONDC, is designed to make sure that small-scale corporations and people previously excluded from virtual trade have identical possibilities as larger firms. This inclusive approach enables to democratization of digital commerce, making it more equitable and available for all.

  • Simplifying Market Entry

Entering the digital trade market can be daunting for plenty of groups, in particular those with constrained revel in or technical knowledge. ONDC simplifies this manner by way of providing a trustworthy onboarding system and presenting the important tools and sources to assist companies be triumphant online. This ease of access is vital in encouraging extra businesses to embody digital trade and attain its blessings.

  • Enhancing Consumer Choice

With a wide range of dealers and merchandise available at the ONDC platform, consumers gain from a much broader array of picks. This improved opposition among sellers results in higher expenses, advanced product fines, and more suitable customer support. By fostering a competitive marketplace, ONDC guarantees that consumers have access to satisfactory viable options.

  • Building a Robust Infrastructure

The achievement of any digital commerce platform depends on the robustness of its underlying infrastructure. ONDC is managed by a committed entity that is answerable for building and keeping this infrastructure. This consists of making sure the platform is reliable, safe, and scalability to handle the growing variety of transactions and members. The focus on a robust infrastructure ensures that ONDC can aid its users effectively and continue to grow.

  • Defining Rules of Engagement

To hold a truthful and orderly marketplace, ONDC has installed clear regulations of engagement and a code of conduct for all network members. These recommendations are outlined in the ONDC Network Policy and the ONDC Network Participant Agreement. By adhering to those regulations, contributors can make certain an advantageous and equitable enjoyment for all customers on the platform.

  • Long-Term Vision and Sustainability

ONDC’s long-term vision is to create a sustainable and inclusive virtual commerce atmosphere. By usually adapting to the desires of its users and incorporating comments, ONDC ambitions to stay relevant and effective in the ever-evolving digital landscape. The platform’s not-for-income shape underscores its dedication to prioritizing the interests of its users and the broader community over profits.

  • Future Prospects and Potential Challenges

While ONDC has executed good-sized milestones, there are nevertheless challenges and possibilities that lie beforehand. Below are some key areas to take into account for the destiny improvement of ONDC:

  • Scaling Up Operations

As the variety of transactions and contributors at the platform keeps growing, scaling up operations may be essential. This entails enhancing the platform’s infrastructure to address accelerated site visitors, ensuring seamless person reports, and retaining high requirements of security and reliability.

  • Expanding Reach

To maximize its impact, ONDC will want to expand its attain to extra areas and sectors. This includes targeting underserved areas and industries that can benefit from virtual commerce. By broadening its scope, ONDC can similarly democratize access to virtual markets.

  • Addressing Technical Challenges

As with any virtual platform, technical demanding situations along with system downtime, cybersecurity threats, and records privacy concerns have to be addressed proactively. Implementing strong security measures and continuously monitoring the platform for vulnerabilities may be vital in preserving user agreement.

  • Enhancing User Support

Providing a high-quality personal guide is crucial for the achievement of any platform. ONDC will want to invest in sources to help dealers and buyers, inclusive of customer service, technical assistance, and educational substances. This aid will assist users navigate the platform efficaciously and maximize their blessings.

  • Fostering Collaboration

Collaboration with diverse stakeholders, together with authorities companies, enterprise bodies, and technology partners, can be essential for ONDC’s boom. These partnerships can help beautify the platform’s capability

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