ONDC a pivotal force set to enhance digital commerce: Deloitte India
The Hindu
The Open Network for Digital Commerce (ONDC) will be a pivotal force enhancing the digital commerce sector in the country, which is projected to touch $350 billion by 2030, as per a whitepaper released by Deloitte India on Thursday.
The Open Network for Digital Commerce (ONDC) will be a pivotal force enhancing the digital commerce sector in the country, which is projected to touch $350 billion by 2030, as per a whitepaper released by Deloitte India on Thursday.
The ONDC framework, building on India’s Digital Public Infrastructure (DPI), presents an opportunity for businesses of all sizes to connect and transact seamlessly, the paper observed. It sketched out the evolution of digital commerce in India, detailing the challenges faced in the initial stages, including concerns over security, trust, and value perception.
Sathish Gopalaiah, President, Consulting, Deloitte South Asia said, “ONDC is a remarkable opportunity for India’s economy spanning diverse industries. I am optimistic about India’s forthcoming growth phase, where empowerment shifts to consumers and SMEs, aligning with ONDC’s mission of illuminating Bharat.”
With a unique proposition built around agility, security and profitability at the same time, ONDC streamlined value chains, bridges gaps, and endorses innovation, paving the way for the next generation to explore novel paths, he added.
On the agriculture front, through ONDC farmers could gain direct access to buyers while Farmers Producer Organisations (FPOs) can establish direct connections with potential clients, bypassing intermediaries. This integration optimises the value chain, facilitating trade amongst stakeholders (such as mandis, corporations, traders, hospitality establishments, and farm-to-table start-ups), as per the study.
At present, e-commerce represents just about 4.3% of retail commerce in India.
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