Revolutionizing Digital Commerce Through the Power of Open Network

Revolutionizing Digital Commerce Through the Power of Open Network

Digital & Technology

STOrai Magazine

STOrai Magazine

8 week ago — 5 min read

The Open Network for Digital Commerce (ONDC) stands at the intersection of technology and commerce, seeking to create an expansive and inclusive marketplace that will significantly impact the way we buy and sell goods and services. This ambitious undertaking seeks to offer a platform where consumers with diverse expectations can find their ideal products and services, parallel to the scope found in the physical market, be it five-star hotels or less luxurious options.

 

The vision for ONDC is predicated on establishing a diverse digital market governed by robust and strictly enforced rules, ensuring compatibility across the board. Just as various customers frequent the physical market, each with their unique set of expectations and requirements, ONDC aspires to create a digital market where the rules are meticulously enforced to ensure a high standard of service and quality for all involved.

 

One crucial aspect underpinning the ONDC ethos is the adoption of standards and protocols. This would not only regulate the digital market but also ensure that it’s not a ‘freefor-all.’ Instead, it would be a sophisticated ecosystem where diverse participants adhere to specific rules, ensuring seamless transactions and a well-regulated marketplace.

 

ONDC is the latest initiative in India’s transformation enabled by digital public infrastructure which started with Aadhaar and UPI. ONDC will enable small manufactures & merchants to be included in ecommerce, drive innovation, reduce costs & provide better service to a few hundred million Indian consumers. - Nandan Nilekani, Founding Chairman of UIDAI (Aadhaar)

 

The ONDC framework revolves around the concept of ‘digital traceability,’ something that has significantly transformed sectors like capital markets. In the past, settlements were paper-intensive and prone to high failure rates. Now, the digital approach has drastically reduced errors, increased transaction volumes, and brought about transparency.

 

Just as the telecom industry has unbundled its services to achieve greater efficiency, ONDC plans to follow a similar path. This allows for a seamless integration and greater competition, as seen with telecom giants such as Virgin Mobile, Airtel, and others. The application of standard protocols ensures that different components can interact smoothly and effectively.

 

In the next five to six years, ONDC aims to establish itself as a primary platform for broadband service providers looking to access a broad cross-section of buyers. The goal is to create a democratic digital market where buyers and sellers negotiate their terms of engagement, empowering both parties over intermediaries. ONDC is a solution for vendors who find their products relevant to a broad range of buyers and wish to make their offerings visible on a grand scale.

 

The strategy and vision for ONDC have been shaped by guidance from an advisory council featuring illustrious names such as Nandan Nilekani and RS Sharma. Acting as both mentors and sounding boards, they provide invaluable insights to steer the ONDC ship towards achieving its objectives.

 

The journey towards establishing a well-regulated, diverse, and robust digital marketplace is not an easy one. However, with robust standards, meticulous enforcement of rules, and a commitment to digital traceability, ONDC aims to transform the digital commerce landscape. Its long-term vision is to make the digital market as democratic, efficient, and vibrant as the physical one, marking a significant milestone in the ongoing digital revolution.

 

As a valued member of GlobalLinker, you are uniquely positioned to leverage the advantages offered by the ONDC network. Join a webinar on 22 May (Wednesday) and learn how to join the ONDC network via GlobalLinker. Register now.

 

 ONDC webinar

 

Article source: STOrai Magazine. 

 

Disclaimer: The views and opinions expressed in this article are those of the author and do not necessarily reflect the views, official policy or position of GlobalLinker.

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