How India’s new ‘Open Network for Digital Commerce’ (ONDC) initiative will democratise digital commerce for small business owners
India’s new ‘Open Network for Digital Commerce’ (ONDC) initiative is set to democratize digital commerce for small business owners by creating a level playing field for small and large businesses. This initiative will allow small businesses to reach new customers and compete with more prominent firms.
What is the ONDC initiative?
The ONDC initiative is a collaborative effort between the government, industry experts, and stakeholders to build an open-source digital platform enabling small businesses to reach customers across India without intermediaries. The forum will facilitate seamless transactions, increase transparency, reduce costs, and provide better security and data privacy.
Small businesses in India have traditionally been disadvantaged in digital commerce, with larger businesses having more resources and access to better technology. However, the ONDC initiative seeks to bridge this gap by providing a platform for all businesses to showcase their products and services. The ONDC initiative will also promote innovation and entrepreneurship by providing a platform for startups and small businesses to collaborate and access new markets. This will help to create new jobs and boost economic growth in India.
Why is ONDC beneficial?
One of the critical features of the ONDC initiative is that it will allow small businesses to access a broader range of payment options, including digital wallets, UPI, and credit/debit cards. This will make it easier for customers to pay for products and services, which will help to increase sales and revenue for small businesses.
Another significant advantage of the ONDC initiative is that it will provide small businesses with access to a wealth of data and analytics, which will help them to understand customer preferences and behavior. This will enable businesses to tailor their products and services to meet their customers’ needs, ultimately increasing sales and customer satisfaction.
The ONDC initiative is expected to have a transformative impact on digital commerce in India, with small businesses being the biggest beneficiaries. By providing a level playing field for all businesses, the initiative will enable small businesses to compete with larger firms and reach new customers across India.
The success of companies like Ubuy India is a testament to the potential of the ONDC initiative. As more small businesses in India join the ONDC platform, we can expect similar success stories, which will help boost the Indian economy and create more jobs there.
In conclusion, the ONDC initiative is a welcome development for small businesses in India. It will provide them a platform to showcase their products and services, access new markets, and compete with larger firms. This initiative will also promote innovation and entrepreneurship, which will help to create new jobs and boost economic growth in India. With the ONDC initiative, small businesses in India will have a brighter future in digital commerce.
(This article is written by Faizan Khan, Media Spokesperson & Senior Content Marketing Specialist, Ubuy, and the views expressed in this article are his own)
