This American tech company joins ONDC in major boost to government's effort to reshape e-commerce landscape
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-eommerce 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).
"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 eCommerce solution, said a Microsoft spokesperson.
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 has joined the ONDC network.
E-commerce platform Snapdeal is set to debut on ONDC this month.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Retirement Planning: SIP+SWP combination; Rs 15,000 monthly SIP for 25 years and then Rs 1,52,000 monthly income for 30 years
Top Gold ETF vs Top Large Cap Mutual Fund 10-year Return Calculator: Which has given higher return on Rs 11 lakh investment; see calculations
Retirement Calculator: 40 years of age, Rs 50,000 monthly expenses; what should be retirement corpus and monthly investment
SBI 444-day FD vs Union Bank of India 333-day FD: Know maturity amount on Rs 4 lakh and Rs 8 lakh investments for general and senior citizens
EPF vs SIP vs PPF Calculator: Rs 12,000 monthly investment for 30 years; which can create highest retirement corpus
Home loan EMI vs Mutual Fund SIP Calculator: Rs 70 lakh home loan EMI for 20 years or SIP equal to EMI for 10 years; which can be easier route to buy home; know maths
07:20 PM IST