{"id":189269,"date":"2022-06-07T20:57:18","date_gmt":"2022-06-07T15:27:18","guid":{"rendered":"https:\/\/blog.forumias.com\/?p=189269"},"modified":"2022-06-07T20:57:18","modified_gmt":"2022-06-07T15:27:18","slug":"open-network-for-e-commerce-its-an-idea-whose-time-has-come","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/open-network-for-e-commerce-its-an-idea-whose-time-has-come\/","title":{"rendered":"Open network for e-commerce: It\u2019s an idea whose time has come"},"content":{"rendered":"\n<p><strong>Context: <\/strong>The Open Network for Digital Commerce (ONDC) was launched in few cities recently on a pilot basis. It has the potential to usher in a disruptive change.<\/p>\n<h5><strong>India\u2019s potential in digital economy<\/strong><\/h5>\n<p>India has the world\u2019s highest fintech adoption rate of 87%, as compared with the global average of 64%.<\/p>\n<p>E-commerce market in India doubled between 2017 and 2020.<\/p>\n<p>3 of the largest public digital platforms in the world are from India i.e.<\/p>\n<ol>\n<li>Aadhaar \u2013 A unique digital identity platform<\/li>\n<li>Unified Payments Interface (UPI) &#8211; largest digital payments ecosystem.<\/li>\n<li><strong>Co-Win<\/strong> &#8211; the largest vaccination platform<\/li>\n<\/ol>\n<h5><strong>About ONDC<\/strong><\/h5>\n<p>Open Network for Digital Commerce (ONDC) is a globally first-of-its-kind initiative that aims to democratize digital commerce.<\/p>\n<p>Read <a href=\"https:\/\/forumias.com\/blog\/ondc-govts-e-comm-net-in-talks-with-companies\/\">about ONDC<\/a><\/p>\n<h5><strong>How ONDC would bring disruptive changes in online commerce?<\/strong><\/h5>\n<p>It creates a <strong>shift from a platform-centric model to open networks<\/strong>. It means citizens of India would be able to make deals using any ONDC-compliant platform.<\/p>\n<p>Furthermore, it will <strong>digitize the entire value chain<\/strong>, and standardize operations (like cataloging, inventory management, order management, and order fulfillment).<\/p>\n<p>It will\u00a0<strong>make e-commerce more inclusive<\/strong> for small retailers.<\/p>\n<p>It will <strong>give\u00a0freedom of choice<\/strong> to the consumer.<\/p>\n<p>Not only that, but it will <strong>enable transactions of any denomination,<\/strong> thus making ONDC a truly \u2018open network for democratic commerce\u2019.<\/p>\n<p><strong>Small businesses will be able to save more<\/strong> as they won\u2019t have to pay deep cuts to aggregator platforms.<\/p>\n<p>ONDC will be <strong>compliant with the Information Technology Act, 2000<\/strong>, and the emerging Personal Data Protection Bill. It will provide privacy protection to the users.<\/p>\n<p>The development of ONDC has been very <strong>contextual to Indian needs<\/strong>, designed for a diverse society with a wide continuum of digital skills and for solutions to specific local problems.<\/p>\n<p>Lastly, it <strong>offers a vital global template for the harnessing of technology<\/strong> for and as a public good at population scale in an inclusive and equitable way.<\/p>\n<p><strong>Source: <\/strong>This post is created based on the article<strong> \u201cOpen network for e-commerce: It<\/strong><strong>\u2019s an idea whose time has come\u201d <\/strong>published in<strong> Live Mint on 7<sup>th<\/sup> June 2022. <\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Context: The Open Network for Digital Commerce (ONDC) was launched in few cities recently on a pilot basis. It has the potential to usher in a disruptive change. India\u2019s potential in digital economy India has the world\u2019s highest fintech adoption rate of 87%, as compared with the global average of 64%. E-commerce market in India&hellip; <a class=\"more-link\" href=\"https:\/\/forumias.com\/blog\/open-network-for-e-commerce-its-an-idea-whose-time-has-come\/\">Continue reading <span class=\"screen-reader-text\">Open network for e-commerce: It\u2019s an idea whose time has come<\/span><\/a><\/p>\n","protected":false},"author":10308,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[1230,9],"tags":[216,10501],"class_list":["post-189269","post","type-post","status-publish","format-standard","hentry","category-9-pm-daily-articles","category-public","tag-gs-paper-3","tag-live-mint","entry"],"jetpack_featured_media_url":"","views":{"total":0,"cached_at":"","cached_date":1701239253},"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/189269","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/10308"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=189269"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/189269\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=189269"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=189269"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=189269"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}