The report explores the potential for rapid growth in digital commerce possible due to ONDC and highlights the possibilities that could emerge within an open network ecosystem
‘Democratising Digital Commerce in India’ report by government-backed e-commerce platform ONDC (Open Network for Digital Commerce) and management consulting firm McKinsey & Company explores the potential for rapid growth in digital commerce possible due to ONDC and highlights the possibilities that could emerge within an open network ecosystem.
The report lists the five trends that will continue to drive the digital-led growth in the country and also elaborates how ONDC can boost digital commerce with ten use cases that an open network can unleash.
The report also takes a look into the potential of open networks to transform digital commerce through a sectoral lens. Each sector deep-dive begins with an overview of the present landscape and the challenges restricting various stakeholders from participating in digital commerce. It also points out a set of considerations that could shape digital commerce in each sector.
Key findings of the report are as follows:
- With an open network system, India could see digital consumption surge fivefold to reach $340 billion by 2030, with 500 million digitally transacting consumers.
- Across digital commerce, consumers, providers, and buyer and seller apps could benefit from an open network in the three ways: new and niche ways of seller discovery emerge for consumers, providers reach further and buyer and seller apps get efficient.
- ONDC enables economic growth by helping buyers and sellers overcome the challenges of digital commerce through three core attributes: interoperability, unbundled nature and decentralised behaviour.
