ONDC will disrupt B2B digital commerce across four key areas: Deloitte
Digital Commerce (ONDC) is set to disrupt digital commerce in the B2B space, especially in the retail, financial services, manufacturing and agricultural sectors, as per a report by Deloitte.
ONDC, a government initiative, aims to create an interoperable marketplace for small and medium-scale sellers and democratising the ecommerce market. The buyer and seller can be on different platforms and still trade as long as their platforms are on the ONDC network.
Commenting on the report, Sathish Gopalaiah, president, consulting, Deloitte South Asia, said that India's upcoming growth phase will be marked by empowered consumers and small and medium-sized enterprises (SME), which aligns with ONDO's goals.
“With a unique proposition built around agility, security and profitability at the same time, ONDC streamlines value chains, bridges gaps and endorses innovation, paving the way for the next generation to explore novel paths,” he said.
Currently, ecommerce contributes to 4.3% of the retail commerce sector and ONDC is expected to boost the sector, especially in manufacturing, agriculture and financial services.
ONDC paves the way for brands to connect with retailers and help distributors find new markets.
Brands and retailers both can benefit from “plug and play” facilities offered by ecosystem participants such as real-time ordering, swift delivery and credit management, as per the report. The network will also enable streamlined interactions with suppliers and customers.
With respect to financial institutions, ONDC provides a unique opportunity to engage with both the buy and sell sides of a transaction as well as expand to unexplored segments and geographies.
