Current Affairs Online Test -141
India's government in April launched its Open Network For Digital Commerce (ONDC) as a prospective alternative to dominant global giants Amazon.com and Walmart in its fast-growing e-commerce market.
WHAT IS ONDC?
ONDC is a non-profit company whose network will enable the display of products and services from all participating e-commerce platforms in search results across all apps on the network.
For example, if both Amazon and Walmart's Flipkart integrate their platforms with ONDC, a user searching for a Bluetooth headset on Amazon would also see results from Flipkart on the Amazon app.
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WHAT ARE ONDC'S TRANSACTION TARGETS?
ONDC aims to raise e-commerce penetration in the next two years to 25% of India's consumer purchases, from nearly 8% now, in a country of 1.35 billion people.
It also hopes to sign up 900 million buyers and 1.2 million sellers on the shared network within the next five years, while achieving gross merchandise value of $48 billion.
The government estimates that India's e-commerce market was worth more than $55 billion in gross merchandise value in 2021 and will grow to $350 billion by the end of this decade. Currently, Amazon and Walmart's Flipkart control more than 60% of the market.
HOW DOES ONDC AIM TO BOOST COMPETITION?
The government says existing platforms work in silos and are tightly controlled, keeping out many small players. It expects ONDC to increase competition and foster innovation by start-ups.
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