eCommerce 08 Sep 2022
How ONDC Will Revolutionize eCommerce Software Development
If you are reading this article, you must have some knowledge or overview of ONDC; however, do you know the true notion of ONDC and what variations it will bring in? For example, is it the new government-run online marketplace in India or something else entirely? And what are the effects of ONDC on eCommerce? This article has the answers to all of these crucial questions. According to Statista, it is estimated that the market size of the eCommerce industry will be 350 billion dollars by 2030. And this stat is enough to hire an eCommerce development agency for your business.
How does the Open Digital Commerce Network (ONDC) function?While we will discuss the effects of ONDC on eCommerce, the core function of the Open Network for Digital Commerce (ONDC) is to serve as a meeting place for businesses and consumers who may exchange goods and services. In addition, the flexibility offered by ONDC ensures that buyers and sellers may complete transactions using any of their preferred digital channels. Let's say that the customer is on platform A and the vendor is on platform B. A transaction is often impossible unless both parties are on the same platform. However, suppose both Platform A and Platform B participate in ONDC. In that case, the purchaser may easily find the vendor and make a transaction. They may do business over the open network, whatever device or software they use.
Three Domains of ONDCONDC will service three domains in the first phase: the Retail domain, the Wholesale domain, and the Logistics domain.
- The retail domain includes transactions between individual consumers and retail outlets for products and services.
- The wholesale domain comprises the transactions between retailers and wholesalers, distributors and manufacturers for the products.
- The logistics domain includes transactions between sellers and logistics services to enable the physical transfer of goods from sellers to buyers.
How is ONDC different from other e-commerce players?
- Current e-commerce systems' major drawbacks have prompted the hunt for other solutions.
- Present-day e-commerce platforms function by introducing businesses and consumers only inside their apps.
- The e-commerce titans are vested in keeping product selection narrow and seller options low for their benefit.
- The smaller vendors' ability to enter the market with a competitive offering is hindered due to these actions.
Critical Benefits of ONDC for Buyers
- Many options are available from various vendors to get the best price
- An exceptional method to support the digitalization of enterprises
- One of the most important aspects of every commercial transaction
Critical Benefits of ONDC for Sellers
- Getting familiar with a diverse client base
- Improved product and price discoverability
- Online transactions need fewer resources and less money to launch.