The Future of Bharat: Unlocking opportunities with ONDC's all-inclusive robust open network

With the ambition of bringing 30 million sellers and 300 million shoppers onto its network by the end of 2024, ONDC holds immense promise for the future of Bharat 2.0

Updated: Jul 13, 2023 11:06:43 AM UTC
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ONDC [Open Network for Digital Commerce] is the harbinger of a digital revolution sweeping every nook and corner of Bharat. Rewriting the rules of digital commerce in India, ONDC is connecting thousands of merchants to millions of eager consumers, unleashing a wave of innovation. The network is also enabling MSMEs that were left out of the ecommerce waves. With this, MSMEs will be able to level up and compete on an even keel with the bigger platforms. With ONDC, inclusive growth may no longer be a pipe dream.

Here’s why ONDC could be the ultimate game-changer for Indian MSMEs

ONDC is fostering a participative growth model that encourages collaboration among various stakeholders, including sellers, buyers, logistics providers, technology partners, and financial institutions. In this pursuit of creating an all-inclusive robust network, it equips sellers with the tools they need to thrive in an increasingly digital, competitive, and interconnected world.

Realising the digital Bharat dream

According to Mckinsey's report—Democratizing Digital Commerce in India—ONDC is projected to increase Indian digital consumption to a staggering $340 billion by 2030. This progression reflects its commitment to realising the digital Bharat dream: A vision where every business, regardless of size or location, can thrive in the digital economy. From onboarding mobility sellers, expansion to B2B commerce, and now the venture into fintech services, it is expanding sellers' scope beyond mere brick-and-mortar establishments.

Also Read- ONDC explained: What is it, top buyer and seller apps, how to order food & groceries, and more

This expansion enables businesses to connect and transact with each other seamlessly. Imagine a seller from a Tier-3 city willing to resell a D2C brand's products to its customers. The network will facilitate that ease of transaction for the reseller at the click of a button. Similarly, with its entry into fintech services, ONDC will propel Bharat towards greater financial inclusion and empowerment. So, in simple words, ONDC is democratising access to any service that is currently out of reach for the merchants of Bharat.

A hub of opportunities, for everyone

With ONDC, the future will not be dictated by a few dominant players but co-created by a thriving ecosystem of 63 million+ MSMEs. As the network expands and businesses thrive, the demand for skilled professionals in various domains, including ecommerce, logistics, and digital marketing, will grow exponentially.

Further, by providing access to nationwide marketplaces, ONDC is empowering rural sellers and artisans to showcase their unique products to a larger audience. This preserves and celebrates indigenous arts and crafts and creates opportunities for rural communities to participate in the digital economy.

Also Read- ONDC is India's next big bet after UPI

Consider this: Women entrepreneurs among the 4.5 million members of a Kerala government-supported organisation, Kudumbashree, got the opportunity to have their products available for purchase online for the first time in 25 years.

Enabling Bharat 2.0

In this age of disruptive innovations, ONDC is an emerging catalyst for change, bolstering the nation towards India@100. Marching towards a future of a $5 trillion economy, ONDC is paving the way for entrepreneurial spirit residing in the entirety of India. The country envisions ONDC as a force for inclusion. 'The ONDC way' of reinventing ecommerce is enabling the unbanked to participate fully in the digital economy. With the ambition of bringing 30 million sellers and 300 million shoppers onto its network by the end of 2024, ONDC holds immense promise for the future of Bharat 2.0.

The writer is CEO and co-founder of Shiprocket.

 

The thoughts and opinions shared here are of the author.

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