Decoding the Open Network for Digital Commerce (ONDC) with Sujith Nair
Sun Oct 02 2022
- To make digital commerce inclusive, MSMEs need to be onboarded across multiple platforms, despite the digital commerce retail market in India being only 4.3% of the total retail GMV in India.
- Becken Foundation's CEO and co-founder, Sujit Nayar, discusses the open network for digital commerce (ONDC) and how it can enable MSMEs to be part of the digital commerce movement.
- The ONDC protocol is a generic vocabulary that can be layered with sectoral taxonomy, allowing for its use in various industries.
- ONDC is a network that enables platforms to connect and communicate using a common language through the underlying Beckon protocol.
- ONDC can benefit not just traditional shops but also artisans and craft persons by making their products discoverable and giving them insights into where their products are being sold.
- Adoption of ONDC may face challenges from established commerce companies, but there is interest from consumers who are aware of the benefits of distal payments and online buying, especially during the pandemic.
- A distributed ecosystem allows for multiple solution providers to solve problems for sellers, reducing dependence on a single entity.
- Trust is a crucial issue in e-commerce, and building trust at a network level could be beneficial for consumers.
- The potential for entrepreneurial energy in the logistics industry is significant, with opportunities for warehouse providers, digitization partners, fintech players, trust parties, and communications agencies.
- Becken is becoming its own community with growing adoption in sectors like healthcare and outside of India, facilitating idea generation and conversations.
- Philanthropy is necessary to address complex problems like poverty, but it's important to think long-term and focus on creating digital public goods that can be built upon to solve the problem.