• UGI USER
  • May 19, 2024
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START-UPS JOIN ONDC; MONTHLY VOLUMES SURPASS 7 MILLION

Why in the news?

  • ONDC Ltd., operating the Open Network for Digital Commerce, has signed letters of intent with 125 start-ups.
  • Notable start-ups include EaseMyTrip, Livspace, Pristyn Care, Cars24, and PolicyBazaar.
  • These start-ups are committed to joining the ONDC platform.
source:slideshare

About E-commerce :

  • E-commerce entails buying and selling goods or services via the internet.
  • India’s e-commerce market is projected to reach US$ 200 billion by 2026.
  • India ranks 8th globally in e-commerce market size as of 2023.
  • E-commerce involves digital transactions and utilises technologies like mobile commerce and electronic funds transfer.
  • It encompasses various aspects including supply chain management, internet marketing, and online transaction processing.
About the Open Network for Digital Commerce ONDC:

  • ONDC is an initiative promoted by the government to unbundle the e-commerce value chain.
  • It operates in a ‘semi-private’ consortium mode.
  • ONDC aims to foster competition among logistics providers, sellers, and discovery platforms within the e-commerce ecosystem.
  • Create opportunities, combat digital monopolies, and support MSMEs and small traders.
  • Democratise e-commerce, shifting from platform-centric to open-network model.