On Monday, the Open Network for Digital Commerce (ONDC) introduced business-to-business (B2B) transactions on its government-supported ecommerce network. This move by ONDC allows merchants to directly engage with other businesses in wholesale trade.
ONDC Launches B2B Ecommerce Network
The primary objective of ONDC is to facilitate seamless connectivity and digital transformation, empowering businesses to overcome obstacles and embrace the benefits of B2B commerce. By leveraging the open network, businesses can expand their market reach, establish new partnerships, and explore previously untapped markets. This transition also presents opportunities for businesses to transition from offline operations to online platforms, opening doors for growth and success.
T Koshy, the Managing Director and CEO of ONDC, expressed that the introduction of the B2B-enabled open network signifies the dawn of a new era in ecommerce, granting businesses the ability to thrive online and overcome long-standing challenges.
During a gathering of network participants (NPs) in Bengaluru on May 21, the first B2B transaction took place on the ONDC network. SignCatch, a retail tech company, and Rapidor, a B2B trade platform, successfully executed the inaugural B2B golden transaction on the ONDC platform. By integrating their respective B2B buyer and seller platforms on ONDC, SignCatch and Rapidor aim to establish seamless interoperability, facilitating smooth transactions between buyers and sellers, with a particular focus on benefiting MSMEs (Micro, Small, and Medium Enterprises).
Established in December 2021, ONDC is a Section 8 company initiated by the Department of Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce. Its objective is to create a facilitative model that revolutionizes digital commerce and encourages broader adoption of retail ecommerce in India.
More About ONDC
Open Network for Digital Commerce (ONDC), is a private non-profit Section 8 company established by the Department for Promotion of Industry and Internal Trade (DPIIT) of Government of India to develop open e-commerce. It was incorporated on 31 December 2022 with initial investment from Quality Council of India and Protean eGov Technologies Limited (formerly NSDL e-Governance Infrastructure Limited).
ONDC is not an application, an intermediary, or software, but a set of specifications designed to foster open interchange and connections between shoppers, technology platforms, and retailers.
