We will try to cover what is ONDC, ONDC for the financial sector, the Different roles that you can play on ONDC, the present traction of ONDC and how anyone can join ONDC. Let’s dive in then.
ONDC is a groundbreaking initiative by the Indian government to democratize digital commerce. This open-source platform aims to create a level playing field for all participants in the e-commerce ecosystem, from small businesses to large corporations. ONDC’s architecture enables interoperability between buyers, sellers, and logistics providers, fostering innovation and reducing entry barriers.
It is not just us saying that, see how bullish some prominent industry people & media houses are about ONDC
1. Ali Sadhik Shaik, Product Leader, The Mentor Club
2. Startup Story®, Technology, Information & Media, New Delhi
ONDC vs Other Digital Commerce Platforms
Unlike traditional e-commerce platforms, ONDC is not a centralized marketplace but an open network. Key differentiators include:
- Decentralization: No single entity controls the entire ecosystem.
- Inclusivity: Enables small businesses to compete with larger players on equal footing.
- Transparency: Open protocols ensure fair practices and pricing.
- Customization: Businesses can tailor their offerings without platform restrictions.
- Interoperability: Allows seamless interaction between different platforms and service providers.
ONDC Network Participants: Key Players and Their Motivations
1. Buyer Network Participant: Provides the user interface for consumers to access and interact with the ONDC marketplace.
Why join ONDC as a Buyer Network Participant?
- Access a diverse, nationwide marketplace.
- Attract more users with expanded product offerings.
- Reduce dependency on large e-commerce platforms.
- Gain valuable cross-market data insights.
2. Seller Network Participant: Enables merchants to list their products and services on the ONDC platform.
Why join ONDC as a Seller Network Participant?
- Reach a wider customer base across multiple buyer apps
- Lower operational costs and platform fees
- Increase visibility in various market segments
- Compete more effectively with larger sellers
- Retain ownership of customer data
- Flexibility with logistics and financial services
3. Gateway: Facilitates communication and transactions between buyer and seller applications within the ONDC network.
Why join ONDC as a Gateway Network Participant?
- Gateways scale by connecting more participants and facilitating transactions as ONDC’s network expands, leading to increased demand and operational growth.
- Develop value-added services around data management like Dynamic Pricing Optimization, and Supply Chain Optimization to monetize further.
- Access market trend insights
- Generate revenue through transaction fees and premium services
4. Technology Service Provider: Offers technical solutions, support, and infrastructure for seamless integration and operation within the ONDC ecosystem.
Why join ONDC as Technology Service Providers or Why did we join as a TSP?
- Tap into a growing market for ONDC integration services
- Serve diverse clients, from startups to enterprises
- Develop specialized expertise in a key tech sector
- Establish early market leadership in ONDC adoption
- Bridge the gap between financial services and e-commerce within the ONDC ecosystem
- Collaborate with other NPs for comprehensive solutions
Present Traction of ONDC
As of 2024, ONDC has seen significant adoption across various sectors. In finance, several banks and fintech companies have joined the network, offering services such as personal loans, with more services like insurance and investment expected soon. The platform is expected to facilitate millions of transactions, with a growing number of financial use cases emerging. ONDC has made significant progress since its inception, with over 6.38 Lakh sellers and 108 network participants. The platform has achieved a milestone of 99 lakh + orders in June’2024 and has expanded to over 609 cities in India. In the finance sector, initiatives like the “Build for Bharat“ hackathon have led to innovative solutions for credit and financing.
How to join ONDC?
1. Sign up on the ONDC Portal: Begin your journey by registering on the official ONDC portal.
2. Explore Webinars: Gain insights and understand the benefits through ONDC exclusive webinars.
3. Select Role & Domain: Choose the role and domain that fits your business needs.
4. Integration: Seamlessly integrate with a Technology Service Provider (TSP) like Pirimid.
5. Go Live: Launch your business on the ONDC network and start selling.
How to Onboard with Pirimid?
By partnering with Pirimid, you can streamline this process and get your business live on the ONDC network in record time. Our expert team will guide you through each step, ensuring a smooth and hassle-free integration.
Here are a few pointers to work with us:
- Explore our ONDC offerings: Click on this link 👉 https://pirimidtech.com/solutions/pirimid-ondc/ to discover how we can help your business succeed on the ONDC platform.
- Contact Us – Our team will contact you within 24 business hours to guide you through the onboarding process.