In his address at the ‘Global Fintech Fest 2023,’ CEO T Koshy of the Open Network for Digital Commerce (ONDC) stressed the importance of increased participation from buyers and sellers to accelerate digital commerce in India. Currently, digital commerce accounts for just 10 percent, with buyer participation at 2-3 percent.
Koshy emphasised the need to expand these figures to 25-30 percent in the coming years. He acknowledged the challenges in India’s evolving digital commerce landscape and highlighted the upcoming domains that will enable international transactions. ONDC is collaborating with organisations like SIDBI, NABARD, philanthropic groups, small enterprises, and the agriculture ministry to encourage broader participation, particularly from small and micro enterprises. The CEO believes that ONDC’s initiatives have significant growth potential and will contribute to India’s digital commerce development.
