ONDC will be gamechanger for FMCG, Say experts at CII FMCG Summit
Open Network for Digital (ONDC) is an open network for different entities with different products that will come together, stated T Koshy, CEO, ONDC
City Air News
Dec 6, 2022 08:12
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Mumbai/New Delhi, December 6, 2022: Open Network for Digital (ONDC) is an open network for different entities with different products that will come together, stated T Koshy, CEO, ONDC.
Speaking at the Confederation of Indian Industry (CII) FMCG National Summit 2022, Koshy explained that anyone with a product or service to sell can make it available in the open network and can access the platform. "ONDC has a set of specifications that will assist sellers in making their catalogue visible to buyers," he said.
Koshy also stated that there are numerous opportunities for local producers to make their products visible through ONDC. "You don't have that option in today's market. It will be prohibitively expensive to establish an alternative e-commerce operation in India. It can only be done by one or two people. However, through ONDC, the seller will be able to do so easily," he said.
B Sumant, Executive Director of ITC, stated that a strong supply chain serves as a backbone for a company like ITC, which has multiple brands. "Strong supply chain helps to grow the brand as it connects end to end users," he said
Sumant also informed that the next big challenge in e-commerce will be to figure out a way to reduce customer acquisition and make them viable. He said, "ONDC protocols would standardise processes such as cataloging, inventory management, order management, and order fulfillment."
Ambarish Kenghe, VP-Product Development, Google Pay informed that ONDC will create economic growth and will help in improving all kinds of industries. "ONDC will create an opportunity for the society along with the sellers and buyers to come together.”
Kenghe also stated that ONDC will encourage easy adoption of digital means, as not many small businesses are currently connected to digital commerce networks. "ONDC will give small businesses a variety of ways to be discovered and conduct business over the network," he said.
