Abhishek Gaur
5 Nov 2024
ONDC recorded 14 million monthly transactions in October 2024, a 7.6% month-on-month and 200% year-on-year increase.
The platform witnessed significant growth in food, grocery, fashion, and mobility segments.
ONDC reduced the maximum incentive limit to INR 40 lakh to promote fair competition.
The platform aims to create a more inclusive and competitive e-commerce ecosystem.
The Open Network for Digital Commerce (ONDC) has demonstrated significant growth, recording 14 million monthly transactions in October 2024. This represents a substantial 7.6% month-on-month increase and a staggering 200% year-on-year growth.
The platform has been particularly successful in the food and beverage, grocery, and fashion segments. The mobility segment, in particular, has seen significant traction, accounting for 5.5 million transactions.
To ensure fair competition and prevent market dominance by a few large players, ONDC has implemented measures to limit the incentives offered to network participants. This move aims to create a level playing field and encourage the participation of smaller businesses.
ONDC's rapid expansion and growing user base have significant implications for the Indian startup ecosystem. By providing a unified platform for various businesses to connect and transact, ONDC is empowering small and medium-sized enterprises to compete with larger players. This can lead to increased innovation, job creation, and economic growth.
Furthermore, ONDC's focus on fostering a digital ecosystem can accelerate India's digital transformation. By enabling seamless commerce across various segments, the platform can help bridge the digital divide and improve the lives of millions of Indians.
As ONDC continues to evolve and expand its reach, it is poised to reshape the Indian e-commerce landscape. By creating a more inclusive and competitive market, ONDC can drive economic growth and empower businesses of all sizes.
