ONDC brings in business-to-business (B2B) transactions on the ecommerce network supported by the Govt.
The Open Network for Digital Commerce (ONDC) has enabled merchants to directly interconnect with different businesses to carry out wholesale trade. It has launched B2B transactions on its ecommerce network that is government aided.
Businesses will be capable of widening their reach in the market, building new partnerships, and working in untapped markets, through this open network. The major objective of ONDC is to assist businesses in overcoming the hurdles in B2B commerce and promote smooth connectivity along with digital transformation.
According to ONDC’s Managing Director and CEO, T Koshy, this B2B-enabled open network will allow businesses to succeed on the online platform. The very first successful transaction on the ONDC network took place between a retail tech company, SignCatch, and a B2B trade platform, Rapidor.
This inaugural transaction happened in a meeting involving network participants (NPs) on 21st May in Bengaluru. Rapidor and SignCatch integrated their B2B buyer and seller platforms with ONDC, with the aim to allow flexible interoperability and uncomplicated transactions between vendors and customers, while paying attention to the MSMEs (Micro, Small, and Medium Enterprises).