The Confederation of Indian Industry (CII) FMCG summit was organized on 6th December 2023 in Mumbai to mark key points and growth strategies around FMCG, uncertainties, and digitalization. During his speech, T Koshy, CEO of ONDC stated that anyone with a product or service to offer can make it available in the open network and gain access to the platform. ONDC (Open Network For Digital Commerce) is an open network for many entities with various products that eventually lead to growth via e-commerceHe further added, “ONDC offers a set of requirements that will help retailers make their catalogs apparent to purchasers.”
Koshy claimed that there are several ways for regional producers to advertise their goods through ONDC, thus making room for more sales. The cost of starting an alternative e-commerce business in India will be prohibitive. One or two people are required to complete it. “However, the seller will be able to do so quickly and easily through ONDC,” he added.
According to B. Sumant, executive director of ITC, a corporation with various brands like ITC needs a strong supply chain to support it. Strong supply chains, he claims, help the brand thrive because they connect end users.
Sumant also mentioned that lowering customer acquisition costs while still making them profitable will be the next major hurdle in e-commerce. The standardization of procedures like cataloging, inventory management, order management, and order fulfillment, he claimed, will be accomplished by ONDC protocols.
Overall, with growing digital engagement it becomes natural for customers to buy online and enterprises to change their modes of selling and advertising through e-commerce. While the charm of on-site shopping still remains significant, digital campaigns are trying their best to incorporate the two to make the customer experience more holistic.