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<ul><li>The <keyword id="19955648" type="General" weightage="20" keywordseo="Adani-Group" source="keywords" meta.keywordsubtype="org" meta.entityname="Adani Group" meta.hostid="261" meta.entityid="Adani Group">Adani Group</keyword> is looking to foray into the <keyword id="19990771" type="General" weightage="20" keywordseo="e-commerce" source="keywords">e-commerce</keyword> and payments segments in India.</li><li><keyword id="19929098" type="General" weightage="100" keywordseo="Gautam-Adani" source="keywords">Gautam Adani</keyword> is India’s second richest man, with just <keyword id="19916798" type="General" weightage="20" keywordseo="Mukesh-Ambani" source="keywords">Mukesh Ambani</keyword> ahead of him.</li><li><keyword id="19898586" type="General" weightage="20" keywordseo="adani" source="keywords">Adani</keyword> Group is reportedly planning on offering <keyword id="19900911" type="General" weightage="20" keywordseo="UPI" source="keywords">UPI</keyword> and e-commerce services through the Adani One app.</li></ul> Gautam Adani-led Adani Group has a diverse portfolio, from ports to energy and more. The conglomerate is now reportedly looking to enter the e-commerce and payments segments as the group diversifies. According to a report by Financial Times, the Adani Group is in talks to enter the e-commerce and payments segments as it wants to expand its digital business to take on Mukesh Ambani’s <keyword id="19896380" type="General" weightage="20" keywordseo="Reliance-Industries" source="keywords" meta.keywordsubtype="org" meta.entityname="Reliance Industries" meta.hostid="261" meta.entityid="Reliance Industries">Reliance Industries</keyword> and Google in India. While the Adani Group has a stake in several businesses, it has yet to make its presence felt in consumer-facing segments. <cmsannotation type="cmsannotation" annotationid="Talks on for payments license, credit card" comment="subhead" text="Talks on for payments license, credit card">Talks on for payments license, credit card</cmsannotation> The Adani Group is reportedly considering applying for a license to operate on the country’s public digital payments network, the Unified Payments Interface (UPI). The group is also in talks with banks to offer a co-branded Adani credit card to its customers. <cmsannotation type="cmsannotation" annotationid="Push for ONDC" comment="subhead" text="Push for ONDC">Push for <keyword id="19987599" type="General" weightage="20" keywordseo="ONDC" source="keywords">ONDC</keyword></cmsannotation> The Adani Group is also reported to be in negotiations to enter the e-commerce segment through the government-backed Open Network for Digital Commerce (ONDC). With ONDC’s interoperable networks, companies do not have to invest in developing their own e-commerce platforms or payment systems. The ONDC services will reportedly be available on the company’s Adani One app, which was launched in 2022. The Adani One app currently offers travel services such as flight and hotel bookings. The services will initially be aimed at the company’s gas and electricity customers, offering them incentives to use their app in the form of cashback and discounts. <cmsannotation type="cmsannotation" annotationid="To take on Mukesh Ambani" comment="subhead" text="To take on Mukesh Ambani">To take on Mukesh Ambani</cmsannotation> Mukesh Ambani and Gautam Adani, who are the top two<a href="https://www.businessinsider.in/india/news/top-25-richest-people-in-india-in-2024/articleshow/110149894.cms"> richest people in India</a> have been competing for the top spot, with Adani occupying the top spot for a while. Gautam Adani’s net worth took a hit after a sharp decline in Adani Group shares during the Hindenburg saga. US-based research firm Hindenburg had released a report on the Gautam Adani-owned companies in late January in 2023, alleging stock manipulation among others. Adani Group’s<a href="https://www.businessinsider.in/business/corporates/news/gautam-adani-beats-mukesh-ambani-to-become-indias-richest-man/articleshow/106564235.cms"> shares rallied</a> after the country’s Apex Court passed a<a href="https://www.businessinsider.in/stock-market/news/adani-hindenburg-sc-verdict-sees-pack-rally-with-adani-energy-solutions-in-the-lead/articleshow/106505824.cms"> verdict</a> in favour of the group. Adani even went on to emerge as India’s richest man by adding $7.67 billion to his net worth in a short span. While Mukesh Ambani reclaimed the top spot, the gap is once again narrowing. According to the Bloomberg Billionaire’s Index, Gautam Adani’s net worth has now surged to $109 billion, just behind Mukesh Ambani who is valued at $114 billion, bringing down the gap to $5 billion. In the last year, Adani’s wealth has surged by $25 billion, while Ambani’s wealth has surged by $17.3 billion. Despite this surge, Adani’s wealth is yet to reach its peak of $119 billion. Adani’s new ventures will take on Mukesh Ambani’s JioMart and JioFinance, which is expected to soon begin offering payment services. Additionally, it will also take on Google Pay, one of India’s most popular UPI platforms. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/jiocinema-launches-new-annual-ad-free-subscription-plan-at-a-discount/articleshow/110486706.cms">JioCinema launches new annual ad-free subscription plan at a discount</a> <a href="https://www.businessinsider.in/sports/webstories/ipl-2024-award-winners-orange-cap-to-emerging-player-of-the-season-here-are-the-winners/slidelist/110454525.cms">IPL 2024 award winners – Orange cap to emerging player of the season, here are the winners</a> <a href="https://www.businessinsider.in/stock-market/news/awfis-space-solutions-ipo-allotment-how-to-check-allotment-gmp-listing-date-and-more/articleshow/110467409.cms">Awfis Space Solutions IPO allotment – How to check allotment, GMP, listing date and more</a>

Adani Group could soon enter e-commerce and UPI segments, to rival Mukesh Ambani and Google

<ul><li><keyword id="5862596" type="General" weightage="20" keywordseo="ONDC" source="Orion">ONDC</keyword> is the Indian government’s attempt to democratise commerce, said Thampy Koshy, the CEO of ONDC. </li><li>With ONDC, Koshy wants to do to commerce what UPI has done to payments. </li><li>ONDC “will give equal opportunity to every buyer to discover any seller and any seller to be discoverable by any buyer,” he said. </li></ul>ONDC, or <keyword id="10331244" type="General" weightage="20" keywordseo="Open-Network-for-Digital-Commerce" source="Orion">Open Network for Digital Commerce</keyword>, is the Indian government’s attempt to democratise commerce, said Thampy Koshy, the Chief Executive Officer of ONDC during a panel discussion organised by State Bank Institute of Leadership, Kolkata. Koshy, an IIM Bangalore graduate and former executive director of National Security Depository (NSDL), also played a leadership role in the UID project – also known as Aadhaar. Now, with ONDC, Koshy wants to do to commerce what UPI has done to payments – make the entire process entity-agnostic and give equal access to buyers and sellers. E-commerce makes up a tiny portion of India’s retail ecosystem. According to a<a href="https://economictimes.indiatimes.com/small-biz/sme-sector/how-can-roll-up-e-commerce-companies-help-create-the-next-wave-of-growth-in-e-commerce/articleshow/85179353.cms?from=mdr"> report</a>, the share of e-commerce in India’s retail commerce stood at just 4.3% in FY20. This means that a vast majority of India’s buyers and sellers are still untouched by the likes of Amazon, Flipkart and more. That presents a huge opportunity for everyone, Koshy said during the discussion. He added that with ONDC, the intention is to bring e-commerce within the reach of buyers and sellers of Bharat, who are yet to experience buying and selling products online. <cmsannotation type="cmsannotation" annotationid="But what exactly is ONDC?" comment="subhead" text="But what exactly is ONDC?">But what exactly is ONDC?</cmsannotation> Simply put, ONDC is an open platform that allows sellers to make their catalogues visible to every buyer on the platform. For example, if Amazon and Flipkart integrate with ONDC, a buyer searching for a product on the Amazon app will be able to see results from Flipkart as well, along with many others. ONDC does not restrict this to just apps – this will work even on websites, messaging platforms, and IVR (interactive voice response) systems – if the seller has any of those services enabled. <cmsannotation type="cmsannotation" annotationid="ONDC – the UPI moment for commerce" comment="subhead" text="ONDC – the UPI moment for commerce">ONDC – the UPI moment for commerce</cmsannotation> Koshy likened ONDC to UPI, saying “What UPI did was to essentially streamline and democratise the payment side of it. What ONDC is trying to do is a similar kind of transformation on the transaction side of goods and services.” He added that while we are used to the forced nature of digital commerce – being restricted to select platforms for buying and selling products, ONDC will bring in an open layer to enable interoperability between all these platforms. That, of course, requires them to sign up on the network in the first place. With ONDC, the Indian government and Koshy are trying to change this and bring more retailers and MSMEs online, connecting them to hundreds of millions of buyers across the country on a single platform. ONDC “will give equal opportunity to every buyer to discover any seller and any seller to be discoverable by any buyer,” he added. <cmsannotation type="cmsannotation" annotationid="Giving small and big sellers alike equal access to a billion buyers" comment="subhead" text="Giving small and big sellers alike equal access to a billion buyers">Giving small and big sellers alike equal access to a billion buyers</cmsannotation> One of the problems plaguing small sellers is their inability to compete with big names like Amazon and Flipkart – in terms of reach, economies of scale, the massive infrastructure to serve millions of customers daily, among other things. Koshy says that ONDC solves this problem and creates a level playing field for small sellers to compete with big ones when it comes to visibility. “Because of the equal opportunity being provided to any seller, the opportunity for micro and small enterprises becomes larger,” Koshy added. He further explained that sellers will not be constrained by the terms and conditions of the proprietary platforms, and that the open nature of ONDC will encourage competition and reduce the concentration of market share with a handful of players. ONDC is currently live in a limited beta trial in Bengaluru. Some of the participants live on the network include Dunzo, IDFC First Bank, Kotak Mahindra Bank, Paytm, PhonePe, among others. SEE ALSO: <a href="https://www.businessinsider.in/careers/news/india-saw-6-decline-in-hiring-in-october-amid-funding-winter-monster-report/articleshow/95376179.cms">India saw 6% decline in hiring in October amid funding winter: Monster report</a> <a href="https://www.businessinsider.in/business/corporates/news/paytms-net-loss-widens-by-20-yoy-to-571-crore-in-q2-but-down-sequentially/articleshow/95369930.cms">Paytm's net loss widens by 20% YoY to ₹571 crore in Q2 but down sequentially</a> <a href="https://www.businessinsider.in/business/corporates/news/policybazaar-operator-pb-fintechs-q2-loss-narrows-to-187-crore/articleshow/95361316.cms">Policybazaar operator PB Fintech’s Q2 loss narrows to ₹187 crore</a>

Democratising commerce: ONDC could be the UPI moment for small retailers, MSMEs

<ul><li>People are using <keyword id="5862596" type="General" weightage="20" keywordseo="ondc" source="Orion">ONDC</keyword> to order food at affordable rates.</li><li>ONDC is an open-source network that the government of India backs.</li><li>ONDC was first made available in Bengaluru.</li></ul>Zomato and Swiggy transformed the food delivery industry, enabling customers to satisfy their cravings with just a click. These two enterprises have been closely competing, frequently providing offers and discounts to their clients. Nonetheless, a fresh contender is gradually emerging in the food ordering arena, threatening the dominance of Zomato and Swiggy. The newcomer is the ONDC (Open Network for Digital Commerce), which is a government-supported platform. Currently, the ONDC service is only available in certain areas, including Bengaluru. The ONDC was launched in its beta format in September last year. Recently, the ONDC gained the attention of netizens when it was noticed that the platform offered grocery and food delivery services. <cmsannotation type="cmsannotation" annotationid="ONDC - Open Network for Digital Commerce" comment="subhead" text="ONDC - Open Network for Digital Commerce">ONDC - Open Network for Digital Commerce</cmsannotation> The Open Network for Digital Commerce is a private, non-profit organization created by the Government of India's Department for Promotion of Industry and Internal Trade. Its main objective is to develop open networks for e-commerce, which was established in April 2022. The network includes various small and large-scale e-commerce players and is designed to challenge the market dominance of large players in the market like Amazon and Flipkart in India. <cmsannotation type="cmsannotation" annotationid="How to order food on ONDC?" comment="subhead" text="How to order food on ONDC?">How to <keyword id="17366750" type="General" weightage="100" keywordseo="order-food-on-ondc" source="Orion">order food on ONDC</keyword>?</cmsannotation> ONDC does not offer its own app for food ordering. At present, customers can order food through the partner apps - Paytm and Magicpin. How to order food via Paytm? <ol><li>Open the Paytm app and click on the ‘search’ option.</li><li>Search for ONDC using the search option, and you will find an ONDC Store.</li><li>In the store, you will see a list of available dishes and restaurants.</li><li>Select the food item that you wish to order.</li><li>Add the address and make the payment.</li></ol>How to order food on Magicpin? <ol><li>Download and open the Magicpin app and select the food option.</li><li>Select the food that you wish to order.</li><li>Add the address and make the payment to confirm your order.</li></ol>SEE ALSO: <a href="https://www.businessinsider.in/tech/news/google-launches-passkeys-for-hassle-free-login-to-gmail-and-youtube-without-a-password-heres-how-to-set-them-up/articleshow/99977103.cms">Google launches Passkeys for hassle-free login to Gmail and YouTube without a password - here's how to set them up</a> <a href="https://www.businessinsider.in/tech/news/apples-safari-is-the-worlds-second-most-used-and-least-vulnerable-desktop-web-browser/articleshow/99926825.cms">Apple’s Safari is the world’s second-most-used and least vulnerable desktop web browser, yet only 1% of Indians use it</a>

How to order food on ONDC: A step-by-step guide

<ul><li>Early stage venture capital firm <keyword id="387319" type="General" weightage="50" keywordseo="Antler" source="Orion">Antler</keyword> India partners with <keyword id="5862596" type="General" weightage="100" keywordseo="ondc" source="Orion">ONDC</keyword> to foster businesses that are built on a protocol and not a platform.</li><li>In a platform business, the winner takes it all while in a protocol-based business, the winner shares all.</li><li><keyword id="6362513" type="General" weightage="60" keywordseo="startups" source="Orion">Startups</keyword> designed to operate on ONDC will drive the next phase of unicorns in India that can also create economic value of $100 bn.</li></ul> The next set of unicorns are likely to be companies that are solving problems that are unique to India and based on protocols and not platforms and where the winner shares all rather than takes all. Solving problems for India requires solutions that are designed for scale rather than copycat business models that may have worked 20 years ago. Platform businesses have wiped out local businesses but the protocol based businesses will give these local businesses a new lease of life. ONDC and world’s largest venture capital platform Antler are working precisely on a plan that will spawn scores of new startups that are designed to democratise online commerce after digital payments. And to do this, the startup ecosystem has to bypass the existing platform thinking and think local. So far, ONDC has been onboarding sellers across sectors and enabling them to sell directly to their consumers without the gatekeepers that some platform businesses have become. But this may not be enough to bring India’s 100 mn small and medium businesses online. For a country that has issued 1.35 bn digital identities, clocks over $1.5 trillion UPI transactions in a year cannot have only 6% of its small businesses selling online. In a bid to solve India’s digital commerce problem, ONDC and the venture capital ecosystem has decided to create an ecosystem that will reimagine commerce through the filter of a protocol and not a platform. The question to ask is what is the need for a new protocol when platforms like Meesho, Amazon and Flipkart are there to offer a suite of services – logistics, discovery through online advertising and collecting payments. Clearly, this model is not working going by the abysmal number of small businesses that are selling online at the moment. <keyword id="514036" type="General" weightage="50" keywordseo="nitin-sharma" source="Orion">Nitin Sharma</keyword>, Partner &amp; Co-founder at Antler India, says that only 5-6% of the 90-100 mn MSMEs in India are participating in digital commerce. Only 15-20% are discoverable through online websites, social media like Instagram, Pinterest and Facebook. The internet of commerce requires reimagining commerce from ground up. Sharma says: “It is not just about capital, as a catalyst we are focused on content, community and capital. There are founders who are already identifying opportunities around ONDC, we want to help catalyse those ideas.” This new approach to commerce has to be decentralised, unbundled and interoperable. Today, sellers are unaware of where their consumers come from and who they are. What ONDC is gives businesses the freedom to choose their partners and take business decisions that are most effective for them economically. ONDC is striving to make online commerce cost effective for India’s small businesses. One of the reasons small businesses are not selling online is because their gross margins are at 30% or less, which makes it unviable for them to sell online given the commission structure of most platforms. The ONDC initiative has already gathered significant momentum since its launch, with over one lakh daily transactions across use cases. For instance, Namma Yatri, a ride-hailing app, has organically facilitated over 67 lakh auto rides and onboarded more than 16 lakh users and 85 thousand auto drivers without any marketing spend. It is perhaps time for a protocol and not a platform that allows businesses to thrive by enabling the ecosystem in a way that is fair to all. Those tracking listed and unlisted platforms may know that they often have run-ins with sellers or delivery partners for unfair trade practices. The ONDC network seeks to end this tussle by levelling the playing field. Antler in partnership with <keyword id="44604" type="General" weightage="50" keywordseo="nandan-nilekani" source="Orion">Nandan Nilekani</keyword>’s FIDE (Foundation for Interoperability in Digital Economy) and ONDC seeks to create an ecosystem that will spawn not just new startups that are designed to function on this protocol (Beckn and ONDC) but will also help refine ideas that have the potential to become enterprises. These businesses will not just become unicorns, but will also create more than $80-100 bn in economic value. ONDC promises to change the way India transacts online, bringing the next 500 million plus consumers and 90 million plus MSMEs online. Projected to create over $80 billion in value over the next five years and $200 billion over a decade, ONDC has the potential to be India's next startup catalyst. The platform will facilitate problem-solving sessions, office hours with prominent figures in the digital public infrastructure ecosystem, and potential fast-tracking to Antler India Residency for those seeking a founding team. The time is now ripe for a second round of disruption because the India stack has demonstrated that technology can solve problems of scale. The Antler-ONDC platform, therefore, is very important because it seeks to offer pre-seed capital of $300K and additional investment potential of up to $200K from key partners within its extensive network, including unicorn founders and strategic backers, for ready-teams with innovative ideas. Explains Sharma, “With the backing of Nandan Nilekani and the ONDC and FIDE leadership, we are getting in early and the hope is to expand the global opportunity for startups. There is a yawning gap between digital identities, digital payments and commerce. More than 400 founders have already applied under this programme. We are also creating a lot of content around this so that those founders who don’t have a business plan yet can also understand how it works and resolve problems.” What sets the Antler ONDC platform apart is its holistic approach to fostering entrepreneurship. They are committed to nurturing not only established teams but also early-stage founders and even those without a concrete idea yet. Their curated community of experts, operators, and influential network participants, such as Namma Yatri, Plotch.ai, SellerApp, Magicpin, and more, will be there to guide and mentor aspiring entrepreneurs. The platform will facilitate problem-solving sessions, office hours with prominent figures in the digital public infrastructure ecosystem, and potential fast-tracking to Antler India Residency for those seeking founding teams.

The ONDC platform has potential to create dozens of unicorns and $100 bn in economic value, says Antler’s Nitin Sharma

<ul><li><keyword id="35621" type="General" weightage="20" keywordseo="e-commerce" source="Orion">E-commerce</keyword> platform <keyword id="541988" type="General" weightage="20" keywordseo="snapdeal" source="Orion">Snapdeal</keyword> made its debut on the government-led <keyword id="3415669" type="General" weightage="80" keywordseo="open-network" source="Orion">Open Network</keyword> for Digital Commerce (<keyword id="5862596" type="General" weightage="100" keywordseo="ondc" source="Orion">ONDC</keyword>) on July 19. </li><li>An initiative by the Department for Promotion of Industry and Internal Trade (DPIIT), <keyword id="14523575" type="General" weightage="20" keywordseo="ondc-aims" source="Orion">ONDC aims</keyword> to support micro, small and medium enterprises (MSMEs) and small traders and help them get on to online platforms. </li><li>ONDC is a UPI of e-commerce that seeks to democratize virtual commerce, shifting it from a platform-centric model to an open-network.</li></ul>With the launch of Unified Payments Interface (UPI), the Indian government brought all virtual banking and payments under one roof. The government is now pulling off a similar feat in yet another walled garden, the e-commerce category, with the launch of Open Network for Digital Commerce (ONDC). ONDC aims to democratize virtual commerce by bringing all platforms under one open network. It would create a new, equal-level playing field for the e-commerce landscape, which is currently dominated by international players Amazon and Flipkart. Open Network goes beyond the current platform-centric model where the buyer and seller must be part of the same platform/ application to enable transactions between them. By moving away from platform-centric models to an open network, ONDC intends to stop digital monopolies. Currently, Amazon and Flipkart have end-to-end control over the entire e-commerce ecosystem which includes seller onboarding, customer acquisition, order fulfillment, payment, returns and complaint redressal. Imagine a platform that not only shows products from Amazon, Flipkart and Meesho under one umbrella, but also from all your local kirana stores. That’s exactly what the open network intends to do. You would be able to compare the prices of Amazon finds and product specifications of Flipkart finds through one application. Courtesy: ONDC, Ministry of Commerce It will unbundle the supply chain, shifting the power from the likes of Amazon and Flipkart to consumers, merchants, and providers of support services. With an open network, smaller players will also have access to Amazon or Flipkart controlled data. ONDC, therefore, aims to support MSMEs and small traders and help them get on online platforms. Snapdeal is the first e-commerce platform to get on the open network. E-comm platforms Dunzo and Ekart have also partnered with ONDC. How does ONDC work? Not only will the open network enable smoother transactions and online buying experience for consumers, it would also digitize the entire value chain and improve efficiencies in logistics for sellers. Small merchants will be able to skip separate lists of mandates and commissions for every platform they join. With ONDC, retailers will have access to processes and technologies that are deployed by e-commerce giants such as Amazon and Flipkart. It would also mean better discoverability for all retailers and enhance transparency in pricing. Silos will be broken down and an open list with delivery partners, aggregators, customers, restaurants, and logistic providers will be put together. According to the government, “ONDC will ensure confidentiality and privacy of data in the network. ONDC shall not mandate sharing of any transaction-level data by participants with ONDC. Will work with its participants to publish anonymized aggregate metrics on network performance without compromising on confidentiality and privacy.” When was ONDC announced? An initiative by the Department for Promotion of Industry and Internal Trade (DPIIT), ONDC would enable both sellers and buyers to be digitally visible and transact through an open network, regardless of what platform or application they use. The initiative was announced by a nine-member advisory council that included Infosys co-founder and chairman Nandan Nilekani, National Health Authority CEO R S Sharma, QCI Chairman Adil Zainulbhai, National Payments Corporation of India CEO Dilip Asbe and others. As per DPIIT, ONDC “...aims at promoting open networks developed on open-sourced methodology, using open specifications and open network protocols, independent on any specific platform. ONDC is expected to digitize the entire value chain, standardize operations, promote inclusion of suppliers, derive efficiency in logistics, and enhance value for consumers.” The open network is not just for retail transactions, it is also for food, delivery, travel, hotel booking, and more, which would potentially challenge the dominance of all large e-commerce players. As more small traders and retailers accept the online world, ONDC plans to increase e-commerce <a href="https://www.medianama.com/wp-content/uploads/2022/03/ONDCStrategyPaper.pdf">penetration </a>to 25% of all consumer purchases in the next two years, up from about 8% presently. Within the next five years, it expects to sign up 900 million buyers and 1.2 million sellers on the shared network, with a gross merchandise value of $48 billion. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/a-19th-century-shivaji-ii-painting-18th-century-tamil-bible-traced-to-us/articleshow/93044032.cms">A 19th-century Shivaji II painting, 18th century Tamil Bible traced to US</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/sports/news/india-vs-west-indies-heres-the-entire-schedule-for-the-upcoming-odi-t20i-series/slidelist/93024475.cms">India vs West Indies: Here’s the entire schedule</a>

Snapdeal is now available on ONDC, here’s all you need to know about the network

<ul><li>A rapidly evolving technology landscape and consumer trends will shape how businesses perform, going forward.</li><li>A report by Wavemaker titled Spotlight23 has underlined the major trends that businesses will have to adapt to this year.</li><li>Some of the most prominent emerging technologies and consumer trends to watch out for in 2023 include artificial intelligence as a service (<keyword id="6355999" type="General" weightage="20" keywordseo="AI" source="Orion">AI</keyword>aaS), generative AI like ChatGPT and increasing use of Reels.</li></ul>A rapidly evolving technology landscape and quickly changing consumer trends require businesses to evolve with them at the same pace or risk falling behind. From the way customers interact with businesses to how businesses attract customers with new innovations, several emerging trends like artificial intelligence as a service (AIaaS), and increased focus on privacy and free speech have been identified in Wavemaker’s report titled Spotlight23. While ecommerce has existed for a long time, the Covid-19 pandemic changed how Indians look at it. According to a<a href="https://economictimes.indiatimes.com/small-biz/sme-sector/covid-pandemic-hot-housed-e-commerce-growth-across-amea-region-survey/articleshow/94643528.cms"> survey</a>, 83% of Indian consumers have increased their purchases from ecommerce platforms in the last three years, and this momentum is expected to gain pace. But that is just one aspect of the evolving technology and consumer landscape. Here are other hot and emerging trends of 2023, according to the Spotlight23 report. <cmsannotation type="cmsannotation" annotationid="Generative AI to grow 10x in the next three years" comment="subhead" text="Generative AI to grow 10x in the next three years">Generative AI to grow 10x in the next three years</cmsannotation> Generative artificial intelligence (AI) solutions, like ChatGPT and Dall-E are expected to see a massive uptake in the next three years, growing from 1% of the data generated to 10% by 2025. Generative AIs like Dall-E, ChatGPT generate images and text using the inputs provided by users. For instance, ChatGPT can write articles, code or even compose music based on the inputs provided by users. OpenAI, which launched both Dall-E and ChatGPT, said that the latter was used by over 1 million users within the first 24 hours of its launch. <cmsannotation type="cmsannotation" annotationid="AI as a Service (AIaaS)" comment="subhead" text="AI as a Service (AIaaS)"><keyword id="16177246" type="General" weightage="20" keywordseo="AI-as-a-Service" source="Orion">AI as a Service</keyword> (AIaaS)</cmsannotation> The gaining traction of low-code/no-code artificial intelligence (AI) tools has given businesses an opportunity to implement off-the-shelf AI tools in their services, instead of developing an in-house AI. This brings down the costs and also allows businesses to see what works and what doesn’t. Some of the use cases of AI as a Service include optimizing campaigns, predicting customer churn and engaging customers based on their usage patterns as predicted by the AI model. <cmsannotation type="cmsannotation" annotationid="Privacy and free speech to continue to gain prominence" comment="subhead" text="Privacy and free speech to continue to gain prominence">Privacy and free speech to continue to gain prominence</cmsannotation> Users are increasingly worried about their privacy, with 66% of internet users globally worried that their identity will be stolen, according to<a href="https://www.statista.com/statistics/296700/personal-data-security-perception-online/"> Statista</a>. Further enactment of privacy-focused laws like General Data Protection Regulation (GDPR) has put the spotlight on data privacy. The Spotlight23 report states that businesses will invest in privacy-centric technologies as customers become increasingly sensitive about their data. Another aspect that has gained prominence is free speech, as evidenced by the Twitter takeover by Elon Musk, and the rise of decentralized social media platforms like Mastodon, which has seen an 800% increase in users since October 2022, with the user base now standing at 2.5 million. However, the report adds that advertisers will likely stay away from Twitter until a balance between free speech and brand safety is found. <cmsannotation type="cmsannotation" annotationid="Reel it – engagement and social commerce is evolving rapidly" comment="subhead" text="Reel it – engagement and social commerce is evolving rapidly">Reel it – engagement and social commerce is evolving rapidly</cmsannotation> Instagram Reels’ rise in popularity can be explained with this metric alone – in Q3 2022, Meta reported over 140 billion reels were played, which means over 1.55 billion reel plays every day during the quarter, or 1.08 million reels played every minute. This makes it critical for brands to create Reels to drive user engagement, according to the report. The opening up of WhatsApp Business API to everyone provides business with another opportunity to generate new leads. Many of those examples are already live – for instance, JioMart’s catalogue can be browsed through WhatsApp, allowing them to place orders and make payments. Reliance’s media arm Viacom18, which bagged IPL streaming rights, could help Jio accelerate social commerce via partnerships with brands, leveraging its user base of over 450 million. <cmsannotation type="cmsannotation" annotationid="Social commerce growth to result in increased influencer collaborations" comment="subhead" text="Social commerce growth to result in increased influencer collaborations">Social commerce growth to result in increased influencer collaborations</cmsannotation> Gaining prominence of social commerce is expected to result in an increase in brands collaborating with social influencers. According to Statista, sales through social media stood at $992 billion in 2022, and they are expected to increase to $2.9 trillion by 2026. “Influencer collaboration can boost a company's revenue. For instance, Petco worked with Gabby Douglas and used livestream shopping events to reach and engage customers,” the Spotlight23 report said. Conversational AI is also expected to further drive user engagement, with several brands like H&amp;M, Levi’s and others already using chatbots to give personalized recommendations to buyers. <cmsannotation type="cmsannotation" annotationid="VR, AR and XR to deliver a more immersive shopping experience" comment="subhead" text="VR, AR and XR to deliver a more immersive shopping experience"><keyword id="6380951" type="General" weightage="20" keywordseo="VR" source="Orion">VR</keyword>, <keyword id="11853" type="General" weightage="20" keywordseo="AR" source="Orion">AR</keyword> and <keyword id="1786062" type="General" weightage="20" keywordseo="XR" source="Orion">XR</keyword> to deliver a more immersive shopping experience</cmsannotation> Technologies like virtual reality (VR), augmented reality (AR) and extended reality (XR) are expected to enhance the shopping experience of users and make it more immersive. These technologies allow users to try on products virtually to see if they suit them or not – for instance, Lenskart has a 3D try-on feature that lets users check out eyeglasses and sunglasses virtually before buying them. Asian Paints’ app allows users to take a photo of their wall and picture how it looks with the diverse range of colours and textures offered by the company. <cmsannotation type="cmsannotation" annotationid="ONDC could realize its potential in 2023" comment="subhead" text="ONDC could realize its potential in 2023">ONDC could realize its potential in 2023</cmsannotation> During a<a href="https://www.businessinsider.in/retail/news/democratising-commerce-ondc-could-be-the-upi-moment-for-small-retailers-msmes/articleshow/95393032.cms"> panel discussion</a> in November 2022, Thampy Koshy, the Chief Executive Officer of ONDC, said that Open Network for Digital Commerce (ONDC) is the Indian government’s attempt to democratise commerce. ONDC is an open platform that allows sellers to make their catalogues visible to every buyer on the platform. Koshy likened ONDC to UPI, saying “what UPI did was to essentially streamline and democratise the payment side of it. What ONDC is trying to do is a similar kind of transformation on the transaction side of goods and services.” ONDC is currently live in 83 cities, and it has 25 network participants along with over 700 merchants onboard. SEE ALSO: <a href="https://www.businessinsider.in/budget/news/budget-2023-morgan-stanley-sees-focus-to-be-on-fiscal-consolidation-investment-led-growth/articleshow/97082715.cms">Budget 2023: Morgan Stanley sees focus to be on fiscal consolidation, investment-led growth</a> <a href="https://www.businessinsider.in/business/corporates/news/competitive-intensity-a-big-risk-for-dmart-say-analysts-after-company-misses-streets-q3-forecast/articleshow/97052145.cms">Competitive intensity a big risk for DMart say analysts after company misses Street’s Q3 forecast</a> <a href="https://www.businessinsider.in/business/corporates/news/hiring-by-it-cos-down-96-in-q3-compared-to-preceding-7-quarters-even-as-attrition-cools/articleshow/97023873.cms">Hiring by IT cos down 96% in Q3 compared to preceding 7 quarters even as attrition cools</a>

You Searched For "How to use ONDC" and got 6 results

Adani Group could soon enter e-commerce and UPI segments, to rival Mukesh Ambani and Google

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Democratising commerce: ONDC could be the UPI moment for small retailers, MSMEs

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The ONDC platform has potential to create dozens of unicorns and $100 bn in economic value, says Antler’s Nitin Sharma

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Snapdeal is now available on ONDC, here’s all you need to know about the network

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AI as a Service to free speech platforms and social commerce, these are the big emerging trends of 2023

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