Publication - YoCharge
Edition - Online
Digital commerce is transforming the world of business, and there’s a need to make it more equal and inclusive for all level of businesses. Further, despite the meteoric growth in recent years, India’s e-commerce sector still has much untapped potential with e-retail penetration at 5-7%. In this article, we brief about ONDC, what changes ONDC aspires to bring in digital commerce & how ONDC can promote interoperability in EV Charging.
State of Digital Commerce in India - India’s digital commerce industry has evolved and picked up significant momentum during the past few years which was further accelerated by compulsions on account of COVID-19. The ongoing digital transformation in fuelled by access to internet connectivity at affordable cost, increase in smartphone penetration and increased investments in the start-up ecosystem, together with government innovations like Unified Payment Interface (UPI) etc. India now has the third-largest online shopper base globally, with 14 crore e-retail shoppers in 2020, only behind China and the US.
The problems with India’s digital commerce infrastructure - On consumer side, still only about ~20% of the internet users in India are shop online. The Gross Merchandising Value (GMV) for the digital commerce retail market in India was ₹2.85 Lakh Crores (US$ 38 billion) in 2020, which is only 4.3% of the total retail GMV in India and well below the e-retail penetration in countries like China (25%), South Korea (26%), and UK (23%). By 2026, digital commerce in the retail sector in India is expected to grow to ₹15 Lakh Crores (US$ 200 billion). However, a much larger problem lies on the supply or seller side.
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