Report Wire - DPIIT Secretary: Dynamic pricing, price optimisation key to ONDC

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DPIIT Secretary: Dynamic pricing, price optimisation key to ONDC

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Open Network for Digital Commerce ONDC, e-commerce platforms, Dynamic pricing, inventory management, cost optimisation, Business news, Indian express business news, Indian express, Indian express news, Current Affairs

Dynamic pricing, stock administration and optimisation of supply price might be key to the success of the Open Network for Digital Commerce (ONDC) initiative of the federal government, a senior official stated on Friday.
The ONDC is aimed toward offering a substitute for proprietary e-commerce platforms, in addition to lowering the price of doing enterprise.
“Three important things in ONDC (are) dynamic pricing, inventory management, and optimisation of delivery cost. All these facilities will actually reduce the cost of doing business for everybody,” stated Anurag Jain, Secretary, Department for Promotion of Industry and Internal Trade (DPIIT), throughout the launch of ONDC nationwide rollout technique ‘Reimagining the Future of Digital Commerce with ONDC’.
Jain famous that solely bigger gamers had to this point been capable of benefit from e-commerce.

Anil Aggarwal, Additional Secretary, DPIIT, stated the ONDC would standardise operations such cataloguing, stock administration, order administration, and order fulfilment and permit small companies to make use of “any compatible ONDC app instead of being governed by specific platform-centric policies.”
“So what happens, small businesses would be able to use any compatible ONDC app instead of being governed by specific platform-centric policies and this opens up multiple options to small businesses to be discoverable over the network and conduct their businesses,” Agrawal added.
The authorities has arrange an advisory council, which incorporates Infosys co-founder Nandan Nilekani and National Health Authority Chief Executive Officer RS Sharma, to determine on the steps required to design and speed up adoption of ONDC.

Nilekani stated ONDC would increase the e-commerce market considerably. “I would recommend that everybody get onboard now and participate in the most exciting business transformation happening in the world.”
He additional stated that the protocols being designed for ONDC have been “best in class” and would enable a large set of individuals to inter-operate and contribute.
ONDC, he stated, may also have a lot of public spirited shareholders.  “I am told that there is an enormous interest in investing in ONDC.” Nilekani stated India could have a trillion greenback retail financial system and even when 10-20 per cent of that goes on-line, “we are talking” about $100-200 billion doing on-line.