Open Network for Digital Commerce (ONDC) has introduced business-to-business (B2B) transactions on its government-backed e-commerce network. This initiative will let businesses connect directly with other businesses for wholesale trade.
What Happened? ONDC aims to use this open network to help businesses conquer challenges and take advantage of B2B commerce opportunities. This could allow businesses to reach more customers, form new partnerships, and explore new markets.
In addition, the shift to the open network will help businesses transition from mostly offline operations to online, unlocking new growth opportunities.
T Koshy, MD & CEO of ONDC, commented on the launch, saying that this B2B-enabled open network would bring a new era of e-commerce that helps businesses overcome their previous challenges.
The first B2B transaction on the network happened on May 21 at an event in Bengaluru. Here, retail tech company SignCatch and B2B trade platform Rapidor conducted the first-ever B2B transaction on the ONDC platform.
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By integrating their respective B2B buyer and seller platforms on the ONDC, SignCatch and Rapidor hope to streamline transactions between buyers and sellers, particularly small and medium-sized enterprises (SMEs).
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