Deloitte India's whitepaper delves into the significance of India's Open Network for Digital Commerce (ONDC) in democratizing e-commerce for MSMEs. Key areas where ONDC can benefit MSMEs include: 1. **Transforming Demand and Supply Networks**: ONDC offers cost-effective and efficient connections for brands, retailers, and MSMEs, allowing them to connect with customers and expand their businesses. 2. **Opening New Markets for Financial Institutions**: ONDC is set to digitize SME data, enabling financial institutions to tailor products and services, particularly in tier two, three cities, and rural areas. 3. **Faster KYC and Sharper Credit Models**: Expedited Know Your Customer (KYC) processes are critical for financial participation. ONDC's ecosystem demands efficient, low-cost KYC procedures. 4. **Boosting Credit Card Adoption**: ONDC-generated data can simplify credit assessments, making it more appealing for financial institutions to engage with the MSME community.
Deloitte India's whitepaper delves into the significance of India's Open Network for Digital Commerce (ONDC) in democratizing e-commerce for MSMEs. Key areas where ONDC can benefit MSMEs include: 1. **Transforming Demand and Supply Networks**: ONDC offers cost-effective and efficient connections for brands, retailers, and MSMEs, allowing them to connect with customers and expand their businesses. 2. **Opening New Markets for Financial Institutions**: ONDC is set to digitize SME data, enabling financial institutions to tailor products and services, particularly in tier two, three cities, and rural areas. 3. **Faster KYC and Sharper Credit Models**: Expedited Know Your Customer (KYC) processes are critical for financial participation. ONDC's ecosystem demands efficient, low-cost KYC procedures. 4. **Boosting Credit Card Adoption**: ONDC-generated data can simplify credit assessments, making it more appealing for financial institutions to engage with the MSME community.