ONDC : Following UPI, India is preparing for another digital revolution, this time in e-commerce.

ONDC India is a network that allows you to access your beloved Amazon, Flipkart, Ola, Uber, Swiggy, Zomato, Blinkit, and even your local Kirana store - all in one spot. Welcome to ONDC, or the Open Network for Digital Commerce, which has been dubbed India's "next big digital revolution."

According to a report by the American consulting firm McKinsey, the government-backed Open Network for Digital Commerce (ONDC) has the potential to expand India's digital consumption by five times to roughly $340 billion by 2030.

"With ONDC, India could outperform expectations in terms of digital commerce growth and possibilities." The network could develop into a hub for new connections, spurring ongoing innovation and progress. However, there are numerous challenges to overcome in order for ONDC to scale and achieve greater momentum for success, according to McKinsey's report.

One of the issues is a lack of digital simplicity for both buyers and merchants. When compared to traditional shopping channels, the low trust factor was also a deterrent. Fears of dangerous online commerce and negative unit economics on platforms like these also deter individuals from transacting online, according to the survey.

Some key discoveries include:

• Consumption of digital products and services would rise from $60-$70 billion in FY22 to $320-$340 billion by FY30.
• ONDC will also help to increase the number of digital transacting consumers by three to four times during the same timeframe, from 165-190 million to 450-500 million users.
• Only about 6% of all micro, small, and medium-sized enterprises (MSMEs) actively sell on e-commerce platforms, or about five to six million of them.
• By FY30, this base is probably going to increase by a factor of six to seven thanks to the ONDC's suggestions, reaching 30–40 million.
• Small businesses from a variety of industries, including grocery, mobility, fashion and lifestyle, hospitality, and others, are likely to benefit from ONDC's reach, which aims to increase the penetration of e-commerce to 25% over the next two years from its current level of around 4-5% by reaching 900 million buyers and having 1.2 million sellers.