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ONDC Slashes Network Partner Incentives By More Than 80% Ahead Of The Festive Season
Inc42
·
11m ago
Medial
The state-backed network has reduced incentives for its participants by 84%, lowering the maximum limit from INR 2.5 Cr to INR 40 Lakh. The cumulative subsidy given to the buyer side app, seller side app, and logistics platform has also been capped at INR 40. Participants with over 3 Lakh orders in the previous month are no longer eligible for incentives.
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Festive season begins with a bang: quick commerce sees jump in sales
Economic Times
·
1y ago
Medial
Blinkit and Zepto, quick commerce platforms, are experiencing higher sales and expanding their product assortment in preparation for the upcoming festive season. These platforms are doubling their stock keeping units (SKUs) to offer a wider range of goods to consumers during the festive season. Ahead of Rakshabandhan, Blinkit CEO stated that they were selling 693 rakhis per minute. Zepto aims to deliver 3.5 million orders leading up to Rakshabandhan. Discounts and incentives are being provided, and international orders have been activated. More demand for gifting, snacking, and personal care products is expected during this festive season.
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ONDC introduces bonuses of up to Rs 35 lakh per week for buyer-side apps ahead of festive season
Money Control
·
1y ago
Medial
Ahead of the festive season sales, Open Network for Digital Commerce (ONDC) has introduced bonuses of up to Rs 35 lakh per week for buyer-side platforms that can achieve specific order volume milestones. The scheme is graded, starting from Rs 5 lakh for 50,000 orders per week. Additionally, ONDC has increased the maximum number of discounts available to consumers from 2 to 5 per week. The government-backed network aims to reduce the dominance of major e-commerce platforms and hopes to reach 900 million buyers and 1.2 million sellers in the next two years.
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ONDC mulls subsidy comeback amid slowdown in food delivery - The Economic Times
Economic Times
·
1m ago
Medial
The Open Network for Digital Commerce (ONDC) is considering reviving incentives worth Rs 100-150 crore for food delivery firms, reversing its earlier decision to stop subsidies. This move aims to counteract the dominance of Zomato and Swiggy by attracting 80-100 million orders. Despite high commission fees, ONDC, with 10-11% commissions, struggled to scale due to logistical issues. The incentives could boost ONDC's volume growth temporarily in the price-sensitive customer segment.
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Survey flags ONDC growing pains: 35% users cite poor service, 54% say it’s clunky
Business Today
·
4m ago
Medial
India's Open Network for Digital Commerce (ONDC), created to be the UPI of e-commerce, faces growing pains and mixed reviews. Despite a 20% increase in users, only 15% utilized ONDC this fiscal year. A LocalCircles survey highlights that 54% of users find it cumbersome, with 35% noting poor customer service. Although 62% see better value on ONDC, issues remain due to reduced incentives and partner exits, leading to declining order volumes.
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Google Slashes Prices For Maps APIs For Indian Developers
Inc42
·
1y ago
Medial
Google has revealed plans to make its maps platform more affordable for Indian developers, reducing costs by up to 70% compared to other APIs. The tech giant will also introduce India-specific pricing and accept payments in Indian rupees. Additionally, Google has partnered with the Open Network for Digital Commerce (ONDC) to offer developers building apps on the state-backed network a discount of up to 90% on select Google Maps APIs.
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India vs Pakistan: ONDC scores more than 65,000 retail orders on match day
Economic Times
·
1y ago
Medial
During the India-Pakistan match, the government-backed Open Network for Digital Commerce (ONDC) received a record-breaking 65,400 retail orders from 600 cities in a single day. The food and beverages sector accounted for 47% of these orders, with fashion, electronics, grocery, and other categories also contributing to the surge. Multiple buyer apps, special offers, and the festive season of Navratri were cited as factors driving the increase in orders. The network currently has over 40,000 live sellers across 200 cities.
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ONDC Looks To Onboard News Media Platforms On The Network
Inc42
·
1y ago
Medial
The Open Network for Digital Commerce (ONDC) is reportedly seeking to onboard news media platforms to its state-backed network. Dainik Jagran, the digital arm of Hindi media giant, is said to be in advanced integration stages with ONDC. The network is pitching that media platforms can generate more value by facilitating ecommerce transactions rather than solely relying on advertising. This move comes as news platforms have complained about tech giants' dominance in the news aggregation space. ONDC aims to attract new users and expand its network by adding new offerings and partners.
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Exclusive: Now, KFC Marks ONDC Foray With Pilot In Gurugram
Inc42
·
1y ago
Medial
KFC has partnered with Magicpin to enhance its tech integration, catalogue assortments, and logistics capabilities. A pilot program is being conducted in Gurugram, and over 1,000 KFC stores are expected to join ONDC within a month. This collaboration comes as ONDC plans to reduce incentives for network participants by 75%.
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McDonald’s North & East Joins
Inc42
·
1y ago
Medial
McDonald's India North & East has joined the government-backed open network for digital commerce (ONDC) to enhance accessibility for its customers. Through this partnership, McDonald's products will be available across ONDC buyers' applications. The move follows Domino's Pizza joining ONDC in January. ONDC is an open network launched in 2022, aiming to eliminate the existing closed network of digital commerce and allow small businesses to participate. It offers a cheaper alternative to food delivery platforms like Swiggy and Zomato, with commissions around the single-digit range. However, sustainability concerns have been raised regarding the network's price incentives.
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Banks' credit growth edges past deposits ahead of Ganesh Chaturthi
Economic Times
·
9d ago
Medial
Banks in India experienced credit growth surpassing deposit growth ahead of the festival season starting with Ganesh Chaturthi. By August 8, credit growth was 10.22%, slightly higher than the 10.05% deposit growth. The slowdown from last year's 13.7% credit growth can be attributed to a high base effect and reduced demand across sectors. Bankers anticipate better credit growth in the second quarter due to festive demand, following a sluggish start to the fiscal year.
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