STUDY ON THE POTENTIAL OF OPEN NETWORK FOR DIGITAL COMMERCE TO FUEL INDIA’S RETAIL REVOLUTION

Abstract

This research is exploratory research. An investigation was done on the potential of open networks for digital trade and the actual role that current platforms are playing in the retail revolution. Retail players entered the digital commerce space as the greatest strategy for surviving the epidemic. Furthermore, the epidemic has caused popular, well-known platforms like Myntra, Amazon, Grofers, Big Basket, JioMart, and others to grow. The country's online retail business is expected to grow from an estimated $55 billion in2021 to $350 billion by 2030 as more Indians conduct their shopping online. Food and apparel are predicted to be the main drivers of growth in the Indian e-commerce sector, which is expected to increase at a 19.24 percent CAGR from $46.20 billion in 2020 to $111.40 billion by 2025. Large international corporations like Amazon, Flipkart, Tata, and Reliance already control the majority of the Indian e-commerce market. The ONDC aims to "curb digital monopolies “by creating new opportunities and providing advice for developing a platform that can be used by all online businesses. By not competing with the present e-commerce companies, ONDC aims to give every player an equal chanceto succeed. China continues to maintain a 45 percent market share of the global e-commerce market, according to one of Goldman Sachs' most recent estimations. Currently, the US and China hold 24% and 20%, respectively, of the global e-commerce sector. This research will explore the viability of an open network for electronic commerce. As a result, both the buyer's and seller's perspectives are considered. E-commerce will soon be more accessible to all clients, giving them the freedom to select their vendor and preferred practices. It is simple to locate small pop-up shops thanks to this open network, which is a significant step towards advancing digital commerce and encouraging creativity. Due to the e-commerce boom, small businesses in India are moving their operations online. Future innovations could have huge advantages for both customers and sellers, such as the ability to find the best pricing in one place and enhanced product visibility. Instead of using a single company or platform to connect buyer, seller, payment, and logistics, open-source standards and protocols will be available.