Learn all about the ONDC, what it is, and how it works. Discover how this innovation can benefit you and your daily life. Read on to find out more. The country’s e-commerce market has grown rapidly in recent years. It has drastically altered both the business dynamics and the average consumer’s consumption pattern. Amazon and Flipkart are undoubtedly the market leaders in this space. However, the government has been attempting to break its duopoly for quite some time. This has given birth to the novel concept of ONDC, which is hailed as India’s next UPI moment. What is ONDC? Is ONDC a government-owned business? Stakeholders in ONDC include who? Open Network for Digital Commerce, also known as ONDC, is a section 8 incorporated non-profit organization in India. It is a project of the Ministry of Commerce and Industry’s Department of Promotion of Industry and Internal Trade. It aims to give everyone who participates in the e-commerce industry a level playing field. It will act as a common platform for standardizing the logistics, operations, and supply value chain, encompassing suppliers from all regions of the nation. Establishing an open network for them, will significantly boost the nation’s e-commerce industry and assist in integrating customers and suppliers from all over the country. How Does It Work? The need for a common platform became apparent when small-scale direct-to-consumer businesses were largely excluded from the e-commerce space, despite the fact that this industry is expected to grow at a rate of 20% annually. Small Kirana stores and other small businesses make up 80% of the nation’s retail space but are unable to take advantage of the e-commerce boom due to a lack of knowledge, resources, or scale. The ONDC will operate as an open network where it won’t be a single platform like Amazon or Flipkart but rather a gateway that allows buyers and sellers from various platforms to connect. The ONDC buyer app and ONDC seller-side app with a gateway between the two that connects them will be the central components of this interface. The gateway will serve as a connecting thread to enable price discovery as well as the matching of buyers and sellers based on factors such as accessibility, location, customer preferences, and availability. Read More:-9 Simple Hacks for Entrepreneurial Success An organization that wants to participate in ONDC must fulfill one or more of the following roles in addition to being buyers and sellers: This strategy will give buyers and sellers the freedom to select which apps they want to use to access a single network rather than consolidating power with a small number of players. Additionally, it will minimize the involvement of the government. The ONDC is not only for the retail industry. Any digital transaction between a buyer and a seller for goods or services, including wholesale, mobility, food delivery, logistics, travel, and urban services, is intended to be made easier by this. Additionally, business-to-business transactions will be covered. Key Features of ONDC An open and dependable cross-industry platform for digital commerce is what the ONDC (open Network for Digital Commerce) aims to create. The platform’s key characteristics are as follows: With these cutting-edge features, ONDC is ready to revolutionize the retail sector by expanding market access and lowering customer acquisition costs. Additionally, as new members join this Network, they automatically have access to all of its benefits, so you never have to worry about missing out! Read Also:-3 Strategies to Continue Leading in Your Field Is ONDC a government-owned business? Stakeholders in ONDC include who? With numerous names already joining this initiative, the ONDC platform has already generated a lot of buzz. 20 government and private organizations have confirmed investments totaling Rs. 2.55 billion through the platform. The ONDC initiative includes many well-known figures from the banking industry. These companies have significant stakes in ONDC, including HDFC, Kotak Mahindra, Axis Bank, State Bank of India (SBI), and Punjab National Bank (PNB). This stake, which consists of 10 lakh equity shares with a face value of Rs. 100 each and an individual investment of roughly Rs. 100 million (US$1.3 million), was reportedly acquired by these private sector banks as well as SBI. PNB also disclosed its intentions to purchase a 9.5% stake in ONDC in November 2021. Existing e-commerce behemoth Flipkart has joined forces with its logistics division eKart Logistics in response to the increased push towards the homegrown ONDC platform. Dunzo is another well-known brand in the logistics industry. As a payment gateway or payment service provider, PhonePe is a part of ONDC. The platform also has a large number of partners who provide buyer and seller interfaces. The sellers’ side includes companies like eSamudaay, ERP player Gofrugal, a digital business platform for enterprise business Digiit, and digital marketing outfit Growth Falcon, whereas PayTM is from the buyers’ side interface. What sets ONDC apart from companies like Amazon, Flipkart, etc.? The ONDC platform differs in a number of ways from large marketplaces like Amazon and Flipkart. Let’s take a quick look at them: For all sellers who believed that selling on monopolistic, massive marketplaces were the only way to break into the Indian e-commerce market, ONDC has unquestionably changed the rules of the game. How can I sell on the ONDC platform? With a powerful ONDC seller app like Mystore, you can quickly begin selling on the platform. The Mystore Seller app is made to support companies in all sectors. Sellers must adhere to the following 5 easy steps: Any seller can sell on ONDC and expand his business to new heights in just these 5 easy steps. ONDC: Conclusion The ONDC move is an effort to break up Amazon and Flipkart’s duopoly and revolutionize the e-commerce industry. Due to their significant capital and R&D investments in this industry, along with those of other retail e-commerce giants like Reliance and Tata Group, it is understandable that they did not support this initiative. However, according to the government, the e-commerce industry must be open, transparent, and fully
3 Strategies to Continue Leading in Your Field: Tips for Success
Learn 3 Strategies to Continue Leading in Your Field and stay ahead of the competition. This article provides insights on how to stay on top of your game. It takes effort to remain at the top of your field. Many people have this goal, but they don’t always succeed in achieving it. However, mastery is more about your willingness to alter how you view success than it is about the skills you currently possess. The majority of professionals associate success with achieving mastery, but there are a number of ways to do so. You can get there by developing skills in areas of natural curiosity. Another strategy is to come up with a successful business concept and stick with it until it succeeds. It’s true that some become successful by following their passions. Oprah Winfrey, Mark Zuckerberg, and Steve Wozniak are examples of how to channel ambition into a successful career. However, not everyone finds it simple to advance in their careers. Early failures may be interpreted as a cue to change careers. Maybe you think it’s wrong for you to work if you occasionally lose interest in it. Or perhaps you experience burnout, which the 2022-2023 Aflac Workforces Report claims affect 59% of American workers. These uneasy emotions aren’t always caused for giving up, even though they can occasionally lead to more satisfying career choices. Even those at the top of their games experience setbacks. Michael Jordan, who is renowned for his exceptional court skills, acknowledges that he has missed more than 9,000 shots. To succeed and remain there, one must possess a never-ending sense of curiosity. Here are a few ways you can begin applying this strategy to your professional life. 3 Strategies to Continue Leading in Your Field 1. Develop a growth mindset Those who remain at the top of their fields are constantly learning. They are eager to learn. And they want to learn what they don’t know in order to improve their skills. High achievers rarely believe they know everything about an industry, individual role, or task. Their education can take place either in the classroom or in the real world. Nonetheless, they actively seek learning opportunities by observing others, analyzing their mistakes, and questioning them. These techniques are part of a growth mindset, which holds that abilities can change. A fixed mindset, on the other hand, states that your skills do not change. You are born with a certain level of intelligence that cannot be increased. Or you (do) not inherit talents like writing, and no amount of practice will help. Don’t worry if you recognize the characteristics of a fixed mindset. Many people fall victim to this way of thinking because of how success appears from the outside. Consider a singer who becomes famous overnight when their single hits number one. Most people do not see the years of hard work that preceded the crowning achievement. Every night, the now-famous singer practiced, sang in countless dive bars, and sought out industry connections. Read More:- 9 Simple Hacks for Entrepreneurial Success You can do the same if you have a growth mindset. Perhaps your ambitions are not as lofty as becoming a top 40 recording artist. However, adopting the mindset that you can learn to be good at what appears to be impossible today will get you further. While you cannot always control the outcome, you can be inspired by the process of learning. 2. Focus on the present High achievers are known for their laser-like focus. They are unconcerned about what occurred earlier in the day or what may occur later. What is most important is the current task. And they give it their all, concentrating on what they need to do now to succeed. According to Dr. Benjamin G. Domb of the American Hip Institute, worrying about things other than the present causes a lot of stress. Consider this. How many times have you become preoccupied with what comes next? It can be unsettling to consider what you’re going to cook for dinner, where you’ll be in your career in five years, or what your family dynamic will be like. It is critical to ignore those spiraling thoughts in order to overcome the distraction and indecision caused by anxiety. One of the best aspects of being a surgeon, according to Domb, is the requirement for intense focus on the present. Distractions simply do not exist. Make a habit of anchoring yourself to the present moment to cultivate the focused flow state of a high performer. You can accomplish this by paying attention to your surroundings, limiting distractions such as social media, and focusing on one task at a time rather than multitasking. At first, the benefits of increased focus may be minor, such as determining why a project isn’t getting off the ground. Staying in the moment can pay off in the long run by allowing you to excel at tasks that are important in the big picture. 3. Find a mentor It’s common knowledge that “it’s lonely at the top.” The adage might have a grain of truth to it. Traditional corporate hierarchies have a tendency to have fewer people in them. Usually, there is more space as you move down the organizational chart. However, depending on the objectives you set for yourself, your definition of career success will be different. You might not have an executive position on your radar. Instead, you want to excel at your current position. Maybe you’ve started a side business with the intention of turning it into a full-time career. There’s a good chance that you’ll gain from other people’s experiences who have gone through what you are. No matter what your career goals are, it is more difficult to reach them when you try to do it alone. You’re relying on a limited understanding and viewpoint. Until you encounter obstacles, you might not be aware of what you don’t know. Your learning curve can be sped up and you can get pointed in the right direction