E-commerce experts propose the introduction of an open network

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The country’s top e-commerce experts on Saturday proposed the formation of an Open Digital Commerce Network (ONDC) to level the playing field for all market participants.

Many countries are adopting ONDC to democratize digital commerce, moving it from platform-centric models like Amazon to an open network.

“ONDC can allow more sellers to be digitally visible, and the transactions are executed over an open network,” experts said adding the system could empower merchants and consumers by breaking the silos in place today.

It will eventually affect every business, from retail goods to groceries to mobility, they added.

At a workshop organized by BASIS, speakers said ONDC will revolutionize the e-commerce sector.

ONDC is a system that allows everyone involved in digital commerce to communicate with each other using a common protocol. It paves the way for small and medium-sized e-commerce businesses to grow their businesses, they added.

“The main goal of the ONDC network is to ensure that small and medium-sized online platforms are not outperformed by large platforms,” ​​said BASIS President Russel T. Ahmed.

“The government and the private sector should work together to implement ONDC in Bangladesh,” he said, assuring that BASIS would provide technical assistance to the Ministry of Commerce and Bangladesh Bank in this regard.

Mezbaul Huq, general manager of Bangladesh Bank’s payments division, said the credibility of the entire sector took a nosedive due to the misdeeds of some e-commerce platforms.

He ensured Bangladesh Bank is working to restore credibility to the e-commerce sector.

The head of the Ministry of Commerce’s e-commerce cell, Mohammed Hafizur Rahman, who was the program’s main guest, said the ONDC network can play a crucial role in protecting small and medium-sized online entrepreneurs.

The Commerce Ministry will formulate guidelines for the implementation of ONDC in Bangladesh, taking into account other countries’ best practices, he said.

T Koshy, CEO of ONDC, India, presented the policy paper at the workshop.

Mr. Koshy, who is, said that through this platform, the ONGC network has spread to many countries, and all e-commerce players can communicate with each other.

Former President of BASIS Fahim Mashroor, Vice President of FBCCI Amin Hiali, CEO of Pathao Fahim Ahmed, Head of Master Card Bangladesh Syed Mohammed Kamal
also spoke on the occasion.

A consumer searching for a product can see the seller’s location and decide to purchase from the convenience store, which can deliver faster than an e-commerce company. This can encourage hyperlocal delivery of goods, e.g. B. Groceries directly from the seller to the consumer.

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