Connect with us

Business

What Is ONDC, India’s Project for an Open E-commerce Network?

Avatar

Published

on

(C) Reuters. FILE PHOTO: A shipment moves on a conveyor belt at an Amazon Fulfillment Centre (BLR7) on the outskirts of Bengaluru, India, September 18, 2018. REUTERS/ Abhishek N. Chinnappa

NEW DELHI (Reuters) – India’s government in April launched its Open Network For Digital Commerce (ONDC) as a prospective alternative to dominant global giants Amazon.com (NASDAQ:AMZN) and Walmart (NYSE:WMT) in its fast-growing e-commerce market.

Here is a description of the different moving parts of ONDC.

WHAT IS ONDC?

ONDC is a non-profit company whose network will enable the display of products and services from all participating e-commerce platforms in search results across all apps on the network.

For example, if both Amazon and Walmart’s Flipkart integrate their platforms with ONDC, a user searching for a Bluetooth headset on Amazon would also see results from Flipkart on the Amazon app.

WHAT ARE ONDC’S TRANSACTION TARGETS?

ONDC aims to raise e-commerce penetration in the next two years to 25% of India’s consumer purchases, from nearly 8% now, in a country of 1.35 billion people.

It also hopes to sign up 900 million buyers and 1.2 million sellers on the shared network within the next five years, while achieving gross merchandise value of $48 billion.

The government estimates that India’s e-commerce market was worth more than $55 billion in gross merchandise value in 2021 and will grow to $350 billion by the end of this decade. Currently, Amazon and Walmart’s Flipkart control more than 60% of the market.

HOW DOES ONDC AIM TO BOOST COMPETITION?

The government says existing platforms work in silos and are tightly controlled, keeping out many small players. It expects ONDC to increase competition and foster innovation by start-ups.

It also hopes to bring in logistics firms and others who can collaborate with sellers to deliver products to customers.

The focus would be on small merchants and rural consumers, with apps in Indian languages.

ONDC officials liken the network to a mall with 1,000 gates instead of just two, thereby limiting opportunities for selected sellers to receive preferential treatment – a common accusation against major e-commerce companies.

Users will be able to rate service providers on ONDC, which will be applicable and visible across the network.

The government says ONDC will help to end “predatory pricing, especially in high-margin, high-value products”. Amazon and Flipkart deny that they have engaged in predatory pricing.

WHAT CHALLENGES DOES ONDC FACE?

ONDC aims mainly to tap millions of small businesses that often lack technological expertise, so the government will have to run a massive awareness campaign to get them on board, said the Confederation of All India Traders, a group that represents 80 million such businesses.

Smaller businesses with low volumes may also lack the resources to match the discounts offered by heavyweights like Amazon and Flipkart.

What is ONDC, India’s project for an open e-commerce network?

Read More

Article: investing.com

Business

Israel Hits Gaza After Rocket Fire Despite U.S. Appeal for Calm

Avatar

Published

on

By

Israel says it intercepted rocket fired from Gaza By Reuters

Breaking News

‘;

World 8 hours ago (Feb 01, 2023 01:20PM ET)

JERUSALEM (Reuters) – The Israeli military said a rocket launched from Gaza was intercepted on Wednesday, a day after the United States appealed to all sides to calm escalating violence in Israel and the occupied West Bank.

Israel’s ambulance service said one woman slipped and fell while running to a shelter but no damage was reported. There was no claim of responsibility from either Hamas, the Islamist group that runs the Gaza Strip, or the smaller Iran-backed Islamic Jihad movement which fired rockets at Israel last week.

But the rocket launch underlined the tensions between Israel and the Palestinians after a Palestinian gunman shot dead seven people outside a synagogue in Jerusalem and an Israeli raid in a West Bank refugee camp in which 10 Palestinians were killed.

U.S. Secretary of State Antony Blinken urged calm on both sides during a visit to the region on Tuesday, in which he reaffirmed Washington’s support for a two-state solution to the decades-long conflict.

In a tweet sent after the rocket launch, Israel’s hardline National Security Minister Itamar Ben-Gvir, who oversees prisons, said he would push ahead with plans to toughen conditions for Palestinian prisoners.

“The rocket fire from Gaza will not stop me from continuing efforts to cancel summer camp conditions for murderous terrorists,” he said, adding that he had asked the security cabinet to convene.

Israel has been carrying out near-daily raids in the West Bank since a spate of deadly attacks by Palestinians in Israel last year, leading to a bloody January for Palestinians in which 35 were people, militants and civilians, were killed.

Israel says it intercepted rocket fired from Gaza

Our Apps



Terms And Conditions
Privacy Policy
Risk Warning

(C) 2007-2023 Fusion Media Limited. All Rights Reserved.

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.

Read More

Continue Reading

Business

South Korea Vows Support for Exporters As Economy Shrinks

Avatar

Published

on

By

South Korean economy shrinks in Q4 for first time in 2-1/2 years By Reuters

Breaking News

‘;

Economic Indicators 5 minutes ago (Jan 25, 2023 06:33PM ET)

(C) Reuters. FILE PHOTO: The skyline of central Seoul is seen during a foggy day in Seoul March 4, 2015. REUTERS/Kim Hong-Ji

SEOUL (Reuters) – South Korea’s economy contracted in the final quarter of 2022 for the first time in 2-1/2 years, as a post-pandemic spending spree faded and global trade tumbled, central bank estimates showed on Thursday.

Gross domestic product (GDP) shrank 0.4% in the October-December period from the previous quarter, the Bank of Korea estimated, after a 0.3% gain in the July-September quarter. Economists in a Reuters poll had expected a 0.3% fall.

Leading the first GDP decline since the second quarter of 2020 were losses of 5.8% in exports and 0.4% in private consumption, whereas government spending posted a sharp 3.2% increase, the central bank estimates showed.

Fourth-quarter 2022 GDP was 1.4% higher than a year earlier, compared with a 3.1% annual gain seen in the third quarter and the 1.5% forecast in the poll.

The central bank estimated that in 2022 the full-year value of the economy, Asia’s fourth-largest, had been 2.6% larger than in 2021, when it showed growth of 4.1%. The average growth in full-year GDP for 2017 to 2021 was 2.3% a year.

The central bank’s latest growth forecast for 2023 full-year GDP is 1.7%, but its warning this month that it might downgrade that outlook prompted investors to bet that its Jan. 13 interest rate rise had marked the end of a tightening cycle that began in August 2021.

South Koreans spent heavily on consumption after pandemic controls were removed by early 2022, but spending behaviour has since returned to more normal levels. This has occurred just as demand for South Korean exports has declined with the weakening of foreign economies subject to interest rate rises aimed at containing inflation.

South Korean economy shrinks in Q4 for first time in 2-1/2 years

Our Apps



Terms And Conditions
Privacy Policy
Risk Warning

(C) 2007-2023 Fusion Media Limited. All Rights Reserved.

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.

Read More

Article: investing.com

Continue Reading

Business

Musk Says China Rivals ‘work Hardest, Smartest’

Avatar

Published

on

By

Musk says China rivals ‘work hardest, smartest’ By Reuters

Breaking News

‘;

Stock Markets 11 minutes ago (Jan 25, 2023 09:46PM ET)

2/2
(C) Reuters. A Tesla supercharging station is seen in the early morning sun, in Kettleman City, California, U.S., January 25, 2023. REUTERS/Mike Blake
2/2

(Reuters) – Detroit? Nope. Germany? Nein. Elon Musk sees the toughest competition for Tesla (NASDAQ:TSLA) in China, home of the company he expects “most likely to be second” in electric vehicles.

China is Tesla Inc’s second-largest market – accounted for about two-thirds of all electric vehicles sales globally in 2022 – and the home of Tesla’s biggest plant.

It’s also a market that has embraced EVs and is replete with rivals competing on style and price, including Xpeng (NYSE:XPEV), Nio (NYSE:NIO) and BYD Co (OTC:BYDDF) Ltd.

Releasing financial results on Wednesday, Tesla said they showed recent deep price cuts were stimulating demand, and that the company is cutting costs with a view to growing through what Musk expects will be a recession this year.

Asked about Tesla’s competition, Musk responded that he respected car companies in China, calling it the most competitive market in the world. Musk did not identify any Chinese automakers by name.

“They work the hardest and they work the smartest,” he said. “And so we guess, there is probably some company out of China as the most likely to be second to Tesla.”

Tesla recently promoted China chief Tom Zhu to run U.S. factories and sales in North America and Europe, Reuters has reported.

“Our team is winning in China. And think we actually are able to attract the best talent in China. So hopefully that continues.”

Tesla has cut prices in response to growing competition and slowing demand in China, followed by cuts in the United States and other markets.

Musk has praised Chinese workers and competitors before.

In 2021, he called Chinese automakers the “most competitive in the world,” saying some of them are very good at software. He also said Chinese workers had been “burning the 3 a.m. oil” to keep Tesla’s factories running during COVID lockdowns last year.

Musk says China rivals ‘work hardest, smartest’

Our Apps



Terms And Conditions
Privacy Policy
Risk Warning

(C) 2007-2023 Fusion Media Limited. All Rights Reserved.

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.

Read More

Source Here: investing.com

Continue Reading

Trending

EZA.io