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ICICI Securities Report
We believe Open Network for Digital Commerce is likely to be a creative disruptor in the e-commerce space in India over the medium term; however, the ramping up of the network to cover different facets of the e-commerce ecosystem is likely to take two-three years.
As of now, we believe ONDC is creating a hyperlocal marketplace focused on food delivery and grocery retail. We believe food delivery could help scale ONDC in the initial phase (CY23) as the business model is more amenable to hyperlocal delivery.
Also, transactions on food delivery apps are driven by restaurant brands and not just the platform. This, in our view, increases the likelihood of a customer ordering food through an ONDC buyer app compared to that for a customer trying to buy a branded smartphone.
We believe the trust on the platform is key to driving the latter transaction.
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