BENGALURU, India, Aug. 4, 2022 /PRNewswire/ -- Innoviti - one of India's largest Collaborative Commerce platforms announced today that it has signed up to join the ONDC Network and is in the process of completing the technical integration. Innoviti helps businesses to grow faster with lesser efforts by turning payment transactions into new and unique purchase tools that urge their consumers to buy better products and more products. Innoviti processes digital purchases of Rs. 75,000 Cr. annually from across 2000+ cities.
ONDC Network will help millions of small sellers participate in the digital revolution by connecting them to millions of digital consumers. At the same time, it also helps consumers access more sellers through an open network, democratizing the digital marketplace to enable best purchase connections between buyers and sellers.
However, to compete effectively small sellers may need digital tools like what mature e-commerce marketplaces can provide. Tools such as zero-cost EMI, cashbacks and upgrade offers funded through banks and brands are the mainstay for large e-commerce marketplaces to drive sales.
Innoviti through its collaborative commerce platform hopes to address this problem of co-funded offers for small sellers. Through its seller app integrated with the ONDC Network, Innoviti will help the sellers not only publish their products onto the Network to be visible to all buyer apps, but also help sellers associate with products attractive purchase tools co-funded by banks and brands that can help them sell more. This will help to create a level playing field for small sellers, enhancing the chances of conversion while reducing the conversion cost.
Speaking on the occasion, Rajeev Agrawal, Founder and CEO of Innoviti said, "Innoviti sees a huge opportunity to unlock access to millions of customers for small merchants by not only improving their discoverability through the ONDC Network, but also by bringing access to purchase offers co-funded by banks and brands, that can help them drive more customers, more sales and more profits than possible otherwise."
T Koshy - CEO ONDC said, "We are delighted to bring Innoviti to ONDC Network. Innoviti's participation in ONDC will help small sellers and their proposal to develop special solutions for such small sellers could be further value addition to help them fully benefit from the Network which may be a challenge with their current constraints."
About Innoviti Payment Solutions Pvt. Ltd., Bangalore, India:
Innoviti Payment Solutions Pvt. Ltd. is one of India's largest Collaborative Commerce Platform, helping diverse businesses such as banks, product brands, and merchants, partner to acquire consumers together. The platform helps these businesses turn payment transactions into attractive purchase tools delivered right at the retail point of sale, urging consumers to buy better products and more products. Innoviti has an "in-principle" Payment Aggregator license from RBI, India's central bank. The company has a dominant share of >70% in providing such purchase solutions to the leading enterprises of India, managing over 10B$ of annual purchases. Bessemer Venture Partners, FMO, Catamaran Ventures, Panthera Growth Partners and Alumni Ventures are investors in the company. The company has four patents, including one US patent and is the winner of Mastercard's Innovation Wizards Award, Reliance's Most Promising Growth Consumer Finance Award and Deloitte Fastest Growing Companies in Asia award. Innoviti is the only Indian payments SaaS company to be awarded the coveted SOC3 seal of excellence for adherence to principles of trust in privacy, security, confidentiality, availability, and processing of transactions. The company is Great Place to Work certified and strives to create a workplace where people can learn more to earn more.
For more information click: http://www.innoviti.com
Open Network for Digital Commerce (ONDC) is an initiative aiming at promoting open networks for all aspects of exchange of goods and services over digital or electronic networks. ONDC is to be based on open-sourced methodology, using open specifications and open network protocols independent of any specific platform. ONDC is expected to make e-Commerce more inclusive and accessible for consumers. Consumers can potentially discover any seller, product or service by using any compatible application or platform, thus increasing freedom of choice for consumers. It will enable the consumers to match demand with the optimum available supply. This would also give consumers the liberty to choose their preferred local businesses. Thus, ONDC would standardize operations, promote inclusion of local suppliers, drive efficiencies in logistics and lead to enhancement of value for consumers.
For more information click: https://ondc.org