Sheroes offers social commerce, credit; aims to become 100 mn women network

Sheroes, a women's community platform, said it would now enable peer-to-peer social commerce and credit to women on its network. Viewed as the next "billion-dollar" opportunity for India, social commerce is projected to be an emerging sector, with platforms like Poshmark redefining global buyer, seller behaviour and consumption. 

Founded in 2014 by entrepreneur Sairee Chahal, Sheroes network has become one of the largest employment generators for women in the country. Its users engage in multiple ways on the platform – buying and selling products and services, finding work and seeking advice. The other engagements include posting content, building their communities, and growing their personal and professional networks. 

Almost 2,50,000 women are members of Sheroes Bazaar, a peer-to-peer social commerce community on the platform. Sheroes said the peer-to-peer social commerce is booming as more and more women from Tier 2 cities and beyond, get online. The presence of over 70 per cent of Sheroes users outside Tier 1 cities as well as access to the platform in multiple languages, expands the spectrum of women who can transact and conduct business online. Resellers, owners of small businesses, entrepreneurs and service providers are all leveraging Sheroes platform to boost their identities as businesswomen via social commerce opportunity called Sheco. The organisation said users are leveraging Sheco to gain access to training, support and the tools to become successful entrepreneurs.

To further support Sheco businesswomen, the firm aims to bring the offline model of microloans via cooperatives and microfinance companies, online. According to multiple reports, the percentage of women microfinance defaulters is around 1 per cent while this figure is much higher for men. Also, women leverage loans to create value by setting up small businesses, generating employment and funding education and upskilling. 

In the next 3 years, Sheroes said it aims to be the largest digital lender of microloans to women. The organisation said its users with mobile phones and bank accounts or UPI accounts - who don’t have credit scores but have been actively building their Sheroes profiles - are potential borrowers. They comprise micro-entrepreneurs, home chefs, beauty parlour owners, handicraft makers, resellers and other service providers.

Sheroes said the financial independence and entrepreneurship are big themes for the organisation as it builds a social network to support 270 million women who have come online in the last two years in India. By the end of 2020, Sheroes aims to become a network of 100 million members. The network also offers a chat-based counselling helpline, mentorship, resources and other opportunities.