SHOPX, India’s largest and fastest-growing digital offline platform, today announced the launch of ‘SHOPX Suvidha’, a credit marketplace for fueling the digital retail economy in IndiaSHOPX is pioneering a new e-commerce model that can be bigger than the traditional Amazon-styled model in emerging economies like India, and it operates through the 12 million mom-and-pop stores spread throughout the country. The new credit marketplace introduced by SHOPX will provide an access to formal and easy credit for SHOPX retailers. Through its banking and, SHOPX can extend Rs. 100 Crore of loans- this capital acts as a force multiplier in the retail consumption space. SHOPX will offer competitive interest rates of 1.5-2% per month through an easy and hassle-free process along with easy repayment terms. A large portion of the retail trade is dominated by small retailers, however, most of them do not have access to formal credit options. As per the recent NBFC partners reports, small size of loans, high underwriting, transaction and acquisition costs, lack of collaterals are some of the key deterrents for financial institutions to offer loans. Additionally, lack of a formal credit rating and perceived high risk leads to further complexities. Absence of formal credit facilities have compelled small retailers to opt informal sources of credit, which are expensive, restrictive, and not available to everyone. To simplify and enable easy credit assurance, SHOPX has formed a unique e-commerce model in partnership with local kirana and telecom stores. With SHOPX’s unique “Digital Offline” model, small retailers will be able to create their “credit profile” by leveraging their demographic and transaction data with SHOPX. Retailers can apply for a credit through three easy steps using the SHOPX app. This will allow SHOPX retailers to get faster credit, competitive interest rates, and easy repayment terms. On the other hand, banks and NBFCs can leverage the same data to offer credit to SHOPX retailers. 

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Commenting on the launch of the new offering, Amit Sharma, CEO, and Co-Founder, SHOPX said, “Small retailers form an integral part of the Indian economy; however, they are mostly underserved by formal lending institutions. Factors like non-availability of reliable credit history have so far hindered their growth and scalability. With easy access to credit at competitive rates and hassle-free repayment terms under SHOPX Suvidha, we aim to empower these small retailers to fulfil their growth aspirations. We believe that SHOPX Suvidha will act as a catalyst in building an organized credit ecosystem and play a pivotal role in organizing the unorganized retail ecosystem in India. SHOPX Suvidha is yet another step in our vision to build an alternate e-commerce ecosystem based on the “Digital Offline” model.” “We are confident that the new initiative will find wide acceptance among our 45,000 plus retailer base across 230 towns and accelerate their growth," he further added. SHOPX is backed by strategic investor Nandan Nilekani, and mentors including Jagdish Kini [former CEO, Airtel (South Region), Managing Director, Gillette India], and Pramod Varma [former Chief Architect, UIDAI Aadhar Project, CTO Sterling Commerce] and advisor B.S. Nagesh [Founder of TRRAIN]. Within 24 months of its launch, SHOPX has empowered 45,000 plus small retailers in 230 towns across 10 states in the South and West of India; serving more than 3 million customers. SHOPX aims to provide the 400 million middle-income population in India (as against the current 50 million active Internet buyer base) access to e-commerce through its retailer network.


About SHOPXBangalore-based SHOPX is India’s fastest growing digital offline platform, which provides significant benefits to retailers across India. Their proprietary technology, when partnered with a retailer, transforms the retailer into a technology-enabled platform. This allows him to service many customers in more engaging ways. The retailer has access to new products, new services, and platform services (like credit and payments). With this approach, the company is helping to expand the overall addressable digital commerce market size significantly.


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