Technology & Business: Empowering Women Entrepreneurs
A large section of the Indian diaspora still struggles with awareness of technology, access to credit and language barriers. The worst-hit are women business owners in inner cities and rural areas who also must fight societal gender barriers
In the past few weeks, Shark Tank, an entrepreneurship-focused show has become hugely popular in India. According to many, the show presents the face of new India – where people across generations and cultures are diving into their passion for starting a successful business. Small businesses and entrepreneurs form one of the largest pillars of the Indian economy. But the representation of women in this space indicates the need for a serious and sustained intervention.
Many women have indeed shunned established norms to run their own businesses. In India, between 13.5 and 15.7 million enterprises are owned by women. But together, they make up only 20% of all firms in India. Women are still expected to be tied to the traditional roles of a wife, a mother, and a caregiver and those who strike out as entrepreneurs work against the grain. And these numbers clearly bring out the need to encourage and empower more women to choose self-dependence through a viable business.
In the last few years, especially during the pandemic, e-commerce in India has seen tremendous growth. Many women in tier 2 and 3 cities have begun to adapt and reap the benefits of selling online. Yet only 25% of direct-to-consumer sellers in India are women. Digital Technology, e-commerce and data has become indispensable for business success. While it is easy for educated, urban folks to adopt and apply these technologies, a large section of the Indian diaspora still struggles with awareness of technology, access to credit and language barriers. The worst-hit are women business owners in inner cities and rural areas who also must fight societal gender barriers. Thus, it is critical break the bias and empower women through focused education and training interventions about business and technology.
Here are the top three ways how technology adoption can help women entrepreneurs to succeed.
Making businesses more efficient: Adopting digital technologies enables one to organize sales, orders and inventory systematically. Digital payments allow one to not only increase efficiency but also gives a clear view of the financials, aiding in better business decisions.
Enabling credit access: Most businesses owned by women are micro-enterprises. These businesses have difficulty establishing formal lines of credit due to their small size, lack of collateral in the hands of founders, and the tentative nature of their operation. When such firms digitize their operations, the data generated can help lenders assess their creditworthiness. Embracing digital payments empowers one to tap into formal lines of credit and enables women-owned businesses to grow and expand.
Improving reach and customer experience: Technology is also helping businesses expand their reach and allowing them to give customers the kind of experience they’ve come to expect. Online marketplaces can help women entrepreneurs ship their products to customers across the world. Already, thousands of women entrepreneurs in India are selling products like jewellery, handicrafts, home utility products, fashion apparel, and more on such marketplaces. Social media is another powerful tool for a businesses to create awareness about their products to a much wider customer base.
Aside from the knowledge and adoption of technology, women in business must have the right support and network. Several organizations, be it public, private or non-government, are working relentlessly to support and empower women. While this surely helps the cause, the biggest strength comes from networks of like-minded women who can inspire each other to learn and grow consistently. Support from men in their lives who can become allies in their journey is also essential to achieve significant impact.
There are immense opportunities for all of us to make a difference in this space – be it by increasing awareness, supporting in technology and business training and upskilling, or even encouraging women around us so they can achieve their highest potential. This Woman’s Day, let us ask ourselves a simple question. How can I help?
