According to Andable co-founder, Melissa Dean, through the company’s partnership with Kiva, 10 percent of each purchase at point of sale goes to support a small business loan to a person in need abroad. “As this is a micro loan, the money is repaid and Andable guarantees the 10% payment back to sellers after three months. The Andable marketplace is unique because buyers can shop, and sellers can set-up shops cost-effectively while partaking in a social movement, at no cost.”
Andable - www.Andable.com - recently launched in Sydney by Dean and her business partner Rupal Ismin and a web development agency, Interesting, already has ‘shops’ from six countries – New Zealand, Australia, Germany, Indonesia, US, and Canada - and a range of products and prices featuring everyday items through to the eclectic, from independent retailers and individuals, across more than 80 categories. The Andable “10% mission” was inspired by Ismin’s grandfather, who, despite growing up as an impoverished boy in India, always donated 10 percent of his income to charity.
Dean says that anyone can set up a shop for free, or buy, with all transactions facilitated via credit card or Paypal, and to sell an item on Andable sellers self-badge their items according to one or more so-called FRESH badges, “which are tools that shops can use to concisely tell the story of their products, and a way for buyers to browse by what’s important to them.”
Comments Dean about the new venture: “We’re unbelievably excited to launch a global first where profit and social mission are equally important. It’s a win-win for everybody: buyers, sellers and borrowers. The more we grow, the more lives we change.
“Based on the tremendous support we’ve received from the community, it has made the marketplace vibrant. We know we’ve struck a chord proving that doing good can be good business.”
Kiva VP of Marketing and Communications, Beth Keunstler said that Andable was the first online marketplace to use the Kiva platform to put profits to good use, and the company saw “tremendous potential in for-profit business models that also enable consumers to get involved in micro lending.”
And, according to Paypal Marketing Director, Steve Brennen, “Paypal and Andable have an aligned mission: both want to provide the tools to allow small business in Australia to flourish both cost-effectively and on an international stage.”
Put simply, the Andable marketplace works like this:
1. Sellers create a shop and list items, all for free.
2. Buyer browses Andable.com and purchases directly from seller via credit card or Paypal.
3. At point of sale, Seller receives 85% of the sales price.
4. Andable receives 5% as commission.
5. Micro loan fund gets 10% of every sales purchase, facilitated by Kiva.org.
6. The micro loan gets repaid, and Andable pays sellers the 10% after three months, guaranteed. The seller is left with 95% of the sales price.