Excess inventory marketplace to emerge as fastest growing industry in India in F.Y. 2019
Excess2sell.Com posts 6x growth in 2018; on course to grow 600% in FY 2019
The Indian excess inventory market estimated at the US $30 Billion across verticals is all set to emerge as the fastest growing industry in Calendar Year (C.Y.) 2019. Monopolized by the unorganised segment until a few years back, the emergence of online B2B inventory liquidation players and the introduction of GST have given a new fillip to the industry over the last couple of years. The organised segment has witnessed a growth of over 40 per cent in 2018, with Excess2Sell.com - India's largest B2B online marketplace for ageing assets posting a growth that was 30 times over the previous F.Y.
The excess inventory Management Company, India's largest networked online marketplace, reported revenues of Rs.12.9 crores for the year 2017-18 against Rs.41.58 lacs the previous year, as per the latest filings made with the Registrar of Companies (ROC). Excess2Sell.com is estimating its revenues for the year 2018-19 at about Rs.75 crores, posting a whopping 5x growth. The company also saw its balance sheet expand from 18.3 lacs on March 31, 2017 to 56.16 lacs as on March 31, 2018.
"Overstock is a perennial problem affecting all industries across sectors. A platform like Excess2sell.com is the need of the hour especially for sellers who need to make decisions on unburdening their ageing inventory, to free up the locked up capital," says Mr Rajan Sharma, Founder & Chief Executive Officer, Excess2Sell.com.
Excess2sell is a one-stop platform for vendors, manufacturers, dealers, wholesalers and distributors to offer their unsold – overstock, excess, ageing inventory to buyers across several verticals. The biggest advantage is sellers and buyers transact – Confidentially, Anonymously and Neutrally on Excess2sell.com.
"The ageing assets marketplace is going to be one of the most exciting places in 2019 and we have some interesting plans for the company. We have the first mover's advantage with the largest market share within the organised space and are targeting to capture at least 10 per cent of US $30 B markets over the next four to five years. We already are working on the roadmap to introduce new features for offering integration, collating nearest buyer and seller prospects, and the possibility of e-auction on some very large inventories. Our Technology Director and his team are ensuring fast build up and execution of various partner friendly modules within the current platform. Additionally, we are looking to add at least 2-3 new verticals in 2019 that will include apparels, electrical and lighting, and auto parts. These new segments will contribute significantly to our expansion plans in terms of revenue and growth. Simultaneously we will also strengthen our business development and marketing to ensure enlarged footprint to reach out to our target audience which is buyers and sellers," adds Mr Sharma.
Slow moving inventories are a perpetual problem across businesses resulting in cash flow issues, blocked capital, and profit margins. At any given point of time, almost one-third inventories are floating unsold. Slow sell-out also results in new products being introduced late.
"The essence of any business is selling fast and moving on to the next stock, and inventory management is the key to maximizing profits. If you don't act fast someone else might. Overstock, ageing, excess and old inventory is inevitable in any business, but by the medium that will help clear out shelf space faster and earn revenue in the process will be the key to remain competitive. A technology enabled platform like Excess2Sell.com helps sellers who cannot openly announce that they are stuck with excess and ageing inventory can now transact – confidentially, anonymously and neutrally," concludes Mr Sharma.
(With input from press release by Excess2sell.Com)