Rajan Sharma, Founder and CEO, Excess2sell: Hardships helped us evolve into what we are today
In an interview with Business Upturn, Rajan Sharma, Founder and CEO, Excess2sell opens up about how the company bridges the gap between buyers and seller, challenges, plans for expansion, and a lot more.
What inspired you for this unique idea to bridge the gap between buyers and sellers?
Rajan Sharma: There was a genuine problem of unsold, overstocked and excess inventory which was prevalent in vendors, distributors, and resellers. Also, the information asymmetry across channel structures was complicating the problem. Excess2Sell was conceived to address these concerns and, ensure smooth and transparent utilization of such products across the country. The business aims to help retailers and wholesalers across all trade and networks/channels. Excess inventory management can help optimise their costs through the portal and provide access to buyers across the country.
What are your plans to expand the reach across the country?
Rajan Sharma: Currently, we are reaching more than 200,000 B2B businesses across the country and have more than 31000 registered buyers and sellers. Our verified and transacting database is close to 6000. Today we are focused mainly on IT, computers, telecom, mobility, peripherals, and accessories product lines for liquidations. We are looking at increasing our transacting database to 10000 before FY20 and expect to generate a successful liquidation of close to 200 crores. We are already expanding our footprint to reach B2B community in Eastern, Northern and Southern parts of India.
Launched in 2016, what are the different challenges you faced so far?
Rajan Sharma: At the time of starting operations, taxation was a complicated aspect and we had to build our platform logic by taking various tax structures across States and UTs. Fortunately, GST was on the horizon and it was just a matter of time before it came into effect, which would allow seamless movement of goods in the future. Other than this, our domain expertise and experience helped us tide over the struggles in the early days. Unlike B2C e-tailing, B2B e-commerce requires a firm foundation and organic growth matters the most. Our traction growth was relatively slow, but that was because our business terms were stringent. We always insisted on advance payments from buyers, never maintained any inventory or a warehouse, and put in tremendous efforts at delving into our vast network of buyers and sellers to convince them to come on board. Gradually, the business began gaining traction and we ensured building our credibility for the long term. Another challenge was to keep a young team of developers, designers, support executives and the admin motivated and gung-ho about the vision to build a great platform for resolving the excess inventory problem. These struggles and hardships have helped us evolve into the organisation we are today.
How innovative a businessman can be with the evolution of digital platforms in the current scenario?
Rajan Sharma: Digital platforms along with technology have democratized the business scenario. Unlike earlier seed capital constraints are less these days and if you are looking at solving a problem with an innovative solution, you can embark on the journey and keep building on the blocks as you grow. With a click of a button your product info, your product offer, your solution can be broadcast or propagated across your potential buyers. The use of social media, professional online networks, applications giving ease of business solutions and overall a Government focused on making ‘ease of doing business’ helps a budding business.
What all tips would you like to give to the aspiring businessmen who are willing to commence with startups?
Rajan Sharma: Every day is a new learning experience, any setback or failure should be a stepping stone to success. Self-discipline and focus is the key to success. Always plan for the long haul as patience and perseverance will help one reach the goal.