B2B Excess inventory witnesses spike in sales post unlock 1.0
India’s largest online marketplace for B2B excess inventory liquidation – excess2sell.com has reported a bounce back in sales post the lockdown was lifted earlier this month. Last month the company had recovered just over 30 per cent of its pre-lockdown business after the Maharashtra Government had eased up the lockdown for specific sectors in the State. Since mid-May the company has received 1100 new B2B registrations on its online platform and over the last week, it witnessed a sharp spike of 120 per cent in transactions, indicating a revival in demand.
The company has also observed a marginal but revealing pattern in the make of goods being transacted with buyers consciously preferring Indian commodities over the China makes.
“The good thing is that the market seems to be inducing purchase even while it has not completely opened. We had anticipated more than usual inventories to accumulate but the trend is indicating otherwise. Amongst the products listed on our online marketplace laptops, routers, groceries and computers have sold out faster than expected. Most of our B2B partners operate in the tier 1 cities, but in the last three months we received new registrations from some tier 2 cities as well. This is also indicative that the otherwise complacent or tech shy players are looking for alternate avenues to sell or buy stocks from,” says Mr Rajan Sharma, Founder & CEO, excess2sell.com.
The company’s partners are predominantly in Mumbai, Pune, New Delhi, Bangalore, Hyderabad, Kolkata, Raipur and Gurugram. It also has partners in thirty other locations across India but the numbers are comparatively lower.
“We are also seeing a lot of transactions in essential items like hygiene products including sanitizers, masks and PPEs. There is a very specific demand for these homegrown products and our service desk has been receiving queries regarding the make of the products. While we are not entirely sure if our partners are consciously avoiding transacting in China made products, but they sure are indicating inclination for products that are made in India,” adds Mr Sharma.
Earlier this year, excess2sell.com raised a fresh round of investment funding of $1 million which it is allocating towards enhancement of technology.
“Excess2sell.com is an online marketplace for the country’s B2B sector and providing seamless, automated solutions for our partners is crucial. We are now very focused on improving on the tech aspect to aid our expansion plans and gain a wider reach. We are gradually connecting with more B2B partners in new verticals and we feel confident that soon excess2sell.com will become the one-stop-shop to assist B2B players in liquidation of their surplus or ageing stock,” concludes Mr Sharma.