Mumbai: India’s largest online marketplace for excess inventory liquidation – excess2sell.com has bucked the trend of a slowdown in the market. The Indian economy is in the grip of a slowdown with GDP growth slowing down consistently for two quarters. However over the same period, the B2B business of excess2sell.com has consistently shown a growth of over 100 per cent, bucking the general trend.
“We have shown consistent growth in the last three quarters and have been completely insulated from the general downward spiral of the economy. In fact, our business has seen an upswing of 150 per cent from January to September of 2019. The figures for the above period show an uptick every month of 100 per cent. Our business has consistently grown over the years starting from a revenue base of Rs. 41.58 lakhs in 2016-17 to Rs. 12.9 crores in 2017-18; an astonishing 3000% jump in one year. The revenue for 2018-19 clocked at Rs. 70 crores, which is again over 500% jump from the previous year,” says Rajan Sharma, Founder & Chief Executive Officer, excess2sell.com.
India’s B2B business base is 50 million strong and while it is a direct supplier of goods to the country’s 14 million retailers base, its reach remains stunted. E-tailing in India grew rapidly to become a $525 billion industry because it enjoys the advantage of being in the B2C marketplace. But the B2B e-commerce market is yet to realize its full potential and what it needs right now is a solutions based tech intervention. By offering a solution to address the pain points of the otherwise tech reclusive sector, excess2sell has given players in the B2B segment a reason and an incentive to come aboard.
“Till date we have liquidated over Rs. 160 crores of excess inventories with over 600 transacting members and a retention rate exceeding 60 per cent. Our aim is to expand our trading member base by 100 times from the current numbers to reach 50,000 trading members and which is a tangible target to meet. This translates to a billion dollar plus top-line and even then we would have only just scratched the surface. Our estimate of the branded packaged goods market size is $500 billion in the $2.8 trillion Indian economy. Even if we address only around half of this market and considering that we take 20 per cent of this as slow moving, that still is a $50 billion opportunity and the numbers are expected to double in six years from now,” concludes Sharma.