IT Voice-What is the USP of eolstocks.com as compared to other players in the same domain?
Mr. Apoorv Bhatt-We are India’s 1st B2B Online Liquidation platform for “non-moving and slow-moving” inventory. Our USP is that we focus on slow moving stocks and help SMEs control their working capital better. Our android/ iPhone app enables faster liquidation of inventory and is powered by intelligent technology, robust infrastructure, and an intuitive design.
Our 20+ years of experience in process optimization and user experience enables our customers to work in simpler and smarter ways. The easy-to-use application lets them discover buyers or sellers, connect directly and do business on their own terms. We do not have a direct competitor in India as of yet. UDAAN is the closest to being a competitor, but then it is a pure play B2B online distribution platform and caters to fast moving stocks.
IT Voice-What is the key mission and vision of the company.
Mr. Apoorv Bhatt-Eolstocks.com was started in 2018 with an aim to help retailers and wholesalers with easy inventory liquidation. Today, we empower 200+ small and medium businesses in India by helping them better manage their working capital. Eolstocks.com aims to create the best in breed technology platform (paperless and touchless business transactions) for seamless trade across the globe. Our team boasts 20+ years of experience in the mobile phones general trade market and we are led and mentored by the best of the talents. We are committed to help retailers/ wholesalers mitigate risks and have better opportunities. We drive positive, sustainable change for our customers. Started in a tier-2 city of India, we now operate in 6+ cities across the country with just a team of 15. Our business offers a personal touch like none other and we continue to stay in touch with our customer base, which is growing by 20% every year.
IT Voice-Businesses are facing a hard time in India right now, how much has it affected your company?
Mr. Apoorv Bhatt-The world is facing unprecedented times and India is no different. Some of the businesses are hit hard and struggling hard to survive. We are 2 years into our business, yet we are really doing well. After a couple of weeks of lockdown, our business started picking up and we in fact started growing, because businesses were compelled to conduct transactions online. Where other businesses are cutting costs, we are on our growth spree. Not sure for how long we will be able to detach ourselves from the overall economic conditions, but as of now it is looking good.
IT Voice-What are the key trends impacting the industry you cater to?
Mr. Apoorv Bhatt-As of now, eolstocks.com caters to the electronics industry. Cell phones have emerged as the default communication, education and work related device in recent times. Hence, we see our role only growing up bigger in times to come.
Smartphone market will continue to grow and India is emerging as one of the top manufacturing hub and one of the largest mobile phone consumption market. As a result, the domestic and export market both will fuel the growth.
Not just smartphone, for bottom of the pyramid, feature phones too will continue to grow though with passage of time, the boundaries of this classification of feature vs smart phone will continue to diffuse.
IT Voice-Have you worked on any key projects under COVID-19? Please throw light on that.
Mr. Apoorv Bhatt-At the onset of Covid-19, we were as unprepared as any other business or start-up was in India. We heavily rely on the mobile phones sector for the business and we were unsure as to how it will perform in the crisis. During the lockdown period, we talked to many of our customers and took inpurts from them as to how they see their business post lockdown and how we can help.
Many of our customers expressed interest in receiving covid-19 essential products with their pending shipments. Some of them just wanted to buy essentials for now. After the lockdown was lifted for businesses, we shipped these essentials to our customers. Our technology enabled us to a great extent, since it’s easy to add new product categories on the platform.
However, once the businesses were normalized for us, we discontinued this, since this was a deviation from our business model of inventory liquidation.
IT Voice-What are your key milestones till now?
Mr. Apoorv Bhatt-We have 70+ Crores GMV till date. Everyday 20-30 L worth of transactions happen on our platform. We have more than 200 + Active Customers and 2K+ products listed on our app.
We have presence in 6 cities across the country- Ahmedabad, Surat, Vadodara, Mumbai, Chandigarh and Bhopal. We have an extensive 3PL network of service providers as well to provide logistics and customer support across the country. We have shipped more than 80k+ units to 70+ cities or towns in India till now.
We recorded a 50% growth in 2019-2020. We are gearing up to scale our solution across multiple categories/ sectors by next month.