in an exclusive interview with ITVoice, Mr. Navinder Singh Chauhan, Director Excess2Sell, reveals his strategies for business in India.
Vikas Gupta:- Can you please elaborate on the journey of CHECKERS India?
Mr Navinder Chauhan:-Conceived and created by Checkers India Technology, excess2Sell is India’s largest pure B2B online marketplace for ageing assets. Led by a team of experienced industry professionals in Business Management, Product Management & Alliances, Techno-Sales, Marketing, and Distribution & Retail, the online platform – excess2sell.com offers a solution to the perennial overstock issue while bringing the large unorganized segment under the organized B2B e-commerce space.
Excess2Sell (e2s) was conceived sometime at end of the year 2015 as a solution to take action on inventory that remained unsold. Prior to founding the company, in my last professional stint, I faced a force majeure situation with the product inventory at the distribution points which affected an entire location. The ageing inventory of stockists led to blocked capital and a slow turnaround time for sales. This was a problem that almost all stockists and wholesalers in the country faced and it presented an opportunity for developing a solution to remedy this issue. Excess2sell began exploring ways and means to overcome this situation across channels and was conceived as a solution to overcome this problem faced by the large Indian B2B player base. I along with Rajan Sharma & Mr. Anant Chaturvedi developed the online platform which went live in March 2016 and our first transaction occurred at the end of August 2016 when excess2Sell.com successfully helped liquidate a 3G Adapter inventory of one of the National Distributors of this product. We began with a small team of three co-workers and today we are close to 50 member team and expanding.
Currently we are connected with almost 200,000 B2B businesses with more than 26,000 registered partners on our e2s platform. When we were building this platform, the idea was to leverage on the One India, One GST reform and post GST implementation the business model has gained more momentum with transactions taking place seamlessly across States. Excess2sell is now a one stop platform for vendors, manufacturers, dealers, wholesalers and distributors to offer their unsold – overstock, excess, ageing inventory to buyers across various verticals. One of the biggest advantages excess2sell offers to both sellers and buyers is that they can transact Confidentially, Anonymously and Neutrally.
Vikas Gupta:- What is the challenge that Indian market is offering?
Mr Navinder Chauhan:- According to some studies retail business in India is estimated to be in the range of US$560 billion to US$600 billion across verticals. This comprises of a huge ecosystem of b2b stakeholders including distributors, wholesalers, and dealers. The ecosystem needs a comprehensive framework of policies in times of changing business models and online marketplaces. Excess2sell being present on both sides on Buyer and Seller ecosystem understands the issues however the sector is fragmented and unorganized. This makes it difficult to reach out to its stakeholders but it is clear that once we have the players from this segment on our platform, they want to remain on it. While this is a challenge, it is also the sweet spot and our platform is actually meant to serve this part of the B2B universe.
Vikas Gupta:- What is CHECKERS India’s roadmap for 2019-20?
Mr Navinder Chauhan:- Excess2sell is presently consolidating its buyer and seller ecosystem across the country and is poised to grow even more rapidly in the coming year. Apart from the established product categories on the platform, the company is focusing on promoting the newly added verticals which include apparels, electric goods, home appliances, LED lightings, accessories and other luxury items. The company is investing in building its Human Resources infrastructure to meet the growth challenge. This includes creating talent pools in various cities across the country with focus on bringing on board the best technology talent. The company has chalked out a clear roadmap clear in terms of new features; supply chain integration and real-time buyer and seller connect, among others. Excess2sell is confident of clocking US $50 million sales revenue in FY20 to maintain its leadership position as the first choice for unsold, overstock, excess inventory liquidation.
On the Tech front, we are looking at adding features, functionality and improved user experience as well as to cater to new opportunities and additional verticals. We have launched the excess2sell app on Android and Apple play stores a few months ago. In the immediate future, you can expect to see a fresh and revamped www.excess2sell.com in the next few weeks.
Vikas Gupta:- What is the major client base of the www.excess2sell.com?
Mr Navinder Chauhan:- We are working with partners, wholesalers, distributors, large and medium size retailers across India.
Vikas Gupta:- What is your channel policy in India? What kind of channel expansion are you looking for in the near future?
Mr Navinder Chauhan:-We are looking at bringing on board 50,000 registered partners in this FY. Our aim is to have 1 million partners on the excess2sell platform in the near future.
Vikas Gupta:- What is the top Technology Trend for 2019?
Mr Navinder Chauhan:- Implementation of AI followed by Block chain and Machine Learning are the trending technologies for the year. We are also looking at ways to merge these tech trends into our platform.
Vikas Gupta:- What are your growth strategies for more profitable business?
Mr Navinder Chauhan:- As per our estimate, the excess stock liquidation market potential in India is around US$ 30 billion and we are working aiming at bringing this business aboard. Apart from IT/Hardware which traditionally command small margins, the excess inventory opportunity consists of apparels, home appliances, footwear, and industrial goods among others which do not have a shelf life and command healthy margins.
Vikas Gupta:- What kind of strategy have you planned to position www.excess2sell.com successfully in the market?
Mr Navinder Chauhan:-Our strategy has been the same since the inception of the company three years ago. We continue to build and further strengthen our core competency and rely on our experience in IT, Hardware, Security, Networking and will gradually expand into mobile, apparels, LED lighting, home appliances, footwear, and industrial goods among other products. We already lead in the excess inventory liquidation space and we aim to remain the single largest player in the times to come.