XSTOK is a revolutionary mobile first B2B marketplace for buying and selling of ready goods, ex-stock and excess stock, with technology capabilities that increase purchase efficiencies and growth opportunities. The company has started with its focus on the textile industry. XSTOK is designed to cater to all segments of textiles, which includes apparels, made-ups, home textiles, technical textiles, fibers and yarn.
Textiles is one of the largest and fast growing industries in India and expected to grow in size from 126 billion in 2015 to 200 billion by 2020. India is the second largest producer of textiles and garments in the world with a five per cent share of global trade. There is significant generation of excess stock estimated at 6.3 billion and defined as surplus production, cancelled orders, ready inventory, out-of-season, and defective or damaged goods, in all phases of textile production from yarn to fabric to garmenting.
For suppliers, XSTOK provides a seamless and hassle-free experience to sell their ready stock through lot planning, auction planning, marketing, fulfilment and payment. And for buyers, XSTOK provides access to large sellers and real-time information on availability and help with ease of transacting through value-added services such as quality certification / inspection of goods and logistics.
Since XSTOK is a B2B platform, suppliers and buyers have to register themselves and provide certain vital information on their business. XSTOK will be responsible for marketing, billing, guaranteeing and managing payments and mitigating quality issues.
With no direct competitors in the field, XSTOK is poised to solve the problems of transparency, price discovery and access for both suppliers and buyers. It has adopted the right transaction mechanism to ensure transparency and competitive pricing such as blind and private auctions as well as marketplace transactions. With the growth model designed, XSTOK is expected to transact more than 300 million over the next three years on their platform.
The platform was launched on February 18 last. XSTOK started with an email and social media campaign and was overwhelmed with over 500 registrations on the very first day. Since then, the company has been releasing additional functionality to the public and running private auctions for certain suppliers.
The company will soon be releasing the full platform to everyone with products from leading suppliers in India.