XSTOK is a revolutionary mobile first B2B marketplace for buying and selling of ready goods (ex-stock and excess stock), with technology capabilities that increases purchase efficiencies and growth opportunities. The company has started with focus on the textile industry. XSTOK is designed to cater to all segments of textiles, which includes apparels, made-ups, home textiles, technical textiles, fibres and yarn. Textile is one of the largest and fast growing industries in India, expected to grow from $126 billion in 2015 to $200 billion by 2020. India is the second largest producer of textiles and garments in the world with 5 per cent share of global textile and apparel trade. There is significant generation of excess stock (estimated to be $6.3 billion) - defined as surplus production, cancelled orders, ready inventory, out-of-season, defective or damaged goods, etc.) in all phases of textile production from yarn to fabric to garmenting. Being a country with a rich textile history and a country of bargain hunters, surplus are consumed everywhere including Tier 1 - Tier 3 cities.
For suppliers, XSTOK provides a seamless and pain free experience to sell their ready stock through lot planning, auction planning, marketing, fulfillment and payment.And for Buyers, XSTOK provides access to large universe of sellers and real-time information on availability and help with ease of transacting through value added services such as quality certification/ inspection of goods, logistics.
Since XSTOK is a B2B platform, suppliers and buyers have to register themselves and provide certain information which establishes them as businesses. XSTOK will be responsible for marketing, creating depth, billing, guaranteeing and managing payments, managing transport and mitigating quality issues.
With no direct competitors to XSTOK as it is the first B2B based fully transactional marketplace for the textile industry, XSTOK is poised to solve the problems of transparency, price discovery and access for both suppliers and buyers. XSTOK has adopted the various transaction mechanisms to ensure transparency and competitive pricing such as blind auctions, private auctions and marketplace transactions. With the growth model designed, XSTOK is expected to transact more than $300 million over the next 3 years on their platform.
On February 18, 2015 midnight, the platform was pre-launched to the general public. XSTOK started with an email and social media campaign and was overwhelmed with over 500 registrations in the first night. 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.
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