First B2B Marketplace in Asia for Excess Inventory
With several hundred billions of dollars of overcapacity afflicting the industrial economy, eig88.com serves as a full-fledged marketplace connecting merchants to buyers to facilitate the movement of excess goods. Currently, it is the only marketplace tailored to the needs of the business community in Asia.
eig88.com recognizes the inevitability of excess inventory and the key challenges it poses for small and medium enterprises, and large multinationals alike. While many businesses have considered excess to be sunk cost and impossible to deal with, eig88.com has proven otherwise. Through numerous transactions that have taken place, since its introduction in January 2016, it has enabled many companies to declutter warehouses and alleviate cash flow and storage concerns.
Buyers and merchants have the ability to negotiate and perform transactions with ease on this site. Any potential dispute is also minimized with escrow facilities that the site provides, where funds are released to the merchant only after the goods are received in its promised condition.
“For most businesses, the issue of managing dead stock is one that, more often than not, gets put on the back burner,” said Koh Eng Kwee, general manager at Excess Inventory Guru Pte Ltd., the startup behind eig88.com. “Excess inventory typically makes up 20 percent to 30 percent of the total inventory in a traditional operation in Singapore. The additional investments in warehouses and managing the goods tie up precious dollars that could be reinvested into the company.”
In the short span of six months, the pioneering team has onboarded 300 merchants onto the marketplace with a gross merchandise value of $ 250 million that is set to rise even further.
Based in Singapore and already gaining a strong foothold in the neighboring Malaysian market, eig88.com has plans to expand into the ever-growing Southeast Asian, Chinese and Indian markets.
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