With increasing focus on textile industry, XSTOK has been launched. Its a first of its kind marketplace to buy and sell readymade goods (ex-stock and excess stock), with technology capabilities, which increases purchase efficiencies and growth opportunities. XSTOK is designed to cater to all segments of textiles: apparels, made-ups, home textiles, technical textiles, fibres and yarn.
India is the second largest producer of textiles and garments in the world, with 5 per cent share of global textile and apparel trade. The industry is expected to grow from $126 billion in 2015 to $200 billion by 2020. Besides, there’s significant excess stock, approximately, $6.3 billion, which is defined as surplus production, cancelled orders, ready inventory, out-of-season, defective or damaged goods, etc. This exists in all phases of textile production, from yarn to fabric to garmenting and is consumed everywhere including Tier I, II, III cities.
XSTOK has built a mobile first platform for suppliers to make their excess stock available for buyers. Suppliers now have a seamless and pain-free experience to sell their ready stock, right from planning to payment. Buyers can access the vast number of sellers and real-time information on availability. They also have support of transacting easily through value-added services such as quality certification/inspection of goods, logistics, etc.
Suppliers and buyer need to register themselves and provide particular information that ascertains them as businesses to be on XSTOK as it is a B2B platform. The platform is aimed at solving the problems of transparency, price discovery and access for both suppliers and buyers.
