SINGAPORE, Aug. 16, 2016 /PRNewswire/ -- As the first B2B e-marketplace in Asia that focuses on surplus in the industrial and manufacturing sectors, eig88.com renders a unique solution to this industry-wide problem. With 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 overstock. It tackles the efficiency conundrum that have plagued similar precedents. Currently, it is the only marketplace tailored to the business community in Asia.
eig88.com recognizes the inevitability of surplus and the key challenges it poses for SMEs, and large multinationals alike. While many businesses have considered excess to be sunk cost and impossible to manage, eig88.com is proving 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 can negotiate and perform transactions with ease on the platform. Any potential dispute is also minimized with escrow facilities, where funds are only released to the merchant after the goods are received in its promised condition. As this bleak economy looms, the case to significantly reduce overhead gets stronger.
"For most businesses, managing deadstock is one issue that, unfortunately, gets put on the back burner. Excess inventory typically makes up 20%-30% of the total inventory in a traditional operation in Singapore. The additional investments to warehouse and manage the goods tie up precious dollars that could be reinvested into the company," said Koh EngKwee, general manager at Excess Inventory Guru Pte Ltd, the startup behind eig88.com.
In the short span of six months, the pioneering team has onboarded 300 merchants onto the marketplace with a staggering gross merchandise value of SGD$250 million that is set to rise even further.
For more information, please visit https://www.eig88.com.
About Excess Inventory Guru:
As the first B2B marketplace in Asia to focus on excess inventory across a multiple industrial verticals, eig88.com tackles one of the most intractable challenges faced by businesses of all sizes worldwide. Based in Singapore and already gaining a strong foothold in the neighboring Malaysian market, this promising company has plans to expand into the ever-growing Southeast Asian, Chinese and Indian markets.
For more information, contact LEE, SueLynn at +65.81985871, sue@eig88.com.
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