Inventory disposal over Internet

By Our Special Correspondent

BANGALORE, JAN. 22. The build up of inventories and capital goods is inevitable in any manufacturing system. Most of these goods are in excellent condition and, in many cases, the items are in virgin unpacked condition, but cannot be used due to design changes, upgradation of plant and machinery or simply due to excess stocks being ordered.

The traditional method of liquidating such inventories was to advertise in the print media, call for quotations and then make sale decisions. This method was tedious, long-drawn and often the company did not realise the best prices.

The advent of the Internet has changed all that. A Bangalore- based IT company, MatexNet Pvt. Ltd., has put up an e-commerce portal on the web, MatexNet.com for listing the inventories of corporate members and facilitating their liquidation. The large reach of the Internet ensures a vast audience and the technology of the net enables quick response and speedy transactions. Moreover, it is simple to keep updating the content and classify it. As an added service, MatexNet also keeps its clients updated on the day-to-day market trends, materials exchange rates, and main metallic info. Manufacturer's Portal has been a great hit with Indian companies because it brings transparency, efficiency and speed into the process of inventory disposal. The company's client list includes over 120 blue chip clients such as ABB, MICO, Greaves, Fuller, HM and TVS who have signed annual contracts with the company. The latest to join is Bharat Heavy Electricals, which has signed a three-year contract with MatexNet for use of the portal.

MatexNet.com has now nearly 200,000 items on the site valued at around Rs. 300 crores. The listings are growing at 4 per cent a month. On the buy side, the company has developed relationships with over 2,000 small and medium enterprises. The trading volume on the site has crossed Rs. 9 crores.

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Section  : Business
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