CoutLoot, a social commerce platform, has announced a wholesale platform that will link millions of offline and online vendors with small and medium manufacturers across the country.
Sellers and merchants can source fast-moving products and categories directly from manufacturers using this platform, cutting out the middleman and improving profit. In addition, over 7 lakh vendors would benefit instantly from the platform, which would help them source their products faster and boost their earnings.
Coutloot has assisted over six lakh small street retailers and dealers in expanding their company online and generating seven times more revenue in the last year.
“The platform is tailor-made for smaller retailers and sellers coming from beyond the metro cities of India. The wholesale SAAS platform will be integrated with other platforms, short video apps, and logistics platforms to plug supply chain issues for every small Indian business or creator. The sellers would be able to source products directly from the manufacturers at smaller MoQs (minimum order quantity) at the right price through which they can order even with small working capital. It will also help them earn better margins,” Jasmeet Thind, co-founder, CoutLoot, said.
The larger B2B platforms currently provide large quantities that smaller vendors cannot afford. CoutLoot is attempting to break into smaller MOQs using technology to assist smaller sellers and even creators in starting their online stores in smaller locations. Coutloot’s users are concentrated in smaller towns, demonstrating a lack of demand for online buying and selling in a more local and trusted environment.
Sellers can currently choose from over 5000 SKUs from 240 small and medium factories in India on the wholesale platform. Over the next two months, the target is to have roughly 60,000 SKUs.
CoutLoot plans to have a strong network of three million vendors on its platform by the end of 2022 after raising $12 million from Ameba Capital, 9Unicorns, Venture Catalysts, and Astarc Ventures. In addition, the company’s Android and iOS apps have surpassed 10 million downloads.
Unlike larger social commerce platforms such as Facebook, Instagram, and Whatsapp, Coutloot’s dedicated software assists sellers with a free store and logistics, payments, demand, and supply chain services. It intends to provide sellers with a ‘buy now, pay later’ option. CoutLoot’s platform also has a first-of-its-kind negotiation option for both vendors and buyers in their native language.