Mumbai, 25th Nov 2016: LatestOne.com, India’s No.1 Mobile and tech accessories e-tailer has successfully registered 1000 dealers on its wholesale portal, since its commencement of b2b operations in the month of September, 2016. Of this, over 500 SME mobile accessory retailers have registered since the announcement of demonetization. The government initiative had a positive effect on the e-commerce industry, with a spike in online registrations of retailers on online b2b portals.
Key highlights of Wholesale.latestone.com
- 1000 dealers registered in a span of 45 days
- The company targets to register 2000 dealers/retailers by the end of Dec’16
- latestone.com targets to register 25,000 dealers by the end of FY 17-18, predominantly focusing on Tier-II and Tier-III cities
- 40% are from Telangana, 30% from Andhra Pradesh, 20% from Uttar Pradesh and 10% from rest of the country. Dealer registrations are being done one state at a time
- The company has opened offices in Ananthpur, Kanpur and Hyderabad. It plans to open 20 more offices by the end of next fiscal year to ensure pan India presence
- Post-demonetization there is a significant increase in online b2b transactions
- Post demonetization and GST, the dealers will regularize their businesses and source their purchases from formal channels. Wholesale.latestone.com is expecting to benefit from it
- latestone.com will release a mobile app to the dealers next quarter
Ameen Khwaja, the Founder and CEO of LatestOne.com said, “In a very short span, since the inception of b2b portal, wholesale.latestone.com has gained the trust of many dealers across India. We are already receiving repeat orders from 40 dealers. Contrary to what is expected to be the effect of demonization on e-commerce sales, wholesale.latestone.com has seen an increase in online B2B sales. This shift from cash to cash-less transactions will benefit the b2b e-commerce industry.”
“Looking at the fantastic response we plan to launch a mobile app for the dealers next quarter and also are targeting to double the dealer/retailer registrations to 2000 by end of Dec 2016” added Mr. Khwaja.
Hyderabad-based LatestOne.com is India’s only e-tailer specialized in tech and mobile accessories such as Bluetooth devices, mobile covers, tablet accessories, cables, power banks, Android TVs, headsets, smart watches, CCTV’s etc. It stocks over 10,000 different products in its inventory and operates through its own fulfillment centers in Delhi and Mumbai. It is owned by Palred Online Technologies Pvt. Ltd (POT) which is a subsidiary of Palred Technologies Ltd (PTL), a listed company on BSE and NSE since 2004.