Wholesalers play an important role in the distribution of goods and services. Often, manufacturers, who have limited manpower resources, may lack the commercial knowledge to distribute goods and services. They might also face logistical challenges, such as inadequate storage facilities and high freight costs.
Bridging these gaps is the bread and butter of wholesalers. They purchase goods in bulk from manufacturers before distributing them to retailers at a markup. Wholesalers also offer manufacturers the benefit of selling products through their own distribution networks, while retailers purchase stock in smaller volumes and from a larger variety of manufacturers. Therefore, there is a symbiotic relationship between wholesalers, manufacturers, and retailers.
Nevertheless, wholesalers face significant challenges. For one, wholesalers may find it difficult to effectively manage their inventory. Another issue regularly faced by wholesalers is the complexity of business processes as they trade with a large number of manufacturers and retailers involving different product lines and workflows. Often, wholesalers may also find their working capital tied up in inventory. In difficult economic times, profit margins may come under pressure, affecting wholesalers’ cash flows.
To address these challenges, Baskit has developed a cloud-based platform targeting wholesalers and distributors. The platform automatically collects and stores data that wholesalers use to manage their operations, such as inventory, orders and receivables, and stock keeping units (SKUs). The data is presented on a mobile-friendly dashboard that wholesalers will find easy to use.
Wholesalers can use Baskit’s platform to keep track of the manufacturers and retailers they work with, as well as monitor prices and working orders. The platform can also automate business processes such as order submissions and provide wholesalers access to a directory for connecting with new and potential clients.
Notably, Baskit facilitates data analysis to generate business insights. For example, the platform can recommend ways to optimize a wholesale product mix based on the profitability and sales volume of products.
In partnership with several financial institutions, Basket can also offer credit terms to wholesalers if they are experiencing financial difficulties.
Baskit was founded this year by Yann Schuermans (CEO), Yoonjung Yi (COO), and Yasser Arafat Akhmad (chief technology innovation officer). The management team aims to help wholesalers run their businesses in a more efficient and cost-effective manner. The startup plans to officially launch Baskit, currently in beta, in Q4 2022.
Baskit applied to take part in the Project AsiaForward Alibaba Cloud Global Startup Accelerator Singapore Demo Day, held on June 1, 2022 at the Singapore EXPO.