ToolKart: India's Maiden E-Commerce Platform to Bridge the Gap Between Tool Manufacturers and Industrial Buyers

Ravishankar and Vijay Shankar,sales and marketingIn India's growing e-commerce business landscape, the next big step is the B2B (Business-to-Business) platform after the tremendous response to the B2C (Business-to-Consumer) sector. It is estimated that B2B is almost 3 times bigger than B2C. Many B2B sectors like apparels, electronics, etc. are having their own online channels. Right from Raw-materials to machineries, a wide range of products are available on such platforms. But when it comes to the Metal working Industry and especially the cutting tools industry, it's almost an under performing area in e-commerce due to underlying conditions of machines involved in processes, set-up conditions, work-material, coolants, etc.

The right selection of such technical products is a complicated process which requires the buyer and seller to be experienced in the field. Bangalore based ToolKart Precision Tools, with a team of experts having more than seven decades of cumulative experience, has developed a Unique Recommendation Engine (URE). It is an AI (Artificial Intelligence) based algorithm developed to help industrial buyers to select and procure the right cutting tools hassle free.

ToolKart's Unique Recommendation Engine
ToolKart was conceived by Ravishankar and Vijay Shankar, a 38 year veteran in cutting tool industry and a 25 year veteran in sales and marketing and e-commerce domain, respectively. A platform idea was formulated to bridge the gap between tool manufacturers and industrial buyers. ToolKart is first of its kind e-commerce marketplace that focusses exclusively on Metal Cutting Tools.

The Uniqueness of ToolKart is an AI based product selection process for choosing the right product as per the customer's specific requirement. The Unique Recommendation Engine uses its AI programming to provide the customer with a wide range of products
as per the requirements given by the customer in the portal. It also provides the data such as Cycle Time, and Cost per Component calculations for each and every option, for the proper tool selection. The Selection is based on Data and not as per sales person's recommendation.

ToolKart ­ A Necessity for Efficient Indian MSME to become Atmanirbhar
MSMEs are the backbone of the Indian economy, that needs to have a robust process and support ecosystem to be efficiently productive. In the absence of correct technical support, they end up using low performance tools that brings down their operational efficiencies. Even after the selection and procurement, ToolKart offers the necessary support for optimization of the tools on the basis of actual working conditions. ToolKart has a unique combination of on-line as well as off-line model to support the buyer. Hence the MSMEs can derive maximum benefits out of ToolKart.

Moreover, ToolKart is a platform that suits every tooling requirement of MSMEs as well as the Corporate Customers. It helps the Corporate Customers to have a wider choice for selection and reduce the time for completing the Special and Project tools procurement process.

With the development of mobile and internet technologies, most of India has digital access. It has helped ToolKart in reaching out and communicating with its customers nationwide. Also, ToolKart engages its customers through online (digital marketing) and offline (inside sales and field sales) models for effective and expansive outreach. The company also indulges in affiliate marketing programs with leading industry forums like CNC Times, etc.

ToolKart offers a wide variety of tools from small and big suppliers at every price range, ToolKart's Just-in-Time concept allows MSMEs to maintain low tool inventory. It's online selection guide on the website eliminates the need for tooling engineers and specialists. ToolKart also has an easy product return policy. Any industry employing metal-cutting machines can buy cutting tools online from ToolKart easily.

Toolkart's aspiring plans to pioneer an e-commerce ecosystem to empower the engineering industry to untangle their procurement processes to attain better efficiency and productivity

ToolKart has its panel of application experts to provide guidance to the buyers (remotely) in selecting the right tool and using it the right way. ToolKart also offers re-sharpening services. This Application Support model is the integral part of ToolKart that ensures customer-satisfaction.

ToolKart was conceptualized in 2019, and its Beta version was launched in July 2020 indigenously. After taking inputs and feedback from industrial buyers, the full version launched in October 2020 has over 250 registered customers within a span of six weeks with a steady stream of continuous orders. ToolKart was the 1st Runner-up in Elevate 2019 & 2020 by Karnataka Startup Cell in association with NASSCOM.