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Best Buy Co. has become the latest retailer to join the WorldWide Retail Exchange, the Internet business-to-business marketplace founded last month by Kmart, Target, Safeway and various international retailers. The venture's founders says the open marketplace will help retailers and suppliers make business decisions closer to the time of consumer demand, thus reducing costs.
"The open exchange provides an equal opportunity for all participants to benefit from the business process functionality and standardization of information offered within the exchange,'' says Marc D. Gordon, Best Buy's chief information officer.
Best Buy says it will use the exchange for the procurement of merchandise, supplies, equipment, infrastructure and other business-related goods and services from participating suppliers.