January 30, 2002, 12:00 AM

WorldWide Retail Exchange gears up for 2002 growth

WorldWide Retail Exchange says members saved more than $270 million on $2 billion in transactions in 2001. It says all core products will be ready for adoption in 2002, when the goal will be member activation.

Kurt Peters

Executive Editor

 

The WorldWide Retail Exchange, an Internet-based business-to-business exchange for retailers and suppliers, reported today that its members collectively saved more than $270 million on transaction volume of over $2 billion using the exchange in 2001. The average member saved more than $14.5 million, the WWRE reported.

The exchange, which has 59 members and is in talks with 150 additional companies, says 80% of its members have adopted one or more of its products. The exchange says it will complete the launch of all core products and services this year and shift its focus to adoption, with the goal of having all members active on at least one solution. Five products are in production with two launching in the first quarter, the WWRE says.

"In 2002, the retail industry will continue to face significant revenue pressures and demands for achieving greater efficiency and enhanced shareholder value," said Colin Dyer, chief executive officer of the WorldWide Retail Exchange. "We are confident that our commitment to expanding global supply sources and members` efficiencies, to executing transactions with identical platforms and standards, and to improving member margins and bottom line savings will assist our members in meeting these demands and attaining their financial targets."

The WWRE also reports that is working with other industry retailers, suppliers and organizations to promote the development and adoption of Global Commerce Initiative standards and will continue development of the WWRE WorldWide Item Management solution, which will move the organization beyond its original focus of simply hosting an online catalog to providing global visibility and local product information.

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