With a surge of activity in December, the value of retail industry transactions conducted through the GlobalNetXchange reached $5.1 billion in 2002, with more than $2 billion in the fourth quarter, the exchange reported Monday at the National Retail Federation Annual Convention & Expo in New York. The b2b exchange said December was its largest month ever, with auction volume exceeding $1 billion. "GNX customers conducted more auctions in the fourth quarter alone than in all of 2001," CEO Joe Laughlin said.
Total GNX transaction volume for 2002 exceeded 6,600 transactions, for a daily average of 27 auctions.
GNX, which launched nearly three years ago, serves 33 retail companies in connecting with suppliers through auctions and other types of transactions. GNX says it also hosts 23 live CPFR installations, which enable six retailers to collaborate with 17 strategic partners at 200 different locations on four continents.
GNX said it has also launched a collaboration system specifically for the grocery industry, GNX CPD, which it said is being used by a leading grocer to manage its entire program of private-label products. It said the grocery program accommodates use by 200 managers at the retailer and 450 of its suppliers.
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