Alibaba received a $192,000 penalty for pricing during the past two Singles’ Day sales.
Second quarter revenue at ecMarket, a provider of web-based sourcing software and services, rose 84% over the year-ago period. In a web-based supply chain demo, the company says it saved a c-store chain $500,000 on 371,000 cases of cups and lids.
Second quarter revenue at ecMarket, a provider of web-based sourcing software and services, rose 84% over the year-ago period, the Santa Clara, CA-based company, reports. Formerly known as ecFood, ecMarket said its sales during the last three months have led to net income "more than 10 times greater than the previous quarter." It added the second quarter marked its second consecutive quarter of profitability. It did not provide further revenue or profit figures.
The company attributed its growth to its expansion of markets beyond its initial focus on the food industry. "Growing the business via our pursuit of additional industry segments is clearly allowing for greater business opportunities," said CEO David Laukat.
The food industry is still a major part of its business, however. In a demonstration of that, ecMarket conducted an online procurement demonstration in June for a 550-location convenience store chain, during which it said it enabled the retailer to secure 371,000 cases of cups and lids at a savings of $500,000. The online demonstration took less than two hours, ecMarket said.
EcMarket has also formed a procurement service alliance with Retailer Owned Food Distributors Associates, of Birmingham, AL.
EcMarket is a privately held company backed by technology venture capital firm Redleaf Group Inc.