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Auction volume exceeds $US 850 million; supported by new customers, expanded language capabilities
San Francisco, California. – July 25, 2002 – GlobalNetXchange (GNX), the leading B2B marketplace for the retail industry, today announced that members of the exchange conducted over 1550 auctions worth over $US 850 million in the second quarter ending June 30, 2002 – triple the number of auctions in Q2 2001. Since inception, members of GNX have conducted over 5500 auctions valued at more than $US 4.1 billion. The company also reports that goods-for-resale auctions continue to account for more than 70% of all online negotiation activity.
In the second quarter, the company also released GNX Negotiations version 6.2.2, an upgrade to the auction tool that includes Chinese language functionality and other value-added features designed to enhance the GNX user experience. The introduction of the tool in Chinese brings the number of languages supported by GNX Member Services to eight.
"The continued strengthening of the GNX Negotiations tool and services enables our buyers and suppliers in Asia, Europe and Latin America to routinely enter into online negotiation in their native language and with a high level of reliability," said Jeremy Hollows, director of business-to-business at Carrefour SA.
"GNX Negotiations usage continues to build momentum rapidly, with as many transactions in the first half of 2002 as in the entire previous year," said Joe Laughlin, chief executive officer of GNX. “We’re seeing our customers integrate their auction programs beyond the core divisions in which they started, and into more high-end private label categories. We’ve also welcomed several new members, including Linens-n-Things, Ace Hardware, Manor AG, Advance Auto Parts, Bed, Bath & Beyond and Federated Department Stores, whose buyers have been among the most active users of the auction tool.”
GlobalNetXchange, LLC is the retail industry exchange focused on customer success. GNX helps retailers and manufacturers streamline the processes at the core of their business and drive down costs across the entire supply chain. GNX equity partners include many of the world`s largest retailers: Carrefour SA; Coles Myer Ltd.; Karstadt Quelle AG; The Kroger Co.; METRO AG; Pinault-Printemps-Redoute SA; J Sainsbury plc; and Sears, Roebuck and Co. More information is available at www.gnx.com or +1 (415) 399-0990.