You are here
SAN FRANCISCO - GlobalNetXchange (GNX), the leading global business-to-business online marketplace for the retail industry, on Wednesday announced that members of the exchange have conducted 580 auctions worth $500 million in the third quarter alone, bringing the YTD transaction volume to over 1450 transactions valued at approximately $1.13 billion. Since inception, members of GNX have conducted approximately 1800 auctions valued at over $1.7 billion.
GNX also reported that goods-for-resale auctions account for 80% of its volume, reinforcing the company's retail focus and leadership in for-resale procurement. Members have utilized the online negotiation tool for auctions to purchase a wide range of goods and services from produce, blue jeans and pillows to kitchen appliances and building maintenance services.
"On the buy side, Sears has moved aggressively to drive down costs by adopting online auctions," said Paul Liska, chief financial officer for Sears. "We have more than doubled our auction volume this past quarter by expanding the categories where we use auctions to purchase for-resale items throughout the company. Savings and efficiency improvements have been impressive, and the Sears merchandising organization now views auctions as important to its buying strategy.''
"Our continued growth demonstrates that members are realizing the value of online negotiating and adopting auctions as the new standard for how private label and non-branded goods for resale are purchased,'' said Joe Laughlin, CEO of GNX. "The current economic climate makes it even more imperative for companies to adopt technologies that remove costs from the purchasing process and the supply chain, and help them work smarter. Because of the immediate ROI and efficiency benefits, auction procurement is an extremely cost-effective way for retailers and suppliers to improve the bottom line -- and gain significant competitive advantage."
GNX equity partners include many of the world's largest retailers: Carrefour, SA; Karstadt Quelle; Kroger Co.; Metro AG; J. Sainsbury Plc; Coles Myer; Pinault-Printemps-Redoute SA; and Sears, Roebuck and Co.