Three months after the launch of FoodMarketExchange.com, operator Biz Dimension Co., Ltd predicts the neutral B2B exchange for the food industry will handle transactions worth close to US$250 million by the end of 2001.
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The site has already handled $2.3 million in sales in 2000, although its members have had to order and pay for products offline so far. This will change early next year when the site will offer full e-commerce services.
“There has been a positive response to the online catalogue, and we believe 2001 will be a boom year once we begin offering the full range of e-commerce services,” said Thirphong Chansiri, chief executive officer (CEO) of Biz Dimension.
The company recently signed MOUs with Bank of Asia, Krung Thai Bank, and Thai Farmers Bank, under which the parties have agreed to co-develop a payment system for trading participants.
FoodMarketExchange has attracted more than 100 buyers and 50 suppliers as members since its launch in September of this year. Members hail from the United States, Europe, the Middle East, South America and Asia, and the company expects to attract 1,750 buyers and 350 suppliers by the end of next year.
Registered users of the FoodMarketExchange site can purchase products from auction or via a fixed-price format. The auction feature includes both a traditional auction, in which multiple buyers’ bid on a product from a single seller either in real time or via sealed bids, as well as a reverse auction, in which a single buyer entertains bids from multiple sellers. It is both an open and closed trading platform depending on users’ preferences.
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