INC2inc, the premier, neutral B2B online marketplace for direct materials in the food and beverage industry, rang up more than $1 million in transaction volume for the month of May. During the month, close to 150 orders were placed and received through the INC2inc marketplace. The items purchased included a wide variety of food ingredients and packaging – from flour and oils to cups and lids.
INC2inc is streamlining its buyers’ existing relationships with suppliers by moving their transactions to the online marketplace. As the process of supplier adoption continues and more suppliers are ramped up on the marketplace, the transaction volumes will continue to increase. INC2inc’s buyers are expected to transact business through the marketplace with more than 300 suppliers by the end of 2000. More than 90 of these suppliers are currently in the process of adopting the marketplace.
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One of the unique differentiator’s of INC2inc’s marketplace is its focus on strengthening existing trading partner relationships and making the business between them more efficient and collaborative. Ninety-five percent of direct material purchases are from qualified suppliers with pre-negotiated prices of specific catalog items. The problem within this industry centers on the process inefficiencies between trading partners. INC2inc enables suppliers to maintain a unique catalog price for the items they sell to a manufacturer on the marketplace. As new buyers, who are serviced by existing suppliers, join the marketplace, the supplier simply provides INC2inc with pricing information and a new catalog is created. INC2inc then helps facilitate the order cycle between trading partners – including the purchase order, acceptance, fulfillment, invoicing, and documentation.
According to an article by Roddy Martin, research director at AMR Research, that was published in the AMR Alert the week of May 23, “Leading food exchanges such as INC2inc are moving beyond the initial ITE information sharing and facilitation role. The focus is the enabling of B2B transactions, services, and collaboration processes within a many-to-many marketplace environment that is currently very fragmented, inefficient, and paper-driven.”
With basic transaction facilitation tackled INC2inc is now aggressively adding collaborative commerce services such as inventory forecasting and replenishment, supply chain planning, transportation services, reconciliation, and electronic paymenting.
About INC2inc
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By GlobalDataINC2inc is e-inventing the food chain through its business-to-business (B2B) e-commerce platform for the highly fragmented food and beverage manufacturing industry. INC2inc enables multiple buyers (food manufacturers) and sellers (food ingredient, raw material and packaging suppliers) to transact business on the Web, eliminating inefficiencies, decreasing costs of doing business, and empowering communication. INC2inc is headquartered in Dallas, Texas, and was selected for the dbusiness.com “50 to Watch” list. For more information, visit INC2inc’s Web site at www.INC2inc.com.
