Online Exchanges to Merge
By George Anderson
When the online exchanges, GlobatNetXchange (GNX) and WorldWide Retail Exchange (WWRE), were first created, it was said that they would completely reinvent the way suppliers and distributors conducted business.
While there’s no question the exchanges have had an effect on how information is shared amongst trading partners and how product is moved through the supply chain, neither has lived up to its early hype.
Earlier today, GNX and WWRE announced the two companies would merge.
“Since GNX and the WWRE were founded more than five years ago, the industry has sought a partnership between the two organizations to create a definitive exchange and voice for the retail industry,” said WWRE chief executive, Christopher Sellers, in a released statement.
Mr. Sellers, who will serve as executive chairman of the new organization, added, “The industry will benefit as we drive de-facto standards that will be adopted. We will utilize secure networks and the latest proven technology in order to reduce costs of goods and cost to serve, and ultimately for consumers to reap the benefits of improved product availability and pricing.”
Joe Laughlin, current CEO of GNX, will continue as the chief executive of the new group.
“One of the characteristics both GNX and the WWRE share is their close, value-adding community — the new company will build on this, as we intend to leverage the strengthened community to create a unique and definitive global retail forum for sharing best practices and addressing industry issues and opportunities,” he said. “Forty-five of the largest global retailers and suppliers are involved in this combined entity, creating an incredibly strong force for pushing forward key retail industry objectives.”
Moderator’s Comment: What will be the result of the merger of GNX and WWRE? Will the merger “accelerate adoption of best practices in trading partner
collaboration and relationship management for the entire retail industry” as promised? –
George Anderson – Moderator
- GNX and WWRE boards agree to landmark merger,
creating the definitive business platform and industry forum for the global retail community – GlobatNetXchange