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Share code : BVT
ISIN : ZAE000008132.
Mymarket.com, the online open electronic marketplace, 100% owned by The
Bidvest Group Limited ("Bidvest"), announces that it has successfully and
timeously completed the pilot phase of its development.
The mymarket.com initiative was launched in November 2000 as an open
electronic platform to bring together Bidvest's 350 000 business customers
and suppliers including Bidvest's 750 operating companies in a digital
marketplace supported by what is expected to be the largest IT network in
South Africa. Bidvest's strategy is to build a marketplace which would add
value for its customers and subsidiary companies.
The initial pilot phase adapting trade between Bidvest's divisions to e-
commerce, which was designed to ensure that mymarket.com was a tried and
tested marketplace, has now been successfully completed. The initial phase
has concentrated on bringing together buyers and sellers within the
catering, hospitality and services industry. To date mymarket.com has
received interest from numerous large corporates in the catering,
hospitality and services industry which has led to a number of projects
being undertaken.
Mymarket.com currently has in excess of 100 trading partners and is looking
to have over 200 by the completion of its next phase by the end of this
year. Phase two will also see mymarket.com target trading partners in other
sectors such as office supplies, travel and freight.
The success of the project is attributed to the fact that mymarket.com's
product balances the needs between buyers and sellers, using best of breed
technology including Commerce One and Microsoft, which are recognised
internationally as the number one technology in terms of e-procurement. In
addition this is an open marketplace offering a secure confidential platform
to both Bidvest and non-Bidvest companies. Mymarket.com provides a low risk
and low cost way of entering the B2B e-commerce marketplace.
Dieter Schnelle, Senior Manager from Grillhouse, one of mymarket.com's
partners, said:
"Since we have started to partner mymarket.com The Grillhouse have
experienced huge improvements in our supply chain management including time
saving, accuracy of orders and accountability. Ordering has become less
frantic as we are able to place our orders in the evening when the business
quietens down allowing the mornings to be focussed on restaurant issues and
running our business."
Gaby De Beer, Purchasing Office Manager of Meridian Wines Said:
"The system is easy to use and is a quick process. We find mymarket.com
very accessible and easy to navigate."
Philip Katz, Managing Director of mymarket.com commented:
"I'm delighted that the pilot phase has been successfully completed and well
received by our current trading partners. We are now well on our way to
attaining our goal of providing an electronic marketplace allowing trading
partners to manage their buying and selling needs."
Brian Joffe, Chairman of Bidvest said:
"Through its unique business model, and with the advent of phase two, I'm
convinced that mymarket.com will continue to provide Bidvest with
significant benefits which include adding a new revenue stream, improve
cross selling and supply chain efficiencies in the long term."
30 August 2001
Enquiries:
Enquiries:
mymarket.com Tel: +27 (0) 11 481 4100
Philip Katz
Tina Piccione
Bidvest Tel: + 27 (0) 11 481 4100
Brian Joffe, Chairman
Jack Hochfeld, Group Corporate Finance
College Hill Tel: + 27 (0) 11 447 3030
Nick Elwes
Linda Baker
Notes to Editors:
What is mymarket.com'
Mymarket.com is an open electronic marketplace bringing together willing
buyers and sellers. It enables buyers to trade electronically with all
approved suppliers utilising a single log-on to the internet.
Mymarket.com brings together both local and international partners. They
are - Microsoft, in charge of operating platforms; Commerce One, software
solutions; Aqua Online, responsible for website design and customisation;
Log-Tek is responsible for catalogue services; and I-Fusion, responsible for
connectivity rollout.
The goals of mymarket.com, is to provide several methods of transacting
electronically corresponding to suppliers needs, ensuring that the suppliers
develop a greater understanding of e-commerce, and accelerating the roll-out
of electronic products and price catalogues.
The benefits to customers will be numerous. Mymarket.com will incorporate
supply-chain-management software, which will reduce supply chain costs and
the size of inventories, so boosting profits for all participants.
Continuous business analytics and direct trading will allow real-time
tracking of resources and inventories, making inventory planning more
efficient as buyers' and sellers' front and back offices become more closely
integrated.
Customers will be able to access all the Bidvest companies and all partners
via mymarket.com and then trade on line in the wide range of products using
one piece of software. They will be able to order plane tickets, stationery,
foodstuffs, a range of diversified products relating to the food industry,
installations services, as well as freight, logistics and international
insurance on mymarket.com. All the transactions can be integrated
immediately into the customer's accounting systems.
Because mymarket.com will be an enabling environment, customers will also be
able to register to sell their own goods and services, which will extend the
depth and range of trading opportunities on this e-market. They will be
introduced to electronic, B2B trading at no risk to themselves, with no need
for capital investment, while they participate and educate themselves in
doing business using modern, cutting-edge technology.
Customers will also be encouraged to bring their own suppliers onto
mymarket.com, where this will complement the range of goods and services
already on offer, thus increasing its effectiveness for them.
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