KUALA LUMPUR, 11 July 2000 - vLinx will kick off its services in Malaysia
on 18 July 2000 with the launch of its Internet-based service that allows Malaysian consumer goods manufacturers
with excess inventory to put their products up for competitive bidding by buyers in North America.
Often referred as the creator of an entirely new Internet business category dubbed by industry insiders as "B2B, D2D", vLinx has set its eyes on Asia as the primary source of supply of idle assets, in the form of surplus consumer goods, to a hungry North American market.
The vLinx-powered trading exchange, through its B2B, D2D online e-marketplace, enables suppliers and buyers of surplus consumer goods to transact online - from virtual display of their products to bidding, payment, appraisal, sampling, insurance, inspection and final delivery.
There are currently 29 active product categories which cover diverse items such as baby products, jewelry, giftware, hardware and tools, footwear, furniture, stationery, toys, sporting goods, luggage, health and beauty and general merchandise.
Asian manufacturers can display their products online, reach a pool of pre-qualified buyers worldwide and initiate
an auction process that matches buyers and sellers.
The privately held e-commerce company in which Hong Kong tycoon Li Ka Shing's Hutchison Whampoa has invested, has operational headquarters in San Francisco and Vancouver and a regional Asia head office in Kuala Lumpur, and other offices in Beijing, Bangkok and Tokyo.
"We serve the needs of suppliers and buyers of idle assets around the world by tailoring the auction process and the ensuing sequence of financial, logistical and other related activities to this specialized set of customers. This is why our focus is on providing an e-marketplace that delivers turnkey, door-to-door delivery of goods from Asia to North America," said Shannon Boase, vLinx president for Asia.
Boase went on to say that the logistics of the fulfillment and auction process are carried out using vLinx’s own proprietary transaction engine linked directly with its international trade partners to enable a seamless, worldwide network by utilizing real-time data transfer.
vLinx manages this "B2B, D2D" ocean-spanning feat by working closely with a team of specialists that it calls Program Partners.
Made up of the key facilitators of international trade, these partners integrate their services into a "B2B, D2D" solution spanning international banks, freight companies, insurers, inspection services, under a common service umbrella on the vLinx Web site.
Partners include HSBC Group, Royal Bank of Canada and Wells Fargo Bank.
They are joined by the American escrow account provider TradeSafe Online, auctioneer and appraiser Maynards, world courier FedEx, inspection and certification specialist SGSonSITE, insurer Lloyd's of London and freight companies Nishitetsu-Nippon (NNR) and Overseas Express Consolidators (OEC).
Boase said that in tandem with its partners, vLinx acts as the central link of a chain that delivers door-to-door international trade - integrating online buyers and sellers through anonymous postings and biddings, inspection services and payment through letters of credit - all the steps that essentially guarantee payment to the seller and product satisfaction to the buyer.
For its pool of pre-qualified buyers, vLinx has constructed a database of 7,800 buyers selected from 100,000 potential companies based on years in business, dollar value, volume, and product category purchases.
On Asian supplies, Boase points out that vLinx has identified US$10 billion worth of surplus consumer goods in China and $3 billion worth in Southeast Asia.
"International trade is cumbersome, inconvenient and risky. The vLinx fulfillment process, which combines superior technology and a select group of Program Partners, enables door-to-door seamless international trade. In effect, vLinx automates online the business processes associated with international trade, while simultaneously reducing transaction and process costs related to product sourcing, approval, review, inventory costs and accounting," Boase said.
"It's all about helping manufacturers in Asia manage inventory by selling inventory at the highest possible prices by exposing the products to a world-wide audience, while buyers in North America now have an easy way to locate and access a variety of suppliers worldwide. For Asian suppliers, we are increasing the demand pool by providing international reach," concluded Boase.
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