USA: WorldWineTrade.com Debuts e-Marketplace Enhancements
To better serve the needs of members in countries such as France, Italy, Australia, Argentina and Chile who trade bulk wine locally, version 3.0 of WorldWineTrade.com features a currency support system. When selling or buying bulk wine within in the same country, members can now list, negotiate and complete transactions in their local currency. For example, buyers and sellers negotiating and purchasing bulk wine within Chile may do so in pesos, instead of U.S. dollars. Members can also click on prices to use the currency converter to view the current price of listings and bids in another country.
"Since WorldWineTrade.com's launch in May of this year, members have used our marketplace to save time and money on country-to-country transactions," said Director Jeff Walker. "The currency support system in version 3.0 has been created to better meet the needs of members who want to achieve the same efficiencies when conducting local transactions within their respective countries."
Improvements on country-specific information are another major focus of the version 3.0 release. Now, members may select and view real-time wine statistics and graphs not just for the global market but also for specific bulk wine producing countries. In addition, when a member creates either a buy or a sell listing on WorldWineTrade.com, the precise micro-appellation can be selected for the bulk wine, allowing for more clearly defined wine styles and targeted searches.
WorldWineTrade.com's patent-pending technology leverages the speed of the Internet to make traditional processes, such as product sampling and terms negotiations, faster and more efficient. The online marketplace features market news and prices, real-time bids/offers, the largest global online inventory, and shipping through third-party providers. By dealing directly with each other, members have experienced savings of 10 to 15 percent on transactions and shipping costs. More than 45 million liters of bulk wine have been listed on WorldWineTrade.com, resulting in over one million liters in online transactions.
Walker and co-founder Mike MacDougal designed WorldWineTrade.com's system architecture and business model based on their industry experience as former owners of an international bulk wine trading company and their vision for more efficient business transactions. WorldWineTrade.com received equity funding in mid-March from Bay City Capital's North American Nutrition and Agribusiness Fund, William Blair New World Ventures and William Blair & Company.
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