Making the Exchange
The objective is to have a technology platform that supports retailers of various sizes and formats to make deals and negotiations with their suppliers, without that information being available to other retailers.
"(We've) got to be neutral and we've got to be confidential. We don't quote company names unless they themselves make public statements," said Dyer.
The core auction tool offered by WWRE is described as a "reverse auction" that enables a buyer to interact with multiple sellers. Prices paid by the buyer are determined through bids submitted by the sellers over a pre-determined period. The supplier with best terms wins the auction.