Singapore based ChemRound.com, an industry-owned vertical portal for companies trading in chemicals, plastics and basic industrials, promises to halve transaction costs and increase productivity by 10 per cent within the industry.
The Web site, backed by SK Group, LG Group and Hyundai Group is expected to reduce procurement costs and increase supply-chain efficiency.
ChemRound forecasts the portal will streamline business processes from a 56-day turnaround, on documenting to approval of transactions, to 32 days; productivity to increase from 250 estimated annual transactions per person to 2500 online, and costs to be reduced from 0.56 per cent to 0.056 per cent online.
ChemRound said it plans to integrate trade services online to members both inside and outside of Asia.
John Jong Hoon, acting chief executive officer of ChemRound, said: "Chemical companies recognise the tremendous value of e-commerce and are exploring new and innovative ways to leverage the Internet to expand their reach."
ChemRound.com also offers matchmaking functions such as auction, catalogue and community services that include news and a bulletin board for buyers and sellers around the world.