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In the Press

Polymerupdate.com rides e revolution wave to herald changes in the Indian Plastics Industry Packaging Technology October - November 2000

B2B, e-commerce, e-marketplaces, e-hubs, industry portals, virtual sourcing, net offices, are you victimized each morning when you pick up your newspaper or business magazine and find an average of 3-4 articles staring you in the face screaming the above new generation buzz words? Well, join the club of a majority of businessmen in India who are reluctant to ride the e-revolution, simply because they are not convinced it will work. Try telling GE plastics that. Since the launch of www.gepolymerland.corn, a G.E. Plastics distribution subsidiary, in mid 1997, the website has generated worldwide sales of almost 46 crores (10 million USD) a week, by April 2000. All the excitement and hype surrounding B2B e-commerce and the endless benefits it offers those who are forward thinking enough to play in the 'new economy' playing field in the petrochemicals industry, are reportedly justified as according to IT consultancy firm Forrester research, www.forrester.com, petrochemicals is fast emerging as one of the leading users of e-commerce trailing only the computer and electronics sector and the motor vehicles sector. Forrester research predicts that on-line trading in petrochemicals will hit Rs. 13,800 crores (USD 300 billion) in 2004 a number we cannot and should not ignore. A common maxim which is on the tongue of every young new economy entrepreneur today is, "if you snooze.....you lose."

Polymerupdate.com, India's first website dedicated to the plastics industry was launched on the 9th of November 1999, an auspicious day according to the Hindu calendar. Essentially a content based web site at the time, the site was providing free news feeds and price updates along with other value added services to the industry. Based on the feedback received from registered users and casual visitors, polymerupdate.com realised as a community site around which a critical mass of market participants had already been built.

Several visitors accessing the site daily for market intelligence from news feeds and price updates began to ask for additional services which would help them save time and costs and simplify their business thereby enabling them to concentrate on other pressing issues. Nurtured by the industry from a fledgling stage and considering today's transparent environment polymerupdate.com has matured into an industry portal where at a click of a button a visitor can:
Gather critical market information to help him plan his purchases be it resins or machines, prime or secondary.
Assist him in his raw material inventory management.
Aid him if he faces difficulties while processing.
Build him a storefront, which can be accessed by potential buyers across the globe.
Allow him to monitor what his competitors are doing.
Book container space at special rates for exports.
Educate himself with a host of industry expertise helping him enhance his knowledge in his chosen field within the industry.

and many many more features like answering frequently asked industry questions like existing duty structures, country wise exports, imports, etc. etc. All this and more on a single, easy to use platform, www.polymerupdate.com, now synonymous with the on-line plastics community in India.

Polymerupdate.com having attracted an investment from key processors in the Indian plastics industry Bright Brothers (15%), and Polyset Plastics (10%) and with the initiatives of its overseas alliance partner, U.S.A.'s renowned Polysort LLC (20%) is now ready to launch a powerful yet easy to use trading platform, developed by Polysort LLC, which will feature an anonymous, sealed bid format allowing industry buyers and sellers the opportunity to trade 24 hours a day in an efficient, timesaving system.

Negotiations between buyers and sellers on the platform will be anonymous until both parties accept the terms and if they choose, companies even have the ability to exclude specific companies from a list of potential participants. The platform also features a highly interactive tool that informs the buyers by e-mail when materials they need are available and informs sellers by e-mail when buyers have posted requests for materials they can supply. However, the key to the success of the platform and the immense benefits it offers will be realised only once sufficient awareness and acceptability is created. Owing to its neutrality and commitment to the industry and gaining strength from the domain expertise it possesses, polymerupdate.com is now set to emerge as the market leader in this given space riding on the number of firsts it has to its credit and the tremendous brand equity it has managed to create and sustain over a period of time."

John Braver, National Sales & Business Development Director, Polysort LLC and Sajjid Mitha, CEO, Polymerupdate.com sign partnership agreement.