BizX conducts over 700 exchanges in first half of 2011

BizXchange (BizX), the Dubai-based arm of a Seattle-based reciprocal trade company, conducted over 700 exchanges with a combined value of more than AED 15 million, a year-on-year increase of more than 10%. BizXchange’s network grew 25 percent in the first six months of the year, with the printing, media and hotel industries showing the most growth.

“Trading services or products is an important cash-saving tool. Dealing with a member of our 200-strong network via BizX, a savvy businessman can procure needed items using BizX trade credit while conserving much needed cash. In this time of instability, companies in the region are seeing the benefit of conserving cash and leveraging underutilized or perishable assets,” says Chris Shaw, Managing Director, BizXchange Middle East.

BizXchange’s growth mirrors the growing interest in corporate trade worldwide. According to the International Reciprocal Trade Organization (IRTA), reciprocal trade worldwide has grown 45.5 percent from 2004-2010, from AED30.3 billion to AED44.1 billion, a growth likely to have been spurred by the global recession.

Industries with perishable inventory, such as the food or airline industries, are most likely to benefit from trading their unused capacity or products. Industries that have slow periods, such as car rental services, hotel rooms or cinemas, can also benefit from leveraging their unsold goods or services.

“The BizX platform can conserve cash in any department, from employee incentives and IT to transport costs and marketing spend, while also growing your network of potential clients. A recent radio campaign generated a 100 percent increase in traffic from the Middle East to our website, which indicates that the region is eager to embrace innovative ways to manage their cash flow,” concluded Shaw.