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7,000 SHIPMENTS PER YEAR TO GO ‘PAPERLESS’ FOLLOWING ANNOUNCEMENT BY WORLD’S NO.1 MAIL-ORDER GROUP

- Grattan adopts new way of doing business / Air-freight Transactions go through bolero.net -

International e-business network bolero.net today announced the completion of the first live air freight shipment through the Bolero System, in conjunction with Grattan plc, part of Otto Versand, the world’s largest mail order group and second largest on-line retailer after amazon.com.

Otto, Grattans parent company commenced live bolero.net sea freight shipments out of Hong Kong into UK and Germany back in November 2001 and they estimate that over 90% of all Hong Kong consignments, about 7,000 per annum, will be on the bolero.net system before the end of Quarter 1 next year.

In the UK alone, Otto Versand sells 35,000 different products ranging from men’s ties to TV sets, all sourced from 1200 different suppliers.

The shipments were carried on Cathay Pacific using Jetspeed, a leading Hong Kong based Air Cargo forwarder, and involved urgent imports of ladies knitwear (containing 56 Cartons, weighing 348kg) from Hong Kong to the UK. Other parties involved in the trade chain included Shing Fun, the textiles company in Hong Kong that manufactured the goods and Grattan’s bank, HSBC.

With industry wasting $420 billion per year on all the paperwork connected with world trade (source: UN), bolero.net was created by the world’s financial and logistics industries with the aim of giving businesses a better and more efficient way of administering cross-border trade.

Once a sale has been agreed, bolero.net allows all contractual and fulfilment details to be administered online, over a secure system which is underpinned by a unique legal framework. This compares to the old way of doing business where up to 20 documents were typically required for a single shipment and 50% of paperwork was usually wrong first time around.

In addition to greater levels of security and lower administrative costs a major benefit for companies that use The Bolero System is a drastic reduction in the time taken to process each shipment.

bolero.net closes ‘visibility gap’

One of the major benefits to Grattan of adopting the Bolero system is being able to close the visibility gap between goods arriving for shipment and the documentation being received by Grattan staff.

For sea-freight shipments this time lag can be as high as several weeks, leading to difficulties in predicting stock availability and opening up the potential for lost sales opportunities.

Though for airfreight shipments, the documents are sent with the goods, the goods are often delayed for 24 hours due to the late arrival of the documents. This can also cause major problems. Airfreight shipments are by their very nature more time-sensitive, so cutting out a delay of 24 hours is a real benefit. And in addition to the danger of lost sales there is the problem of filling pre-booked air cargo space at the last minute

According to Jim Skelsey, Group Merchandising Director UK, Otto UK Ltd, “When we were introduced to bolero.net, the benefits were immediately obvious. bolero.net was the ‘missing cog’ in the process, finally allowing us to reap full benefit from our other e-logistics initiatives.

“bolero.net is an excellent trade efficiency solution making critical supply chain information more visible resulting in greater accuracy and predictability in the order cycle. This will have a positive impact on sales optimisation and the warehouse carry costs.”

Roz Walmsley, Imports Manager for Otto UK says, I can now confidently assure my colleagues in Buying and Merchandising that stock will be available for sale in time for promotions - maximising Otto UK’s sales and profitability! The system pays for itself in the savings from administration and courier costs alone.” According to bolero.net commercial director Peter Scott, “In the current market conditions cash savings and revenue optimisation within businesses has become essential. The new bolero.net technology provides a means to achieve this through improved transaction visibility and process efficiency conferring distinct competitive advantage on its users”.

“Ultimately, time and money saved by taking out many of the problems that exist in cross-border trade means time and money that can be used to better meet customer needs.”
ENDS



Notes to editors

- A more detailed case-study is available from the bolero.net press office which details the benefits Grattan and Otto Versand hopes to realise.

- Peter Scott from bolero.net and Roz Walmsley from Grattan are available for interview

- Photography is available

For further information / interviews contact the bolero.net press office on +44(0) 207 360 6061 / media@bolero.net





About bolero.net

Created by the world's logistics community represented by the TT (through transport) club and the world's financial community represented by the international banking cooperative SWIFT, bolero.net allows the parties in an international trade transaction to exchange contractual, settlement and fulfilment data online in a secure environment which is underpinned by a unique legal infrastructure.

Most of the world's major banks (including ANZ, Westpac, ABN Amro, Citibank, HSBC, Chase Manhattan, SocGen and BNP Paribas) and container shipping lines (including Cosco, Evergreen and K Line) as well as many major multinationals such as BHP Billiton, Samsung, Hitachi, Otto Versand Guiness UDV, Peugot Citroen and Mitsui have signed up to the system.

This press release was distributed by ResponseSource Press Release Wire on behalf of Cow PR in the following categories: Consumer Technology, Personal Finance, Business & Finance, Computing & Telecoms, for more information visit https://pressreleasewire.responsesource.com/about.