VINEX, the company behind the world’s first digitized bulk wine trading exchange, is set to launch a new service at ProWein this weekend – a digitized bottle wine trading service, which will allow producers who have excess wine to trade it discreetly.
“This is the first of its kind B2B bottled wine trade exchange anywhere in the world,” said Denys Hornabrook, co-founder and managing director of VINEX. “It has the potential to significantly increase market connection and transform current buying and selling practices for bottled wine.”
The new platform, Bottled Ex, will allow buyers to source and trade bottled wine, whether the wine is a producer brand, private label or unlabeled. Buyers can also release tenders calling for specific types of wine. Wine producers and brand owners can use the exchange to target their wines towards specific markets or buyers, or simply use it to connect with new importers, distributors and buyers.
The exchange is anonymised, so the participants do not know who the buyers and sellers are. This means that producers don’t have to openly announce they have overflow stock to sell.
In a statement, Hornabrook said the new Bottled Ex service had been created in response to requests from both wine buyers and producers. “We’ve held talks with key buyers, particularly amongst the major international supermarkets, about how we can help them pursue industry best practice, particularly around increased objectivity, traceability and centralized efficiency.”
There is also a boutique bottle exchange within Bottled Ex, so that buyers and sellers can tender and offer premium quality and appellation wines, which offers smaller producers the change to connect with major buyers.
VINEX operates by charging a seller’s service fee based on the value of each completed transaction. There is also a buyer’s premium for a range of associated fulfilment services.
VINEX launched a digitized bulk wine trading exchange in March 2016 that offers live trading of wine, grape-based products, grape juice, must, juice concentrate, brand and spirits.