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Online Exchanges Fall Flat

Despite the potential for cost savings, many businesses have been slow to use online exchanges to buy supplies via the Internet, according to studies released at the Global Internet Summit being held at George Mason University in Virginia.

According to a Washington Post article, the National Association of Manufacturers and consulting firm Ernst & Young reported at the summit that fewer than 1% of manufacturers are deeply involved with electronic commerce. Furthermore, only 24% consider e-commerce participation to be one of their top three priorities this year. Another study by Internet consulting firm Jupiter Research said that only 20% of corporate purchasing agents would use the Internet for business transactions by 2002.

One reason for the slow use of online exchanges: more than half of the businesses surveyed by Jupiter Research — some 58% — said their suppliers are not online yet.

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