The WorldWide Retail Exchange is already saving money for Tesco said supply chain R&D director Barry Knichel. Commenting on the successful completion of pilot auctions, he said: "The technology worked flawlessly. We were able to save time and money, and the suppliers expressed a great deal of enthusiasm for the project." Suppliers and producers can bid for contracts to supply retailers like Tesco with their products. In its first foray into online trading, Tesco secured a corned beef contract in three hours rather than the usual three days. Ahold said the process enabled it to get the best price for Tiger Shrimp after one day of online negotiations. Normally the process would take a week. Waitrose has joined the exchange. Development director Ian Alexander said: "Joining early gives us an opportunity to influence how the exchange develops." {{NEWS }}