BluePallet Opens Doors To Its Chemical Distribution Marketplace

BluePallet, a company backed by the National Association of Chemical Distributors (NACD), announced Monday (May 10) it had exited stealth mode to launch its digital marketplace.

BluePallet bills itself as “the world’s first market network that gives verified industrial buyers and sellers control over their supply chain,” supported by the NACD’s network of 400-plus members and affiliates.

BluePallet says its market network is “modernizing global chemical sales” at a time when America’s nearly $1 trillion chemical shipment industry is trailing others in digital commerce. So far, 37 NACD distributors are taking part in the platform.

The network helps its 37 members find suppliers and customers, reduces risk and makes transactions easier.

“BluePallet has been an invaluable strategic partner to NACD,” Eric R. Byer, NACD President and CEO, said in a news release.

“BluePallet understands that in order to advance the chemical distribution industry, we must look toward a digital future. As we celebrate NACD’s 50th Anniversary of serving chemical distributors and the supply chain, we are proud to continue partnering with an organization that creates e-commerce solutions which are custom-built for the future of our industry,” Byer said.

“Covid showed us firsthand what happens when the supply chain breaks. Shifting from traditional supply chains to an online network of suppliers is the first step to ensuring that the chemical industry can get raw materials in the right hands,” said BluePallet CEO and Co-Founder Scott Barrows.

There’s also risks associated with modernization and globalization, with research from PwC’s Global Economic Crime Survey showing 37 percent of chemical companies falling victim to economic crime at a cost of $600,000 per company.

BluePallet says its verification tool, TradePass, is capable of rooting out “bad actors” through financial and operational risk analysis to reduce fraud.

For more on the complexities associated with global B2B payments, read our interview with Christopher Bourbier of Limonetik, a company that helps businesses manage multiple financial flows.