How can I get competitive prices more quickly from vendors in Fairmarkit?
Fairmarkit's Buy Now feature allows you to create RFQs with suggested pricing for vendors built in. Not only is the pricing suggested upfront (based off your benchmark prices for each RFQ line item), the first vendor who bids at or below that requested price will automatically be awarded and the RFQ will close early.
The objective is to get competitive bids for our customers quickly -- rather than keeping an RFQ open for longer in the hopes that a lower bid will arrive.
Buy Now isn't enabled by default; however, if you contact Fairmarkit's Customer Success team, we'd love to enable it for you. Once the feature is enabled, you can create a Buy Now RFQ simply by selecting the Buy Now checkbox on the RFQ Draft page:
The Buy Now discount options allow for a discount of 5%, 7%, or 10% off the benchmark price for each item. If there is no benchmark price for that item, you'll need to enter a value in order to use Buy Now. The Fairmarkit team can provide a reasonable Benchmark price if you're sourcing an item you're not familiar with.
Vendors will be notified when an RFQ has a Buy Now option, and that the first vendor who can submit their quote at or below the Buy Now price will be automatically awarded, moving the RFQ directly to Awarded status. The details page for the Awarded Buy Now RFQ will show the Awarded vendor's bid with a Buy Now tag:
Reach out to the Awarded vendor to arrange payment, shipment, and delivery through your typical order process.