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 more competitive price quotes for our customers more quickly -- rather than keeping an RFQ open for longer in the hopes that an acceptable price quote will arrive.
Buy Now isn't enabled by default (please contact Fairmarkit's Customer Success team and we'd love to enable it for you). Once the feature is enabled, you can create a Buy Now RFQ simply by checking the "Buy Now" checkbox on the RFQ Draft page:
The Buy Now discount options allow a discount of 5%, 7%, or 10% off the Benchmark price for each item. If there is no Benchmark price on that item already, 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 that the 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 and the RFQ will move to Awarded status immediately. 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.