Are you in a B2B business? Do you regularly deal with other companies, organizations and businesses? Selling to other businesses is definitely different than dealing with retail customers. Businesses may take time to make the purchase, but they often buy in large quantities. It is worth noting that B2B deals are fairly long-term.
Buyers will request proposals and quotes to sign-on a new vendor. Once a vendor is confirmed after negotiation, the buyer will send purchase orders with the pre-decided price, terms of delivery, etc. The process may be long and arduous but it guarantees business for a long time. The entire process of dealing with procurement managers and becoming a vendor for another business often involves RFQ.
RFQ: An Essential Part of B2B Business
RFQ or Request for Quote is a standard practice that any business will use in order to sign-on a new vendor. The business entity will issue an RFQ to multiple vendors and ask for prices of products/services. Once the entity receives quotes from different vendors/suppliers, the final decision will be made considering different factors including price, delivery schedule, quality, expertise, etc.
An RFQ is essential for every B2B buyer because of the following reasons:
- It includes the price of the exact product that you want for your business.
- It ensures responses from vendors before the set deadline.
- It allows you to compare different vendors and make a well-thought decision.
The RFQ is different than RFP (Request for Proposal) or RFO (Request for Offer). When a business asks you for RFP, it means that they are asking you to help with a business problem and not looking for the price and quantities of a specific product/service. RFP is a broader term than RFQ. In simpler terms, RFP requires you to provide qualitative information and RFQ focuses on quantitative data.
RFQ and the World of E-Commerce
Thanks to the world of e-commerce, it is possible to seek RFQs from different vendors across the world. However, if you are looking to get signed-on by multiple businesses and want to increase the number of wholesale buyers, you need to automate the RFQ process and provide enough opportunities for the businesses to send you a request for quotations.
The default Magento features do not cater to the requirements of the wholesale business. When it comes to B2B businesses, the platform is still in a nascent stage. Luckily, the Magento marketplace offers incredible Request for Quote extensions. These Magento quotation modules transform your existing website into an RFQ-friendly website.
An RFQ-friendly website is very similar to the traditional e-commerce websites. It includes all the product categories, product pages and shopping cart features. However, one crucial difference is the shopping experience. Instead of adding products to the cart and making the payment, your customers will be able to request a quote for items added to the cart.
Benefits of Building an RFQ-Friendly Magento Store
If you are into B2B e-commerce business, you will benefit from installing a Magento RFQ extension in your website.
- Ideal for businesses who do not prefer selling in-stock products and offer personalized product options to buyers.
- It works for all types of products including simple, bundled, grouped, configurable, downloadable, virtual, etc.
- Give your customers a chance to browse products and request quotes for specific products.
- Customer can request quotations for multiple products all at once.
- You will be able to customize products and send personalized quotes to buyers.
- You can send customized discounts without disclosing the price to the public.
- Manage RFQ online and offer quotes to multiple businesses quickly.
- Track quotes, customize email templates, set up quote expiration time and send email reminders to potential customers easily.
- Receive feedback from businesses and edit quotes according to your requirements.
- Auto-approve quote if the discount is lower than the predetermined number.
- Use the RFQ Cart to understand what your customers want and use it for future product development.
In conclusion, you will be able to manage everything from the initial quote submission to the final contract through the Magento RFQ extension. If you are struggling to meet the demands and RFQ deadlines of B2B buyers, the Magento extension will truly prove to be a boon for you. So, what are you waiting for? Get ready to build an RFQ-friendly website with a well-coded Magento extension and let your business soar to newer heights of success.
Are you ready to take advantage of the Magento 2 RFQ extension and get more business? Attract more wholesale buyers and focus on improving revenue with B2B-specific Magento 2 extensions including Call for Price extension and Wholesale Fast Order extension. Choose MageBees; choose success!