In this blog, we will discuss one of the most important features of the B2B marketplace which is “RFQ” or “Request for quote”
What is a Request for Quote ( RFQ )?
RFQs are different from general quotes. You may call it “one request multiple quotes”.
RFQs are valid for the b2b marketplace only. RFQ may depend on the following factors:
- Category-based vendors – The customer may choose the category and a request will be sent to various vendors.
- Attribute-based vendors – Various attributes like volume or weight or size or stock, vendors may vary.
- Location-based vendors – This is common in international or cross-border b2b marketplaces.
There are various other factors and B2b Marketplaces must have those features to filter the quotes by attributes.
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Difference Between Quote and RFQ
There are a couple of differences and use cases for quotes and RFQ. Quotes are widely used for readymade goods but RFQ can be used for customized goods as well, which is not prepared yet.
Regarding the RFQ – it is important that retail shops should be a marketplace. RFQ always requires multiple or various vendors.
It works like a reverse auction, where based on certain filters vendors provide the quotes for goods or services.
The customer can generate as many RFQ from his panel. It is not required that customers need to submit the RFQ from the products page itself.
Webkul is the largest provider of b2b marketplace platforms in the world. Using our b2b multi-vendor tool anyone can create a full-fledged marketplace like Alibaba.
That’s all for place Request for Quote ( RFQ ) still have any issues feel free to add a ticket and let us know your views to make the module better contact us.