Partstat’s Rapid RFQ System: Explained
Every supplier, following a thorough vetting process, is able to upload their inventory to the world’s largest free electronic component search engine and marketplace. While this in itself is a benefit, the act of uploading inventory comes with a variety of additional benefits that remain in place long after they first become a Partstat uploader. These include the ability to receive unlimited RFQs from buyers, the ability to create detailed company profiles, the option to upload photos and links to YouTube videos, full access to Partstat’s real-time trending charts to help competitively price inventory, and much more – all at no charge.
But one of the most common questions we receive from potential uploaders is if there are a few additional features authorized distributors who qualify receive. The answer is yes: Authorized distributors who upload their inventory to Partstat have the option to enroll in our Rapid RFQ system, which instantly notifies them when a buyer requests quotes regarding a specific part.
For buyers, the process is as simple as the click of a button. When a request is made, each authorized distributor with uploaded inventory regarding that part is encouraged to respond with a competitive quote, which will then be instantly saved on the buyer’s dashboard to view at their convenience. It’s a simple, streamlined digital highway that connects buyers directly to the sellers they need without dedicating significant time and resources contacting each supplier individually.
When creating this feature, our top priority was preserving our commitment to absolute transparency between buyer and seller. The first step to achieving this is, of course, our vetting process, during which we ensure the uploader’s inventory list is accurate and acquired directly from the component manufacturer. The more channels the inventory has gone through, the greater risk the buyer must accept. Other electronic component search engines have often washed their hands of this responsibility and left trust designations solely in the hands of the buyer. Unfortunately, this results in unexpected delays, misidentified inventory, and even in some cases, the acquisition of counterfeit components. In a Rapid RFQ system, when inventory from thousands of separate suppliers is categorized as the same, these risks must be mitigated at all costs.
As an added check for buyers, we also allow our suppliers to include any certifications, designations, awards, or applicable warranties offered on their company profile. The ability to have all such information readily available further ensures the buyer is comfortable moving forward with the transaction.
Convenience and efficiency is no excuse for neglecting transparency and integrity, and Partstat’s Rapid RFQ system has been designed from the ground up to combine all of these values into a single entity – one that offers all parties involved an unparalleled inventory procurement experience. Digi-Key, Arrow, Avnet, and Mouser represent just a few of the authorized distributors enrolled to receive Rapid RFQs, and we strive to ensure all of the suppliers included on our platform reflect the same standards they – and we – do.
To become a Partstat uploader, click here and follow the simple steps. Welcome, and if you have any questions, our team is here to help!