A Request for Quote (RFQ) allows customers to request pricing for a specific products or services directly through a website. RFQ carts are similar to the shopping carts on full ecommerce sites, with the exception that customers do not fully complete the purchase process. Instead, a buyer waits until they receive an RFQ response that meets their budget and requirements, then they contact the company to complete the ordering process. Online quote software is highly versatile and can be used for in-stock catalog products as well as custom products and services.
How request for quote tools work:
1. Buyer selects products or services and adds them to a virtual cart
2. After the desired items/services are added, the cart is converted to an RFQ
3. The RFQ is reviewed by the vendor and a quote is generated and sent to the buyer
4. The buyer reviews the quote and if approved, a formal agreement or contract is created
RFQ carts provide customers the opportunity to learn more about a product or service and request pricing from multiple companies without committing to a purchase until they are ready. This is beneficial because prospective customers will feel like they are making an informed decision rather than being pressured into a sale, which impacts customer satisfaction. They can also negotiate pricing, which can help you win sales by offering competitive pricing and special discounts.
For businesses, request for quote tools eliminate the need to include and regularly update pricing on your website, which is especially beneficial for companies that specialize in custom services and products rather than fixed-price products and services. This gives you more time to address customer questions and concerns, and that extra attention makes them more likely to complete the purchase.
Online quote systems for websites help close pending sales to increase conversion rates by providing prospective customers the opportunity to learn more about a product before committing to a purchase. An RFQ cart is an excellent option for companies that prefer not to have a full ecommerce website. It provides more flexibility and is easier and more efficient than using spreadsheets or accounting software to generate quotes. Customers can request a quote whenever it’s convenient for them, whether it’s during or outside of your operating hours.
Additional benefits of adding online quote software to your website include:
The most effective RFQ forms ask customers for just enough information to provide an accurate quote. This includes contact details, their specific requirements, and how soon they need the product. Other basic questions can be included as well but you should stay away from inquiries regarding their project budget or information about their business operations. Those questions can always be addressed later if deemed necessary.
Overwhelming customers with information or asking unnecessary questions can do more harm than good, so keep your RFQ form basic and after the express interest, you can follow up with one-on-one conversations to help nurture the business relationship.
Ecreativeworks specializes in industrial B2B solutions and understands the unique needs of businesses and customers in the industrial market. We’ve worked with hundreds of clients including distributors, OEMs, and contract manufacturers to deliver effective industrial marketing and B2B ecommerce solutions. Our B2B quoting solutions are tailored to your unique requirements and seamlessly integrated into your website by our talented developers.
Ecreativeworks provides a wide range of B2B ecommerce solutions include website development, online product configurators, part builders, and more. We also offer B2B Shopping Cart Marketing solutions including RFQ cart abandonment tracking to help you follow up with customers and track lost and recovered conversions.
Contact us today to discuss B2B ecommerce solutions designed for your business.