As a Buyer, sourcing new suppliers is a continual need and a lengthy process. To keep up with consumer demand, you are on the lookout for smaller, local suppliers including those with products in emerging categories. Then, there are the short-term suppliers that supply product specifically for holidays, events and themes, whose product moves in and out of your stores or warehouse. And, lastly don’t forget the need to replace suppliers who can’t or are not willing to comply with your business and/or safety requirements, given the increase in regulations and risk of tort.
But, finding a supplier is only half the problem. Once you find a supplier, you must then qualify them, negotiate terms, cut the PO and get them on-boarded. All of these are separate processes involving multiple departments and separate systems. Let’s face it, the sourcing process from search to shelf is both inefficient and expensive.
Coming in March 2017, the MarketPlace will enable retailers and wholesalers to search ReposiTrak’s community of compliant suppliers, and bring new products to market in just a fraction of the time. The idea was given to us by our ReposiTrak retailer and wholesaler customers who are constantly sourcing new food and non-food suppliers for new categories and/or looking to replace suppliers who are unwilling or unable to meet their requirements. Unlike other electronic supplier catalogs, the MarketPlace solution is the first of its kind to automate and guide the sourcing process from end-to-end, and includes supplier qualification, order negotiation and on-boarding of a new supplier.
And the best part? It’s a free service.
The MarketPlace will Bring Trading Partners Together in Four Easy Steps
SEARCH – By simply loading item details, Sellers can be discovered when Buyers search the MarketPlace – by supplier name, product or category
CURATE – Find a supplier of interest? From within the MarketPlace, Buyers can request a sample or negotiate terms. The system will automatically collect all documentation to ensure compliance with business and/or safety requirements.
ORDER – Once all negotiations are complete and a supplier has met requirements, an order can be generated between Buyer and Seller from within the MarketPlace.
ON-BOARD – After the order is accepted, the Seller’s item data can be sent to the Buyer’s system with just a single click, saving weeks of time and reducing or eliminating EDI expenses.