It is a myth that every industrial company in the market manufactures its products. To some extent, industries use own employees to produce large scale manufacturing of products. At times, they may experience seasonal fluctuation in customer requirements. So, it becomes a challenge to scale their equipment & employees to fulfil the consumer demand. Faced with recent technology innovations, changing preferences of customers and the inability to fulfil the demand had made industries wait for a revolution to happen. Fortunately, online custom manufacturing marketplaces has come as a shot in the arm for these industries. Now, they can face any challenges in market demands. There are also other benefits of doing business on these online places. This article focuses on the benefits of custom manufacturing marketplaces in 2021.
1. Find Reliable Business Partners
The online platform helps buyers find high quality custom manufacturing workshops directly for their business projects.
2. Direct Contact
No third party business enterprises get involved in the entire process.
3. Working with Big Brands
This e-presence can help a small workshop/manufacturing plant connect with the big brands.
4. Software to Seal Business Deals
Custom manufacturing websites provide features to bring buyers and manufacturers together seamlessly. The buyer can make use of the free RFQ tool to prepare quotations. Manufacturer vendors can use the 3D viewer to review data sent in any format (STP, IGS, OBJ, STL & more).
5. Remain Updated
A custom manufacturing marketplace is an online platform to get information on recent trends and developments in manufacturing technology.
Your Search for the Right Manufacturing Partner Ends Here
Importance of Verified Manufacturers’ profiles
What does a buyer expect when he moves away from traditional methods & vendors to procure items? His foremost anticipation – manufacturers discovered through the bidding process are reliable and verified. This feature assumes great importance since the business is done online. Also, there is no face-to-face communication in the initial stages. However, online custom manufacturing marketplaces guarantee quality and reliability.
Please note, a project can languish or suffer cost overruns if the manufacturer fails to fulfil promises to the buyer. A verified profile convinces the former that the verified manufacturer is a legitimate business enterprise.
It also conveys the message that the listed manufacturers have the capabilities to fulfil the buyer’s requirement. The marketplace follows the standard procedure of manufacturer verification. Please note, every manufacturer company’s profile gets scanned for its production standards, quality controls and services. So, the buyer does not have to depend on fake reviews, testimonials and other data when placing an order.
The verified profiles satisfy the requirements of low-risk, high quality product manufacturing suppliers. The inbuilt processes also check the manufacturer’s non-disclosure agreements and partnership formalities. And at the same time, it also ensures that the manufacturer’s company is compliant with the Government’s laws and regulations.
Make your Collaboration Easy with Effective Communication Tools
The importance of communication in the entire custom manufacturing process can’t be overstated. Once the buyer has selected a manufacturer, the next stages involve intensive follow-ups and constant messaging.
Online custom manufacturing market websites will have a fool-proof communication process to eliminate correspondence errors. The buyer and manufacturers can get their messages understood with ease. This factor, buyers and manufacturers consider as one of the major benefits of participating in custom manufacturing marketplaces in 2021.
For example, a buyer wants a reliable manufacturer to prepare a certain plastic mould. The former after sourcing the profiles of verified manufacturers selects ten vendors. Then, he makes use of RFQ builders on the website. He can create with ease, the requirement matrix along with the product details. Then, he sends the RFQs to the relevant manufacturers. The benefit – they do not have to publish the details on the website.
The files sent are protected with non-disclosure agreement locks. So, there are no chances of unwanted access. The manufacturers, after receiving the RFQ from the buyer can make use of the automatic quote builder to create prices and other information. The buyers and manufacturers can track the delivery process of their products and payments.
Benefits of Custom Manufacturing Marketplaces in 2021
1. Predictable Order
Are you a manufacturer with a name for quality products? You have gained a name in the market as a result of delivering consistent quality over a long period of time.
The best way to gain new customers is to have your portfolio on custom manufacturing marketplaces.
You can reach a fresh audience other than your existing customer list to generate new revenue opportunities. Your company gains more visibility among a new target audience.
The buyers visit the market place and you get business. This process is similar to affiliate marketing, where you create a business without a major investment.
There are times when you have to step outside your manufacturing niche to create revenue. A new buyer may need a new product, which your custom manufacturing workshop has never designed in your earlier years. So, this situation is an opportunity to extend your working capabilities. You will gain more business opportunities in the future.
You may not have the capability to fulfil the request for every RFQ received from the customers, but it makes you understand a specific industry need. So, you can tune your manufacturing processes accordingly. Your company stays updated as per the recent trend. With time, you will get new orders.
2. Fair Pricing & On-time Delivery
The main reason why buyers prefer custom manufacturing marketplaces in 2021 is because of the fair pricing offers they receive. Another benefit is the delivery of products on time. In this process, the buyer creates an RFQ (Request for Quote) and sends it to various vendors. They revert with the price quotes.
The buyer makes the comparison with relevance to skills, price range & delivery time. Then he sends an invitation for bidding to the concerned vendors. He can select the best manufacturer based on relevant data. He also stands to gain valuable information on the market rate for the product and other items. Had he taken the first proposal and then learned about better options, he would have suffered loss and disappointment.
Delivering the products on time is important in the manufacturing industry. The buyer needs to research the business communication of different vendors. Is a vendor not responding properly? Then he should reject the concerned vendor even if offered a competitive price.
If a buyer has registered with a custom manufacturing website, then he can track the lifecycle of the project. Also, the manufacturing vendor sends a notification informing him of the development. The delivery option differs from industry to industry. But, one interconnecting factor is the deadline time. A manufacturer should coordinate with the buyer about the preferred logistics service and delivery. Then there will be no bottlenecks in the timely delivery of products.
3. Dedicated Support Team
The support team in custom manufacturing marketplaces help create better experiences. There exist various validation procedures for manufacturers. But, some buyers prefer interacting with customer service. Every custom manufacturing website has a series of after-the-delivery procedures. The support team requests the buyer and manufacturer for effective participation. For example, Feedbacks.
Based on this information, the support team can keep a track of vendors and manufacturers. They will have the best exposure in knowing different types of projects. So, the team can give pointers on eliminating repetitive schedules in a project.
4. Other Points
Usually, the support team resolves buyer or manufacturer queries with ease.
They can provide reliable advice to the buyer from the initial stage of contacting a manufacturer to product delivery.
Digital marketing has brought a change with personalized ads to guarantee a sale. So, industrial companies are also changing their manufacturing strategies. They prefer to align more on online custom manufacturing workshops to create products. Manufacturing enterprises will depend more on custom manufacturing marketplaces in 2021 and in the future. So, every buyer and manufacturer needs to go digital and embrace new technology for the better.