Press Release - Melbourne, Florida, USA - June 26, 2000
USBid.com Launches First Comprehensive Electronics Marketplace
Expansion to Four Commerce Models Makes USBid.com the Only Complete Online Source for Electronic Components
USBid.com, the world's preeminent online
source for electronic components, has relaunched its business-to-business
e-commerce site, which has evolved from an auction-only environment to
a full-service online marketplace for searching, finding and buying electronic
components.
"USBid.com's new single-console environment, featuring real-time displays,
enables buyers to search, find and purchase easily and quickly using an
array of commerce models," said Gary Heyes, president and CEO of USBid.com.
"By providing a full spectrum of transaction options for site users, USBid.com
has become the premier provider of content, community and commerce in
the electronic components space for both buyers and sellers."
Comprehensive Trading Options
Once an auction-only site, USBid.com now offers a variety of trading options
- fixed price, request for quote (RFQ), exchange and auction - that allow
both buyer and seller to set dynamic market pricing that reflects current
supply and demand.
"My experience on the new USBid.com site has been hugely positive," said
Randy Kroeger, Director of Materials & Purchasing, Rainbow Technologies.
"USBid.com is easy to navigate, offers me several choices in how I want
to conduct business, and gives me much greater control over my purchasing
activities."
In addition, sellers can choose the type of trading model they want to
use for each part they list.
- Fixed Price - The seller offers parts at fixed, volume-based prices
and the buyer places orders online.
- RFQ - The buyer publishes a Request for Quote on USBid.com, and suppliers
submit their offers via a secure online channel.
- Exchange - USBid.com offers two types of exchange models. In one,
the seller lists prices and quantities of parts, and the buyer seeking
lower prices can negotiate one-to-one with the seller online until they
arrive at a mutually agreed-upon price. In a second exchange model,
the seller lists quantities of parts, but not prices. Buyers then submit
the desired quantity and price, and USBid.com negotiates on the buyer's
behalf to find the right supplier and secure the right price.
- Auction - The buyer places bids on listed parts and keeps track of
competing bids. The AutoBid feature allows the buyer to bid incrementally
up to a pre-set limit in response to competing bids. The seller can
set the opening price and monitor the bidding process.
USBid.com provides a neutral marketplace where buyers and sellers of
priced inventory are anonymous. For all trading models, USBid.com notifies
both buyers and sellers as transactions are made and, when the deal is
completed, USBid.com handles the payment processing and shipping logistics
worldwide. In addition, USBid.com guarantees all products sold on its
site for sixty days. Improvements Designed for Ease of Use
USBid.com's Web site has a new look and feel based on user feedback.
In addition to providing a separate tutorial program, USBid.com has incorporated
help buttons on every page to speed navigation and eliminate user confusion.
Another site enhancement designed to increase USBid.com's ease of use
is BuyList - a USBid.com application that enables buyers to securely and
privately upload their entire bill of materials to USBid.com's Web site,
rather than searching for one part at a time. BuyList automatically searches
the inventory database and produces a fulfillment list in a single session.
"The USBid.com Web site is evolutionary, addressing the changing needs
of buyers and sellers by providing an online model that's superior to
what they're doing offline," said Jerome Pepin, USBid.com chief technical
officer. "Because BuyList is useful for sourcing multiple parts simultaneously,
it simplifies the process for OEMs and contract manufacturers to access
USBid.com for ongoing purchases, rather than spot-market purchases."
In addition, BuyList enables buyers to manage different purchase projects
simultaneously by naming and saving their BuyLists on USBid.com. Essentially
an application console, BuyList allows buyers to return to their purchase
projects at a later time or date, while keeping track of items with bids
pending and those purchased at fixed prices.
BuyList benefits sellers by giving them the ability to manage their inventory
directly on USBid.com, providing a single console environment to transact
selling activities easily and quickly. Truly an e-marketplace, USBid.com's
real-time displays show the status of all bids placed on sellers' merchandise
in both auction and exchange areas.
About USBid
USBid  usbid.com introduced the first e-commerce market model for the electronics industry. USBid was selected as Forbes' Best of the Web in 2000. A premier provider of content, community, and commerce in the electronic components space, USBid combines vast inventory with personalized customer support to provide unmatched reliability in fulfilling the needs of both buyers and sellers. USBid enables a worldwide, Web-based community of electronics buyers and sellers to reduce procurement cycles, lower overhead, and maximize profits through fixed-price, exchange, RFQ, and auction models.
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