News | Nui Marketplace North America

NEW Procurement Tender functionality added to Nui Marketplace

We think of marketplaces as a place to buy and sell, for parties to come together and agree a trade. Often that conjures up images of many sellers touting their wares, whilst buyers compare options to see what’s available and whether it meets their needs. But there are many times when buyers have a specific need and want to know which sellers are interested in meeting it.

Tender functionality

Important new functionality

That’s where the Nui Procurement Tender comes into its own. This important new functionality delivers just that for buyers using the Nui Marketplace.

Buyers can alert all or a range of sellers that they have a specific requirement, upload the specifications, and arrange a tender process to seek offers to fulfil the order. As well as the usual benefits of trading on the Nui platform i.e. transparency, easily auditable, and real-time market price discovery, the process is remarkably simple and quick to set up, taking just a few minutes to activate and gives the tender owner complete control over the timing, needs and even whether to make the offers binding or non-binding.

Key features

  1. Easy and fast to set up
  2. Excellent way to achieve fair price discovery in a matter of minutes
  3. Alerts many parties in an instant – efficient communication
  4. Choice of alerting all potential buyers, or just a select few
  5. Option for binding or non-binding offers
  1. Auditable record automatically generated
  2. Auto-extend functionality on tender if activity in last minute before deadline
  3. Auto-bid feature allows participants to respond any time after the tender has been published

How it works

  1. Contact the Nui team to set up a procurement tender.
  2. Add your own orders to the tender (this can be one or many)
  3. Select which Nui Marketplace participants you’d like to view the tender
  4. Publish the tender. (Generally done a few days before the tender, to give participants the opportunity to review your requirements.)
  5. Let the tender run. (Tenders generally run for 10-15 minutes and will auto-extend if any bids are placed in the last minute.)
  6. When the tender has finished, simply click to confirm your trade with one or several participants

What people say

"I love the simplicity and efficiency of procuring product with Nui's technology. As a buyer, it helps me obtain real market prices and offers more effectively than calling around and waiting for counters. Having now tried the new Procurement Tender functionality, I have to say that it exceeded our expectations. It was very user friendly to set up and within minutes I had achieved multiple offers under the max price I was willing to transact at. What I particularly liked was that it created a real time competitive environment and introduced me to a different market with new participants that I wouldn't have otherwise transacted with. I'll definitely be procuring additional product on Nui's Marketplace in the near future."

Karla Fernandez, ILCHISA

Get in touch

Contact us at Nui Markets for more information