RFQ – Request for Quote

Definition updated on November 2023

What is an RFQ (Request for Quote) and how does it facilitate procurement and sourcing?

A Request for Quote (RFQ) is a standard business process wherein companies or individuals ask suppliers to provide them with a quotation, or quote, for specific products or services. In the context of the sneaker resell market, an RFQ might be used when a reseller is looking to buy a large number of sneakers from a distributor or another seller and wants to get the best possible price. By sending out an RFQ, the reseller can gather and compare prices from various suppliers before making a purchase. The RFQ will typically detail the exact specifications of what the reseller is looking for, including the type, size, color, and quantity of the sneakers. Suppliers will then respond with their proposed price, terms of sale, and any other relevant details. This allows the reseller to make an informed decision based on the best offer. The RFQ process ensures transparency, promotes competition, and allows for negotiation, all of which can lead to better pricing and terms for the reseller. It's a valuable tool for businesses and individuals who buy in bulk or are looking for specific products that might not be readily available on the open market.

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