 What is B2B Bazaar? |
- B2B Bazaar is a wholesale marketplace for direct
negotiation and subsequent transaction between buyer and seller
- Its called B2B Bazzar as all transactions here are business-to-business (B2B).
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| What's special about it ? |
| B2B Bazaar ensures live negotiation between buyers and sellers, leading to successful B2B transaction. Its a step ahead of trade leads where buyers and sellers interact directly through a structured moderated negotiation process to complete transaction within a fixed time-frame. |
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| How does B2B Bazaar Work ? |
- B2B Bazaar divides all participants into two groups - Players and Bidders. Players post offer - buy or sell - and bidders respond to players' offers.
Members of The Great Indian Bazaar, who have provided sufficient information about themselves (such as IEC code, bank details etc.) can post buy/sell offer as well as bid for offers posted. All members - free or paid - can bid for buy/sell offers posted. Free members can post Buy Orders, paid members can post buy orders as well as sell offers.
Role of B2B bazaar is to conduct negotiation between a player who has posted a buy order or a sell offer and any number of bidders who have decided to respond to concerned player's buy order or sell offer. |
| How Does the Negotiation take place ? |
| The negotiation between buyer and seller is a moderated one, where B2B Bazaar plays the role of moderator. Buyer and seller do not get to know each other during negotiation process. The negotiation ends when buyer and seller reach an agreement and decide to transact or deadline for the offer expires. When negotiation ends successfully, B2B Bazaar informs Buyer and Seller about each other's identity so that thry can conclude physical part of the transaction. |
The process goes in this way - player places an offer (buy or sell). Interested bidders respond to the offer. Each bidder's response must have following 3 elements |
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Moderator scrutinises all bids and after filtering out non-serious, frivolous bids (if any) forwards eligible bids to concerned player for response.
Player receives handful of bids. He/she may decide to ask for more information from some bidders, rejects a few bidders or accept a particular bid. Player's responses are then forwarded to corresponding bidders.
On receiving player's response, bidder modifies his/her bid and places next bid with above 3 elements (i.e. quantity, price, remarks). Bidders' responses are then sent to concerned player and negotiation process continues.
Negotiation process ends when buyer and seller reach an agreement to transact or deadline of the offer expires, whichever is earlier.
If negotiation process is successful - Player informs the moderator about successful transaction who in turn closes concerned offer and annouce 'deal closed'. No bidding can take place once a deal is closed. |
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| What happens after a successful negotiation ? |
Once buyer and seller conclude an agreement and decide to to do actual transaction - B2B Bazaar will reveal identities of successful player and bidder to both. Physical transaction will take place through traditional routes such L/C, D/P etc. - as negotiated and agreed upon by both buyer and seller.
Role of B2B Bazaar ends once negoation has been successful and buyer, seller identities have been revealed to both.
All transactions thereafrer will be between buyer and seller directly and B2B Bazaar will not be responible for any subsequent event. |
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What are your fees for conducting the negotiation ? |
The service is free at present. However, B2B Bazaar reserves the right to charge fees for listing and/or transaction charge based on sale value of successful negotiation/transaction. In case B2B Bazaar decides to impose any fee - it will always be on seller only - buyer need not pay any kind of fee or commission charge for this service.
Transaction charge for services rendered, if imposed, will be between 1% to 5% of
gross sale value of transaction negotiated successfully . In case B2B Bazaar decides to impose a fee - concerned seller must pay the fee before getting identity of buyer. |
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What Happens if negotiation remains inconclusive within given time frame? |
The offer becomes 'expired' and gets removed from e-commerce section. Concerned player may decide to re-post it as new offer with or without modification. |
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| How do I Post Buy Order or Sell Offer ? |
You need to activate your B2B Bazaar account first. After successful activation - 'post offer' links in 'My Account' becomes active. Use appropriate link to post 'buy' or 'Sell' offer. Review the offer carefully and make it 'live' once you are fully satisfied. Remember, you can not make any change in your offer after it becomes 'Live'.
Every offer has a fixed lifetime that you decide while posting the offer (15 days, 1 month, 2 month etc.). The lifetime period starts as soon as you make the offer 'live'
Your offer will remain in marketplace for the lifetime period you have selected or till the time it gets closed after successful negotiation, whichever is earlier.The deal will be treated as 'expired' on expiry of its lifetime period or 'closed' on successful negotiation.
All 'expired' and 'closed' deals get removed from marketplace. |
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| How Do I Bid ? |
All members of The Great Indian Bazaar (free or paid) who have furnished complete details about their companies (such as IEC code, banker details etc.) are eligible to bid for an offer. However, moderator reserves absolute right to accept or reject any bid.
To post a bid - visit B2B Bazaar, select an offer and place your bid alongwith your user-id and password. All bids are accepted into the system - however
price of most competitive bid is displayed in column 'Latest Bid'.
'Most competitive bid' is decided on the basis of price you have mentioned in your bid. For a Buy offer - most competitive bid is the one with lowest price. For a sell offer, most competitive bid is the one with highest price.
All bids, most competitive or not, are sent to concerned player (buyer or seller) who ultimately decides which bids to accept, no matter if its shown as 'most competitive bid' or not.
Bids may get rejected if concerned bidder has not provided complete information about his/her company (such as IEC code, Banker's details etc.) or for any other reason as decided by moderator. Moderator reserves absolute right to accept or reject any bid and moderartor is under no obligation to inform bidder why a particular bid has been rejected |
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| How Do I Receive information and Respond ? |
'My Account' section on your left menu panel has all information about all your bids and corresponding player responses. You should check it regularly. In addition, we send e-mails, alerting you about new bids on your offer or when player responds to your bid. However, given present day un-reliability of e-mails, we can not guarantee our e-mails will reach your mailbox.
To respond to player - you may decide to modify your offer and post a fresh bid.
You can post Buy Order or Sell Offer from 'My Account' |
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| What Role does infobanc.com play in whole process? |
infobanc.com helps buyers and sellers to post buy/sell offers and negotiate in a structured, time-bound manner. infobanc has no role to play in physical part of the transacton, which is decided by buyer and seller directly. |
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