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The site says its bidding service will allow U.S. companies to easily connect with overseas raw material suppliers without having to rely on a middleman.
IngredientsOnline.com has announced it will be offering a free annual bidding service that will make it easier for U.S. companies to source its ingredient raw materials from other countries, including China.
Self-styled as the first B2B e-commerce platform for U.S. companies to purchase nutritional raw materials direct from overseas manufacturers, IngredientsOnline.com says it can help customers in the nutrition, body-building, food and beverage, pet food, and cosmetic industry connect directly with ingredient factories.
The new bidding service is intended to help U.S. companies “source the best combination of price, quality, and lead time for their 2016 bidding,” according to a press release from the site.
“A normal procedure of annual bidding is to send a spreadsheet with next year’s forecast, invite bidding from multiple distributors or trading companies, let those companies contact factories for the best prices, and reward agents a certain percentage in the form of the service fee,” explained IngredientsOnline.com.
To date, more than 1200 companies have signed up for the IngredientsOnline.com service, as well as more than 50 factories selling directly to the platform.
“Every year in our industry, billions of dollars go to thousands of brokers and trading companies as their profit and service charges,” says Sherry Wang, president of Green Wave Ingredients (La Mirada, CA) and founder of IngredientsOnline.com. “Why pay so much to the middle man, instead of [going] direct? IngredientsOnline.com is a factory-direct platform, and it aims to enhance the transparency and efficiency in the industry. It is time to let the platform do the work.”
Wang says the company has the goal of reaching more than 500 factories by the end of 2016, and that the bidding service will be another step toward bringing overseas factories and U.S. companies together on the site.
“Such an annual bidding service will enhance the platform’s stickiness to both global factories and North American customers to make a better industry community,” says Wang.
Nutritional Outlook Magazine