Verical “Bid Button” Provides Bargains, Greater Convenience in Electronic Components Outlet January 20, 2010
Buyers, Sellers Gain Fast, Hassle-Free Price Negotiations and Immediate, Definitive Results
- One-click icon automates price negotiations between buyers and sellers
- Bid Button eliminates protracted haggling by phone or email, letting buyers know in seconds whether their bids are accepted or rejected
- Industry-first feature only available on Verical
SAN FRANCISCO — January 20, 2010 — Verical, Inc., the online outlet for electronic components, today announced the Bid Button, a one-click icon found on listings of clearance inventory at www.verical.com available from top manufacturers and franchised distributors of electronic components. Clicking the Bid Button (available on selected listings only) enables bargain shoppers to get great deals when bids exceed specially discounted and unpublished reserve prices set by suppliers. Winning bids are accepted instantaneously. Available now, the Bid Button automates price negotiations between buyers and sellers, providing fast, hassle-free negotiations and immediate, definitive results.
A first for the electronics industry, the Bid Button streamlines the typically drawn out, inefficient process of haggling. The Bid Button lets buyers submit bids on select components at below-published prices — and get immediate confirmation of a bid’s acceptance or rejection — as part of the Verical checkout process. Meanwhile, sellers can set both published prices and secret reserve prices at the time they list their components, enabling automated negotiations with bargain-hunting buyers.
“The Bid Button lets buyers and sellers quickly and easily negotiate component prices without haggling,” said co-founder Josef Ruef, president and CEO at Verical. “Nobody wants to spend hours watching bids on auction sites or haggling over the phone or by email. Buyers don’t want to deal with aggressive salespeople. And sellers want an easy-to-use mechanism that optimizes yields on slow-moving inventory assets, without adding new layers of cost or complexity to their operations. With the Bid Button, buyers offer prices they are willing to pay, and sellers set secret prices they are willing to accept that are lower than published prices on the listing. We’ve managed to conveniently generate the best prices for buyers and sellers alike.”
Bid Button in Action
A Bid Button icon appears next to any component that a seller is willing to sell at a below-list price. To date, approximately five percent of components in the Verical outlet have Bid Buttons appearing next to them. That percentage will increase over time. Clicking the Bid Button initiates the following bidding process:
- The buyer fills out shipping and billing information, which is submitted along with the below-list bid, e.g., an $0.80 bid for a component listed at $1.00.
- If the seller accepts the bid, the buyer is immediately notified with a message confirming both acceptance and order information.
- If the seller rejects the bid, the buyer is immediately notified with a message confirming rejection and inviting a second, higher bid.
Ruef added, “A buyer might balk at paying a dollar for a component, but be perfectly willing to spend ninety cents. Meanwhile, a seller might be willing to sell that component for eighty cents, but doesn’t want to publish that price publicly for fear of eroding prices in primary channels. The Bid Button gives both parties a quick and easy way to negotiate a transaction that isn’t advertised but makes them both happy.”
For more information on Verical, Inc., please visit https://www.verical.com. For additional perspectives, visit and subscribe to the Verical blog at http://blog.verical.com/ and follow Verical on Twitter at @Verical.
Verical Website: https://www.verical.com
Company Overview: https://www.verical.com/about/
Blog: “The Electronic Components Source” http://blog.verical.com/
Verical on Twitter: http://www.twitter.com/Verical
Verical on Facebook: http://www.facebook.com/Verical
Industry Insights: presentations, articles, websites; https://www.verical.com/about/resources/industry.html
Counterfeit White Paper: “The Real Solution to Fake Parts: Securing Supply Chains through Data Transparency and Better Market Design”; http://bit.ly/counterfeitwhitepaper
Verical is the creator of the Verical marketplace, an online outlet for electronic components that provides buyers traceable, branded goods at discount prices. Verical’s suppliers are top manufacturers and franchised distributors who use Verical’s self-service marketing platform to optimize yields on slow-moving inventory. Founded in 2007, Verical is a San Francisco-based start up backed by Valhalla Partners. The company is experiencing rapid growth with over 27,000 parts available today in the Verical outlet at www.verical.com.
All brand names and product names are trademarks or registered trademarks of their respective companies.
Tags: electronic components, distribution, electronic component catalog, electronic components outlet, excess inventory, online catalog, shortage purchasing, shortages, supply chain integrity, supply chain security, Bid Button