This launch marks the first online aggregated buying program ever offered in the plastics industry. Additional materials will be added on an ongoing basis. Materials sold will primarily be commodity resins, though Groups have also been identified for some engineering resins. Buyers view the materials they're interested in, including complete information on material specifications, terms and current pricing. Pricing is shown on a dynamic bar graph, which continually moves down to lower price points as more buyers join the group and add volume.
Participants receive their order on their own specified delivery date.
Regardless of when the order is placed, buyers benefit from the Group's final price point after all orders have been aggregated. All transaction fees are paid by suppliers. Individual buyers are intensely interested in getting the price advantages that come with larger orders. Now, using the Internet as a tool, an aggregation service can be provided in an automated, efficient and equitable manner, providing benefit to both buyer and seller. This sealed bid, anonymous posting format is the preferred e-commerce platform for spot buys and sourcing of specialized materials.