MFG.com Hosts RFQ Opportunities Exceeding $128 Million in Past Year
MFG.com eMarketplace Membership Continues to Climb in Second Quarter
Smyrna, Ga., -August 04, 2001 Inc. (www.MFG.com) announced today that MFG.com continues its growth trend in both Buyer/Supplier memberships and RFQ (Request for Quote) opportunities. In the second quarter of 2001, the MFG.com Network shows strong membership growth with a 220% increase over FYQ1. MFG.com has attracted over 3200 members since its launch in February 2000. Unlike other web sites, which primarily focus on the bidding of industrial hard goods, MFG.com is the first web-based service designed to connect contract manufacturers with companies purchasing made-to-order parts. Buyer members procure services provided by Suppliers of more than 100 manufacturing disciplines, such as CNC machining, moldmaking, casting and rapid prototyping.
The eMarketplace reached its highest level of RFQ activity with $128 Million in posted quotes since August 2000. The company records a 225% increase in RFQ opportunities for custom fabricated components in comparison to the first quarter of 2001. The company also compiled eProcurement transactional statistics showing that 59% of the jobs awarded online to Suppliers were concluded by Buyers within one week of the RFQ posting. The research also revealed that RFQs were awarded on an average of 9.3 days after their creation, 70% of all RFQs receive their 1st quote in 24 hours, and 50% of all RFQs receive their 1st quote in 12 hours.
"We are very excited about the progressive evolvement of MFG.com," states Mitch
Free, president and CEO of MFG.com, Inc. "Our Private Label partnerships and
their corresponding portals into the MFG.com eMarketplace greatly contribute to
our exponential membership expansion. Buyers of custom-made parts are finding
competitive prices and savings from 10% to 50% on posted jobs. Suppliers will
find over 100 active RFQs on any given day, and many are beginning to expand
their customer base beyond their traditional geographic areas. Another factor
contributing to our Supplier membership growth was the introduction of
MarketWatch, our free try-before-you-buy program that allows a prospective
Supplier to monitor RFQ activity that matches their specific capabilities."
About MFG.com
MFG.com is the largest global online marketplace for the manufacturing industry. MFG.com instantly and intelligently matches sourcing professionals and engineers with suppliers who have the right expertise and capacity to manufacture parts and tooling on demand in accordance with their engineering drawings and CAD files. MFG.com's on-demand service is consolidating the once- fragmented world of manufacturing into an efficient marketplace, enabling products to be sourced and built more easily, quickly, inexpensively, and at higher quality levels. For more information, please visit www.MFG.com.