What is RFQ functionality?

RFQ (Request for Quotation) functionality is a B2B eCommerce feature that allows business buyers to request a customized price or quotation from a seller before placing an order. It is particularly useful when pricing depends on quantity, product specifications, delivery requirements, or negotiated business terms.

An RFQ process may allow buyers to:

• Select products and quantities they want to purchase.
• Submit a quotation request with requirements or specifications.
• Provide delivery or purchasing details.
• Receive customized pricing from the seller.
• Negotiate prices, quantities, or terms when supported.
• Accept the quotation and convert it into an order.

For example, a business purchasing 5,000 units of a product could submit an RFQ instead of purchasing at the standard online price. The supplier can review the requested quantity, calculate a volume-based price, and send a customized quotation.

RFQ functionality is valuable in B2B eCommerce because many business transactions involve bulk orders, negotiated pricing, minimum order quantities, custom products, payment terms, and contract-specific conditions. It can also connect with CRM, ERP, or sales workflows to help manage quotations from request through conversion.

The exact RFQ features vary by eCommerce platform and implementation.