3.3.6 Negotiating Price in Bids on Data Boutique
Updated
by
Andrea Squatrito
Negotiating Price in Bids on Data Boutique
The Bids feature on Data Boutique allows buyers to request specific datasets that may not yet be available on the platform. Buyers can set a maximum price, or bid price, that they are willing to pay for the requested data. If a seller is able to provide the requested data but would require a higher price, they have the option to negotiate by submitting a new asked price. This feature enables sellers to gauge buyer interest and adjust prices accordingly, creating a flexible negotiation process.
How Price Negotiation Works in Bids
- Placing a Bid: When a buyer submits a bid, they describe their data needs and specify a bid price—the maximum unit price they are willing to pay for the dataset. This bid price reflects the buyer’s budget and buying intent.
- Seller Response with an Asked Price: If a seller can fulfill the request but only at a higher rate than the bid price, they can respond with an asked price—a counteroffer that reflects the minimum price they are willing to accept. The asked price is a proposal rather than a binding offer.
- Buyer Notification and Decision: When a seller submits an asked price, the buyer is notified of the counteroffer. The buyer can then choose to:
- Raise the Bid Price: If the dataset is valuable to them, the buyer may decide to increase their maximum bid price to match or exceed the seller’s asked price, encouraging further negotiation.
- Maintain the Original Bid Price: If the buyer decides not to adjust their bid, they can wait for other sellers who might be willing to meet their original price.
- Outcome: This negotiation process does not immediately generate a selling contract. Instead, it serves as a flexible communication channel between the buyer and seller, helping each party gauge interest and price alignment before a contract is established.
Benefits of Price Negotiation in Bids
- For Buyers: Allows buyers to signal their budget and needs while remaining open to adjustments if sellers can offer the data at a different price point.
- For Sellers: Enables sellers to assess buyer interest and willingness to pay, helping them decide whether a request aligns with their price expectations before committing to a contract.
Why Use the Bids Feature?
The Bids feature is particularly useful when a dataset requires substantial extraction costs, maintenance, or other resources, and sellers want to understand the buyer’s purchasing intent before establishing a contract. By submitting a counteroffer, sellers gain insight into the buyer’s propensity to buy and can adjust their engagement accordingly.
In Summary
Price negotiation in bids on Data Boutique allows buyers to set a maximum bid price, while sellers can respond with a counter asked price if the requested data requires a higher rate. This feature provides a transparent negotiation process, letting both parties explore potential agreements and pricing alignment before committing to a selling contract.