Buyers
July 24, 2025
Punchouts
Overview
Punchouts are now available on intake.
Once enabled, requestors can access punchout catalogs directly within the Ask KIT workflow. These catalogs link out to suppliers' shopping sites, and any items added to the cart are returned automatically to Fairmarkit for review and submission.
New Features
Compliant, Faster POs: KIT intelligently routes applicable requests through punchout catalogs. This keeps all sourcing activity in-platform, streamlining purchase order creation and improving compliance.
Centralized Sourcing: With cXML punchout integration, users can browse and buy from external supplier catalogs directly within Fairmarkit. This unified experience minimizes context switching and combines hosted, standard, and punchout catalogs in one seamless flow.
Key Benefit: Procurement teams rely on user-friendly interfaces to drive adoption and reduce friction in the buying process. By enabling requestors to complete purchases through familiar supplier sites—without leaving Fairmarkit—teams can maintain a seamless experience, ensure compliance with company policies, and centralize all purchase activity within a single system of record. This reduces errors, speeds up purchase order creation, and reinforces procurement governance.
Data Fields
Overview
Data Fields are now available to help streamline intake and sourcing processes in Fairmarkit. These advanced, structured input types let you embed external datasets—like cost centers, GL accounts, or supplier lists—directly into intake flows or RFx forms. With dynamic filtering and intelligent previews, users can confidently select the right entries while maintaining business rule alignment.
New Features
Compliant Data Choices: Data fields allow users to select from centralized, curated lists (e.g., cost centers), ensuring submissions reference a consistent source of truth. Dynamic filters adapt options based on metadata such as location or business unit, while structured previews guide users to make informed, accurate selections with ease.
Key Benefit: Procurement teams rely on user-friendly interfaces to drive adoption and reduce friction in the buying process. By enabling requestors to complete purchases through familiar supplier sites—without leaving Fairmarkit—teams can maintain a seamless experience, ensure compliance with company policies, and centralize all purchase activity within a single system of record. This reduces errors, speeds up purchase order creation, and reinforces procurement governance.
RFQ Sharing Link
Overview
We’ve made it easier for collaborators to land exactly where they need to be when accessing an RFQ. Shared links now direct users to the most relevant view—whether they’re editing a draft or reviewing a finalized RFQ—cutting down on unnecessary clicks and confusion.
Updated Features
Sending the Right RFQ Information Based on Status: When you share an RFQ link, collaborators are now taken directly to the appropriate page: the edit screen for drafts or the details view for open, closed, or awarded RFQs.
Key benefit: This smart routing improves efficiency and clarity for anyone reviewing or acting on RFQs, especially in time-sensitive procurement workflows.
RFQ/RFP Savings Calculations in Analytics
Overview
Fairmarkit now provides more consistent and insightful savings data. Savings calculations will automatically compare the lowest supplier response to a benchmark—if one is available—or to the average of all responses when no benchmark exists.
Updated Features
Smarter Savings Calculation Logic: The savings calculations are the same as they always have been, now it will just fill in the report column whether or not a benchmark exists.
Key Benefit: This ensures savings insights are always available and based on a meaningful reference point, helping procurement teams measure value and make data-driven decisions even when benchmarks aren't configured.
Dutch/Japanese Auction Log
Overview
We’re continuing to enhance auction visibility and control. Buyer logs now capture key supplier activity—laying the groundwork for a more transparent and manageable auction experience in the coming weeks.
Updated Features
Track Price Changes and Supplier Actions: Auction logs now display when suppliers accept pricing increments or exit an auction.
Key Benefit: These insights help buyers better understand supplier behavior in real time, enabling smarter decision-making and more effective auction strategies.
SOW Template Documentation
While there are no functional changes this week, we’ve added helpful guidance for teams using Scopes of Work (SOWs) in Fairmarkit.
New Documentation
How to Set Up a SOW Template: A new support article walks you through configuring a SOW template in Fairmarkit. Click here to view the documentation.
Key Benefit: This makes it easier for teams to standardize SOW-based sourcing processes, reduce setup confusion, and ensure consistency across complex service engagements.
July 10, 2025
UOM Updates
Overview
We’ve expanded our available units of measurement (UOMs), giving customers and suppliers more flexibility to describe products and services accurately in RFX and bids.
Updated Features
New Units of Measurement (UOMs): We’ve added the following UOMs to better support diverse industries and product types:
Unit
Tonne
Part
Kilowatt
Unit F
Pancake
Milliliter
Cube
Key benefit: Users can now specify quantities more precisely based on their business context, improving clarity in communication and evaluation.
June 10, 2025
RFQ Approvals
Overview
Our new RFQ approval workflow gives organizations tighter control and accountability by enabling rule-based approvals before an RFQ is shared with suppliers or awarded post-bid. Workflows can be customized using business logic such as spend thresholds or role-based conditions.
Updated Features
RFQ Approvals: A powerful new workflow capability that allows organizations to require approval at two key stages—before an RFQ opens to suppliers (Pre-Open Approval) and before awarding bids (Pre-Award Approval).
Key benefits: Helps ensure RFQs are reviewed and validated at the right moments, aligning with compliance requirements and internal processes.
Approvals can be configured using if/then logic and business data such as spend thresholds or categories.
Supports multiple approval structures:
Sequential approvals: Approvers review in a set order (e.g., Manager → Director → VP), ideal for escalating oversight.
Role-based benefits:
Buyers can ensure RFQs meet internal standards before supplier engagement or awarding decisions.
Approvers can review, comment, approve/reject, and delegate or escalate as needed.
System Administrators can tailor workflows to reflect company policies, roles, and thresholds.
June 3, 2025
Pause an Auction
Overview
Buyers now have the ability to pause an auction; ideal for moments when important updates need to be communicated before allowing further supplier bids. This new control helps ensure transparency and better event management
Updated Features
Pause an Auction: A brand-new feature allowing buyers to temporarily halt bidding on an active auction. Accessible directly from the event page, the new "Pause" option updates the event status, triggers notifications to all suppliers, and displays a visible banner indicating the paused or resumed state. All bids submitted prior to the pause remain intact, and a detailed audit log captures who paused/resumed the auction and when.
Key benefit: This gives buyers flexibility to handle time-sensitive updates or corrections without compromising existing bids or clarity.
May 29, 2025
Real-Time Supplier Engagement Visibility: We’ve added real-time supplier participation indicators within the event UI for Auctions only.
Improved Bid Decrement and Notifications: Buyers can now apply a minimum bid decrement based on each supplier’s own previous bid, not just the current lead bid.
Enhanced SOW: SOW is now a live, collaborative document where stakeholders can edit, review, and comment in real time—ensuring alignment before publishing or routing for approval.
Template-Driven Compliance: Create SOWs faster and with confidence by selecting from pre-approved templates. Templates are centrally managed in the Admin Center, ensuring consistency and compliance with procurement standards. Buyers can then choose the appropriate template directly in the UI.
Rich Text Editing: Customize your scope with a modern editor that supports bolding, bullet points, tables, headers, and more—allowing you to clearly communicate detailed requirements.
April 30, 2025
Incoterms
To support consistent logistics terms and streamline sourcing workflows, buyers can now define default Incoterms for each supplier. These defaults are automatically displayed when suppliers respond to events and can be applied at either the event or line-item level, depending on your configuration.
Suppliers can override the default Incoterm per event, offering flexibility while preserving visibility. Buyers will see any overrides clearly flagged in the quote comparison view, improving transparency and reducing the need for manual follow-up.
This feature is controlled by a configuration setting. To adjust your settings, contact your Fairmarkit Customer Success Manager.
Calculated auction times
When setting up a Dutch or Japanese auction, end times are now automatically calculated based on your pricing, increment, and interval settings. This eliminates the need for manual entry and makes it easier to review your auction timing
More precise event times
When scheduling your request for quote or auction events, you can now enter specific times (e.g., 3:20) in addition to selecting the predefined 30-minute time options for start, end, and close times. This gives you more flexibility for precise scheduling.
New service line UOMs
Added the following new unit of measures for service line items.
Words
ASIN
Segments
Annotations lines
Labels
Videos
Pages
Per thousand words
April 17, 2025
(Buyers)
Reassign supplier contact by name or email
When reassigning a supplier contact on an event, you can now see the supplier's name and email address when selecting. Previously, you could only see their name.
Added delivery day to group & service lines
Added Delivery Days as an optional field for group, service, and group service line items. You will see this on the Details page when reviewing supplier responses.
New UOM - Metric Ton (services)
Added Metric Ton as an available unit of measure for service line items.
See: Available UOMs
New supported languages: Polish and Russian
Fairmarkit now supports Polish and Russian language and localization (number and currency format).
See: Languages and localization
Increased length of webhook URL
When configuring a webhook (Fairmarkit API settings), the URL for Webhook can now be up to 200 characters.
SSO via email links
When users access Fairmarkit events via email, if SSO login is enabled, they'll now be directed through SSO authorization (not to the login page) and then redirected to the link destination in the email.
(Suppliers)
New supported langauges: Polish and Russian
Fairmarkit now supports Polish and Russian language and localization (number and currency format).
See: Languages and localization
April 3, 2025
(Buyers)
2-envelope sealed bids
You can now choose between one- and two-envelope sealed bids for your RFQ events. With two-envelope bidding, assigned evaluators review supplier responses without seeing pricing. Only the responses they select will move forward for buyers to review pricing and award the event.
To enable 2-envelope sealed bids, contact your Fairmarkit Customer Success Manager.
See: sealed bids
Intake: Price books
When you request items, Intake now suggests matches from your company’s price books catalogs based on item description, manufacturer, or category. It uses semantic search, meaning it understands the meaning of your request, not just exact words, to find the right items. If all items are matched, the request can be automatically submitted for purchase, helping you move faster while staying aligned with company policies.
See: Price books overview (Intake requests) and Select price books items (requesters)
New Configurations
To adjust your configuration settings, contact your Fairmarkit Customer Success Manager.
Archive in Status Filter: You can now filter by Archived status using the Status filter on the Events list. To improve performance, Archived is not selected by default. If you prefer to include Archived automatically, you can enable an optional configuration. The separate Archived filter was removed as part of this update.
Dutch auction multiple winners: Select if multiple suppliers can win a Dutch auction. With this option enabled, you can select a winner from any supplier that accepts the final price.
See: Configurations
March 20, 2025
(Buyers)
Admins can now set OOO
As an Admin, you can now manage Out of Office (OOO) for users at your company. When a user is unavailable, you can assign another team member to oversee their events. Users can still set their own OOO, but this ensures coverage for those who can’t or may have forgotten.
See: Out of office
New supported language: Estonian
Fairmarkit now supports Estonian language and localization (number and currency format).
See: Languages and localization
Suppliers
Improved RFQ List
On your Supplier Portal, you now have an updated RFQ list that gives you better control over managing and reviewing your responses to request for quote (RFQ) events.
Updates include:
Dedicated lists for RFQ and Auction events.
Customizable columns to display the information you need.
Enhanced filtering by Customer, Status, and Urgency, plus an option to view only your events (ideal for Admins).
Sorting options by Title, Close Date, Urgency, and Shipping Location.
Quick search by event Title or ID.
New supported language: Estonian
Fairmarkit now supports Estonian language and localization (number and currency format).
See: Languages and localization
March 6, 2025
Buyers
New supported langauges: Arabic and Bahasa Indonesia
Fairmarkit now supports Arabic and Bahasa Indonesia language and localization (number and currency format).
See: Languages and localization
Suppliers
New supported langauges: Arabic and Bahasa Indonesia
Fairmarkit now supports Arabic and Bahasa Indonesia language and localization (number and currency format).
See: Languages and localization
February 20, 2025
Buyers
AI Bid Analysis Agent
The AI Bid Analysis Agent helps you make faster, data-driven decisions by analyzing supplier responses to your events. After generating an analysis, you can chat with the AI agent to ask questions and get more information.
Availability: The AI Bid Analysis Agent is available for closed and awarded events that were created via intake requests in Fairmarkit or the Request API. For information about using the Request API, contact your Fairmarkit Customer Success Manager.
Review AI analysis
Once your event closes, go to the AI Analysis tab on the original intake request to review an analysis of supplier responses. The analysis includes a structured analysis of key details like pricing, delivery timelines, vendor capabilities, and risk assessments.
Ask questions
After reviewing the analysis, click Ask KIT to ask questions, request clarifications, and explore insights directly with the AI agent.
Filter list of available supplier meta tags
When awarding an RFQ event, the list of awarded supplier meta tags can now be filtered, simplifying the selection process. Filters can be configured to handle scenarios where multiple event meta tags are defined for the same key. This update applies only to users utilizing supplier meta tags.
Search by supplier company name or email
When searching a list for a supplier, you can search by the supplier's company name or email.
Change to partially awarded event emails
Previously, suppliers received a "not won" email when an event was partially awarded. Now, suppliers will only receive this email if the event is fully awarded to another supplier, reducing confusion and conflicting notifications.
Suppliers
Change to partially awarded event emails
Previously, you would receive a "not won" email when an event was partially awarded. Now, you'll only receive this email if the event is fully awarded to another supplier.
February 6, 2025
Buyers
New auction types: English, Japanese & Dutch
When creating an auction event, you can now choose from three auction types, giving you more flexibility to align your sourcing strategy with your needs:
English (classic) auctions
We've renamed the original reverse auction experience to English (classic auctions). With English auction, Suppliers compete by submitting lower prices.
See: English (classic) auction
Dutch auctions
With a Dutch auction, your auction price starts low and gradually increases. The first supplier to accept the price wins.
See: Dutch auction
Japanese auctions
With a Japanese auction, your auction starts at the highest price you'll pay and decreases gradually over time. At each decrease, suppliers can choose to stay or leave. The last supplier remaining wins.
See: Japanese auction
English auctions - new settings
You now have access to additional settings for English (classic) auctions. These settings give you greater flexibility and control over your auctions. You can access the new settings from the Auction settings area when you create your event.
Auction extension rules
You can now configure how extensions work when suppliers bid at the end of an auction. You can adjust the following auction settings:
Trigger extension: Set when to extend an auction (e.g., receive a bid in the last 2 minutes).
Extension duration: Set how much time is added (e.g., 30 minutes).
Maximum extensions allowed: Limit how many extensions are allowed.
Auction bid buffers
You can now set a Minimum bid increment as a percentage or fixed amount (e.g., 5% or $10) for your auctions. This ensures bids are meaningful reductions from the current lead bid, promoting fair competition and building trust in the auction process.
See: English auction - available fields
Events list improvements
The following improvements help you to quickly sort, filter, and find events on your Events list.
Sort by Title: Added the ability to sort the Events list by the Title column.
Manufacturer filter: Added the ability to filter the events list by Manufacturer.
Improved notification search and filtering
We've enhanced notification search and filtering to help you find important information faster.
Unread filter: Filter notifications to show only unread items.
Search event data: In addition to message text, you can now search notifications by event data.
Suppliers
New auction types - Dutch, English, and Japanese
Buyers can now create three types of auction events, each with a different way for you to participate. For each auction type, the event screen provides instructions on how to proceed.
Dutch auction
The auction price starts low and increases over time. You win if you're the first participant to accept the current price.
See: Dutch auction
English (classic) auction
Compete by submitting lower prices throughout the event. If your bid is the lowest at the end, you win. This is the original reverse auction experience.
See: English (classic) auction
Japanese auction
The auction starts at a high price and decreases over time. At each price drop, you'll decide whether to stay or leave. If you're the last participant remaining, you win.
See: Japanese auction
Minimum English auction bid
Buyers can now set a Minimum bid increment, requiring new bids to meet a specified percentage or fixed amount below the current lead bid (e.g., 5% or $10). If your bid doesn’t meet this value, you’ll see an error message and need to update it before submitting it.
English auction extensions
Previously, if you bid on an auction in the final 10 minutes, the auction would extend for 10 minutes, continuing until no further bids were received. Buyers can now configure extensions, controlling when extensions are triggered, how much time is added, and the maximum number of extensions. You’ll receive real-time notifications for extensions so you can respond quickly and stay competitive.
January 23, 2025
Buyers
Automatically convert Benchmark when Currency is updated
If you update the currency while working on a request for quote or auction event, any existing Benchmark values will now be automatically converted to the new event currency. You can review and edit the updated value as needed. This option saves time and ensures benchmark values are updated automatically when you change the event currency.
This option is available via a configuration setting. To adjust your settings, contact your Fairmarkit Customer Success Manager.
See: Benchmark
Fairmarkit API webhook additions
Added new request for proposal (RFP) webhook notifications for the following:
Opened RFPs: With the RFP_OPENED webhooks, you can receive a notification when a request for proposal (RFP) event is opened.
Closed RFPs: With the RFP_CLOSED webhooks, you can receive a notification when a request for proposal (RFP) event is opened.
See: Fairmarkit API overview and Developer portal
Suppliers
All requests/Customer filter combination
When reviewing one of your events list (RFQ, RFP, RFI), you can now select the All requests option and then filter the list to a specific Customer. This change allows you to have more control over your lists.
January 9, 2025
Buyers
Benchmark price from historical data
When you create a request for quote event, the Benchmark price can now be automatically generated based on your historical data. We'll suggest a benchmark price by matching line items using key identifiers (MFG part #, Internal part #, and Description) to previously awarded events and uploaded purchase order line items.
This option is available via a configuration setting. To adjust your configuration settings, contact your Fairmarkit Customer Success Manager.
See: Suggest Benchmark from historical data
Remove/restore suppliers option
Added a 'Remove all' button to the Suppliers invitation area. With this you can quickly remove all selected supplier invitations from an event.
If If you remove a supplier invitation by mistake, you can restore one or all (new 'Restore all' button) invitations in the Removed Supplier area.
See: Manage supplier invitations
Archived events filter
Added an Archived events filter to the Events list. This is available from the list of available filters. With this change, the Archived option will no longer be available in the Status filter.
Fairmarkit API - Requests
You can now create requests and pull data about a specific request through the Fairmarkit API.
See: Fairmarkit API overview and developers.fairmarkit.com
December 12, 2024
Buyers
What's new
Dynamic intake approvals
With intake approvals, your requests can now be automatically routed to an approval process based on rules defined for your company. If the request's location, budget, or currency or the submitting user's role matches a rule, Fairmarkit will send requests to approvers before submitting.
See: Request approvals
Multi-round event details download
When downloading the details of a multi-round event, the downloaded file will now include information for all event rounds.
See: View event details and history
View request
When viewing a request for quote (RFQ) event on the details page, you can now select to view the original purchase requisition (PR) (actions menu > View request) in your ERP/P2P purchasing application. This option provides quick access to your purchase requisition, allowing for a better workflow between your event and purchasing application.
See: Event actions
New configurations: Set required fields on RFQ events
To adjust your configuration settings, contact your Fairmarkit Customer Success Manager.
Additional required fields on RFQ: Set if the Category, Business Unit, or Requester fields are required when buyers create a request for quote (RFQ) event. By default, these fields are not required.
Require RFQ attachments from suppliers: Set if suppliers are required to add an attachment when responding to an RFQ event. By default, suppliers are not required to add an attachment. See: Configurations
RFQ Details dashboard - Tag column
For the RFQ Details dashboard, added an RFQ Tag List column. This allows you to review the tags added to each event quickly.
See: RFQ Details
Suppliers
What's new
Valid for - New selections
When responding to a request for quote event, you can now select 7 days or 45 days as available options in the Valid for field.
November 28, 2024
Buyers
What's new
Award between rounds
When running a request for quote (RFQ) multi-round event, you can now select to award line items and send any remaining line items to a new round.
See: Multi-round events (RFQ & auction)
Delete draft rounds
For request for quote (RFQ) events, if you create a new round and change your mind, you can now delete draft rounds from your event.
See: Multi-round events (RFQ & auction)
Reverse auctions adoption dashboard
With the new Reverse auction adoption dashboard, you can now review and track your reverse auction activity.
November 14, 2024
Buyers
What's new
Reverse auction lowest bid setting
In the reverse auction configurations, renamed the 'Show supplier rank' option to "Show if bid is lowest.' By default, this option will be selected. If not selected, suppliers will not be able to see if their response is the lowest.
See: English auction configurations
New emails
Added three new emails, which can be configured for your company from Email settings.
New supplier response When a supplier responds to an event, you will receive a response summary with a link to view details.
See: New supplier response email
Events closing soon When you have events closing soon (within two days), you will receive a reminder with event details or a list of events (if multiple events closing) and a link to view more details
See: Events closing soon email
Response not awarded (to suppliers) When you award a request for quote event, suppliers will receive an email update if their response is not awarded.
See: Response not awarded email (RFQ)
Email settings: Additional configurable emails
Admins can now select to send alerts and add attachments for the New RFQ assigned (buyers) and Shipment tracking reminder notification (suppliers) emails.
See: Email settings
Suppliers
What's new
New email: Response not awarded email
When a buyer awards a request for quote event, you can now receive an email update if your response is not awarded.
See: Response not awarded email (RFQ)
Archive
Use the Release notes archive to view older release notes.
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