ICZOOM: An Electronics Components Exchange Enabling market forces to determine spot prices
China based ICZOOM is a transparent, open-data platform where market forces determine a fair price for electronic components. The platform brings an innovative fulfillment approach to the traditional supply chain for electronic components.The platform is disrupting the $1 trillion legacy electronic components market by using a combination of real-time price matching and transactional data to seamlessly connect all market participants, allowing customers to pay up to 20% less for components. The ICZOOM platform and website were launched in 2012.
Focused on high efficiency, open communication, smooth transactions, and transparent data, ICZOOM model reduces the cost of procuring electronic components. Focused on the Small-Medium-Enterprise segment (SME), ICZOOM’s innovative business model provides reliable, verified sources, a full range of categories/products, real-time pricing, on-time delivery, and comprehensive Supply Chain Management (SCM) services.
ICZOOM platform benefits the industry ecosystem of vendors, distributors, agents and traders. The proprietary price-matching algorithm ensures that the right parties are brought together for a transaction. To further support the SME market, ICZOOM provides free cloud-based Enterprise-Resource-Planning (ERP) software through a Software-As-A-Service (SaaS) model to assist them with procurement and their supply chains.
Lei Xia, Founder and CEO, ICZOOM says that, “ICZOOM is the result of my long career of marketing electronics components. A $1 trillion industry ripe for disruption due to the legacy problems and slow pace of innovation to which factories and buyers have become accustomed. These problems include an outdated and expensive supply chain in a market that is known for its high turnover and short product lifecycles of only 18-24 months. This typically results in excess inventory that quickly decreases in value”.
He further said that, “ICZOOM aims to solve these legacy problems with a combination of real-time price matching and readily available transaction data to seamlessly connect all market participants and allow customers to pay up to 20% less for components”.
ICZOOM platform has grown significantly since 2012 when it was launched in 2012.The company serves thousands of customers across China, including over 1,000 suppliers in over 1,000 categories, and aims to be the global solution for electronic components needs. ICZOOM is based in Shenzhen and has offices in Shanghai, Hong Kong and New York.
The disruptive, innovative platform delivers the following:
Real-time Pricing: real-time auction prices use a matching algorithm that connect the right parties for transactions, along with transparent pricing, inventory, and transaction data, reduced costs and elimination of aging inventory.
Anonymous Trading: all components can be searched by universal part number, allowing for anonymous transactions, anonymous ask-bid, no authorization to buy, and increased turnover of excess inventory.
Order Fulfillment: online and offline services provide customers with fulfillment support for customs declarations, including well-managed warehouses, proprietary and free cloud-based ERP software, logistics, finance and direct delivery to customer facilities.
The ICZOOM team is a group of industry veterans who are dedicated to integrating global resources using data, technology and offline services to bring the industry a more efficient, cost-effective and convenient trading environment for electronic components.
Legacy problem: Electronic components are a commodity without the benefits of commodity pricing. Buyers pay up to a 20% “premium on all transactions because there is no current system to determine market price, and no transparency for transactions (e.g.inventory levels, pricing).
ICZOOM Solution: The ICZOOM platform disrupts the legacy electronic components market and breaks the “info barrier”, enabling market forces to determine spot prices. Our proprietary technology uses a combination of real-time price-matching and transactional data to seamlessly connect all market participants, from design-houses to suppliers to end-users, creating a more efficient market.
