Release date : 2020-09-09
$10B aircraft spare parts marketplace – one click to find them all
Finding spare parts for aircraft is never an easy task. As the market is not so big and the regulations are stringent, MROs and airlines understand that there is no way to keep track of every possible spare part that is needed or would be needed shortly. Besides that, some players do not have the capability of storing spare parts. Having a business connection that handles one or the other required part always comes in handy. But there are better and more efficient ways, for example – using a specific marketplace for aircraft spare parts.
How to choose wisely?
There is no doubt that there is more than one aircraft spare parts marketplace around the world. So the natural question comes to a mind – how does one choose correctly? The easiest way to figure out what is exactly needed in any situation – to find the most relevant aspects that would apply in any case for any customer. So let us look at what should be in the marketplace that would work better than any open source internet browser.
First, and probably the most important – the database. There are many different players in the aviation market – manufacturers, MROs, airlines, brokers, etc. That is why the database of any marketplace has to be incredibly vast to fit the needs of everyone. The bigger the database, the easier the solution it is for anyone in any situation, for example – AOG, when the specific part is needed in the shortest period. Also, a bigger database means more parts to choose from. As in any business, this creates more significant competition amongst the players inside the marketplace, giving an upper hand for the customer in fund saving. Using a marketplace with a bigger database gives a possibility to find a needed part for a lower price than anywhere else.
The second significant approach, which connects with the first one – is the quality of the database. No one wants to browse through a database that is just filled with pictures or part numbers but at the end – find nothing. Time is money and in aviation – a reasonably significant amount of funds. Thus, the quality of any database should be of the highest priority. Adding to this, the number of active unique clients is exceptionally relevant. The more buyers, sellers, brokers, and any other players of the aviation market is included in the marketplace’s activities, the more efficient the marketplace becomes.
The other very important aspect is the geography. More specifically – the region any player is working in and the area that the marketplace covers. Most of the marketplaces try working worldwide. However, the keyword here is ‘tries’. Meaning, not all of them can actually provide with a quick solution in the region a specific person or company is active. It is essential to find a place with solutions all over the world, which guarantees a rapid response and the full treatment of their database.
A right marketplace has to be optimized with the best tools that improve all the processes. The platform itself will not be used if it is not user-friendly or has some editions to it. Everyone can do simple searches and ordering parts. What marketplace should provide with are the solutions, tailored to everyone’s needs, that would make all the processes easier, would save money and time. The more any marketplace is equipped, the better choice it is.
Last but not least, – analytics. Having analyzed the market fully, any marketplace should be available to proceed with the data of competition, mostly sold or searched items on the marketplace, etc. This is absolute gold information for those who try to find a new gap in the market or wishes to strengthen their position.
Is one marketplace enough?
The aircraft spare parts marketplace is like a highway. One of them is Locatory.com, an aviation IT company, primarily acting as an aircraft parts locator. Locatory.com has a team of extremely experienced individuals, which are native speakers for Russian, Spanish, Arabic, and English, so that everyone could be able to do their business and avoid language barrier. “Our team becomes like a connection in-between a client and the provider. Taken in consideration our marketplace, one of the key things that we propose – a one-stop-shop for all the needs: purchase, selling, advertising, shipping, payment transaction, documentation, taking care of customs issues, you name it. We specifically developed our marketplace to have various tools, which would help to make all the processes faster and easier,” says Dainius Meilunas, CEO at Locatory.com.
But the marketplace is only one part of the equation. Companies that wish to get the most value out of their partnerships, are proactive and always comes back to the buyer, they follow up themselves and create direct connection, which is the first step to have a long-term relationship with that lead. Besides that, the companies have to update their inventory as soon as possible, be visible, communicative always reply to every single RFQ and follow up with the buyer by itself.
“Besides the marketplace itself, one of the most important addition is the Customer support our company provides. This leads to many successful cases for our customers and us. Even if the customer is tech-savvy, ability to speak eye to eye with a skillful professional allows to learn more about the given tools, understanding the analyzed data, and resolve any issues that might come up”, says Indre Bagaviciute, Vice President Sales at Locatory.com.