Greg Hrinya, Editor10.09.20
NarrowWebExchange.com
www.NarrowWebExchange.com
Mat Jones had a vision to improve the label and narrow web marketplace, and he is in the process of seeing the fruits of his labor.
Jones has established NarrowWebExchange.com (NWE), which has been designed to facilitate the buying and selling of the equipment used in the narrow web industry. Thanks to his more than 30 years in printing and converting, Jones has acquired the connections and expertise to get this project off the ground.
Jones spent the first 10 years of his career selling consumables, and then the majority of the time since has seen him selling capital equipment. As an independent rep for 10 years, he sold narrow web flexo presses and a variety of other converting equipment. He has also sold wide web flexo presses, laminating equipment and gravure presses. Along the way, Jones has enjoyed the good fortune to meet and befriend many great people in the industry – many of whom have been kind enough to offer valuable encouragement, advice and counsel.
“The driving factor for launching NarrowWebExchange.com was and is to provide a centralized, industry-specific, virtual marketplace for the narrow web industry to buy and sell used equipment,” explains Jones. “One where willing buyers and sellers can interact directly with each other – online – to fulfill mutual needs efficiently. It’s a concept that I noticed in other industries, and thought would be useful in ours.
“Currently, the majority of used equipment in the narrow web industry is sold by brokers,” he adds. “Brokers can provide valuable services, to be sure, but they also hold sway over how limited resources are allocated and can inject large margins into deals to offset sometimes substantial costs of doing business. My proposal is that a direct buyer to seller online marketplace is more efficient and easier for anyone to access and use. Buyers and sellers acting together directly and in their own self-interests drive out costs and maximizes benefit for both.”
Users of the site have the ability to choose to sell their items with a fixed price listing or an auction listing. According to Jones, the option to list items for sale using an auction is a very useful tool to have, as he hadn’t seen auctions used very frequently in the label and packaging industry. Now, anyone can get online and create an auction for their item. Starting bids, reserve prices, and buy-it-now prices can all be used to minimize or eliminate risk and entice buyers to bid.
“In a perfect world, were NWE able to attract each and every listing on the market, along with all of the potential buyers in need of equipment, the true value of that equipment would be arrived at effortlessly and efficiently, providing equitable transactions for all,” says Jones. “This ideal scenario will of course not be reached, but to the extent that it approaches that ideal, the better it will function for users of the site. Widespread use is what will make it a valuable asset for the industry.”
Compared to consumables, capital equipment is typically associated with relatively higher price tags and can therefore present a challenge for an online application like NWE. Most notably, of course, is the transfer of large amounts of money over the internet. That’s a potential concern people may get when they first hear about the concept, but Jones had the foresight to handle that issue head-on.
“Without knowing more about how New works, I am sure many will be skeptics until they do. Therefore, educating potential users about how the site works is a major hurdle to overcome as users show interest during these beginning stages,” he says. “Simply put, the largest amount of money that ever changes hands on the site is $1,000. That would be all or part of a 5% fee charged to buyers. Any balances above $1,000 are invoiced to the buyer to be paid via check or wire transfer. The buyer and seller settle up by sharing payment arrangements over the Site Communication System. So, for instance, a transaction for a piece of equipment that sells for $2,000 or one that sells for $1,000,000 is settled directly between buyer and seller offline, just as if they had met at a trade show and struck a deal. Thus, they are provided an extremely safe and transparent transaction.”
Timing could prove to be everything for Jones. The world continues to adapt to a new normal, and consumers are becoming increasingly comfortable with purchasing big ticket items online. Sites like Autotrader.com, CarSoup.com and Carvana, among others, have gained in popularity, facilitating the buying and selling of cars online. NarrowWebExchange.com is positioned to succeed in this climate, as well.
“I think there are several trends that bode well for a platform like NarrowWebExchange.com,” states Jones. “One of the biggest is not necessarily a narrow web industry trend but a mega trend that is affecting industries everywhere. That being the move away from face-to-face communication and in general conducting more business online. I believe the pandemic we find ourselves embroiled in currently is not only forcing us to communicate and do business online, but it is also revealing some strong incentives for doing so that we never would have realized otherwise, so I think the trend continues for some time. NWE fits right in with this current and likely ongoing trend. Buyers and sellers are able to interact virtually to buy and sell used equipment.”
On the NWE site, sellers are able to link to YouTube videos that they can offer in place of an in-person demo. They can also upload assets, like PDF files with tooling lists or other documents, that improve their listing’s strength, and of course images and specifications. All the tools are provided to create a thorough online buying/selling experience.
“Communication is a key component to reaching an agreement between buyer and seller,” explains Jones. “NarrowWebExchange.com provides two ways for buyers and sellers to share information and negotiate. Our Site Communication System allows for posting questions, comments and replies for all to see. Buyers and sellers can also communicate privately via email. The email is generated by the site communication and the email addresses are not revealed. I believe this online experience will become the norm, not only for used equipment but also for new equipment in the not-too-distant future.”
NWE also possesses the ability to capitalize on burgeoning technologies like digital printing. New technology will elicit a rise in used traditional equipment being taken out of service. It’s important to note that this equipment still has value, and NWE has positioned itself to determine that value and turn those idle assets into cash.
“The main goal is to provide a user-friendly platform that offers real value for users. NWE is a new concept and I understand it will take some time and effort to increase the number of users and listings,” adds Jones. “Getting listings is the main priority, of course. A site loaded with 50 to 100 items is where I would like to get initially. When people visit the site for the first time, that is what they expect to see and what makes it interesting and useful, and also wanting to visit again. I have made it extremely easy to list items for sale. First of all, listing items for sale is completely free. It costs nothing, and even when the item is sold, sellers pay nothing. Secondly, the site is very user friendly. Once a seller has all their assets together (specs, images, video, documents), it only takes minutes to fill out the listing forms.”
In the future, as NarrowWebExchange.com becomes more established, Jones has plans for similar sites in other markets. He has retained the rights to WideWebExchange.com, SheetfedExchange.com, and CorrugatedExchange.com.
“The printing and converting industry has been very good to my family and myself for over 30 years now,” concludes Jones. “I have done my best during this time to add value for employers and partners, and by extension, the industry in general. I sincerely hope that the narrow web industry finds value in NarrowWebExchange.com. Time will tell.”
www.NarrowWebExchange.com
Mat Jones had a vision to improve the label and narrow web marketplace, and he is in the process of seeing the fruits of his labor.
Jones has established NarrowWebExchange.com (NWE), which has been designed to facilitate the buying and selling of the equipment used in the narrow web industry. Thanks to his more than 30 years in printing and converting, Jones has acquired the connections and expertise to get this project off the ground.
Jones spent the first 10 years of his career selling consumables, and then the majority of the time since has seen him selling capital equipment. As an independent rep for 10 years, he sold narrow web flexo presses and a variety of other converting equipment. He has also sold wide web flexo presses, laminating equipment and gravure presses. Along the way, Jones has enjoyed the good fortune to meet and befriend many great people in the industry – many of whom have been kind enough to offer valuable encouragement, advice and counsel.
“The driving factor for launching NarrowWebExchange.com was and is to provide a centralized, industry-specific, virtual marketplace for the narrow web industry to buy and sell used equipment,” explains Jones. “One where willing buyers and sellers can interact directly with each other – online – to fulfill mutual needs efficiently. It’s a concept that I noticed in other industries, and thought would be useful in ours.
“Currently, the majority of used equipment in the narrow web industry is sold by brokers,” he adds. “Brokers can provide valuable services, to be sure, but they also hold sway over how limited resources are allocated and can inject large margins into deals to offset sometimes substantial costs of doing business. My proposal is that a direct buyer to seller online marketplace is more efficient and easier for anyone to access and use. Buyers and sellers acting together directly and in their own self-interests drive out costs and maximizes benefit for both.”
Users of the site have the ability to choose to sell their items with a fixed price listing or an auction listing. According to Jones, the option to list items for sale using an auction is a very useful tool to have, as he hadn’t seen auctions used very frequently in the label and packaging industry. Now, anyone can get online and create an auction for their item. Starting bids, reserve prices, and buy-it-now prices can all be used to minimize or eliminate risk and entice buyers to bid.
“In a perfect world, were NWE able to attract each and every listing on the market, along with all of the potential buyers in need of equipment, the true value of that equipment would be arrived at effortlessly and efficiently, providing equitable transactions for all,” says Jones. “This ideal scenario will of course not be reached, but to the extent that it approaches that ideal, the better it will function for users of the site. Widespread use is what will make it a valuable asset for the industry.”
Compared to consumables, capital equipment is typically associated with relatively higher price tags and can therefore present a challenge for an online application like NWE. Most notably, of course, is the transfer of large amounts of money over the internet. That’s a potential concern people may get when they first hear about the concept, but Jones had the foresight to handle that issue head-on.
“Without knowing more about how New works, I am sure many will be skeptics until they do. Therefore, educating potential users about how the site works is a major hurdle to overcome as users show interest during these beginning stages,” he says. “Simply put, the largest amount of money that ever changes hands on the site is $1,000. That would be all or part of a 5% fee charged to buyers. Any balances above $1,000 are invoiced to the buyer to be paid via check or wire transfer. The buyer and seller settle up by sharing payment arrangements over the Site Communication System. So, for instance, a transaction for a piece of equipment that sells for $2,000 or one that sells for $1,000,000 is settled directly between buyer and seller offline, just as if they had met at a trade show and struck a deal. Thus, they are provided an extremely safe and transparent transaction.”
Timing could prove to be everything for Jones. The world continues to adapt to a new normal, and consumers are becoming increasingly comfortable with purchasing big ticket items online. Sites like Autotrader.com, CarSoup.com and Carvana, among others, have gained in popularity, facilitating the buying and selling of cars online. NarrowWebExchange.com is positioned to succeed in this climate, as well.
“I think there are several trends that bode well for a platform like NarrowWebExchange.com,” states Jones. “One of the biggest is not necessarily a narrow web industry trend but a mega trend that is affecting industries everywhere. That being the move away from face-to-face communication and in general conducting more business online. I believe the pandemic we find ourselves embroiled in currently is not only forcing us to communicate and do business online, but it is also revealing some strong incentives for doing so that we never would have realized otherwise, so I think the trend continues for some time. NWE fits right in with this current and likely ongoing trend. Buyers and sellers are able to interact virtually to buy and sell used equipment.”
On the NWE site, sellers are able to link to YouTube videos that they can offer in place of an in-person demo. They can also upload assets, like PDF files with tooling lists or other documents, that improve their listing’s strength, and of course images and specifications. All the tools are provided to create a thorough online buying/selling experience.
“Communication is a key component to reaching an agreement between buyer and seller,” explains Jones. “NarrowWebExchange.com provides two ways for buyers and sellers to share information and negotiate. Our Site Communication System allows for posting questions, comments and replies for all to see. Buyers and sellers can also communicate privately via email. The email is generated by the site communication and the email addresses are not revealed. I believe this online experience will become the norm, not only for used equipment but also for new equipment in the not-too-distant future.”
NWE also possesses the ability to capitalize on burgeoning technologies like digital printing. New technology will elicit a rise in used traditional equipment being taken out of service. It’s important to note that this equipment still has value, and NWE has positioned itself to determine that value and turn those idle assets into cash.
“The main goal is to provide a user-friendly platform that offers real value for users. NWE is a new concept and I understand it will take some time and effort to increase the number of users and listings,” adds Jones. “Getting listings is the main priority, of course. A site loaded with 50 to 100 items is where I would like to get initially. When people visit the site for the first time, that is what they expect to see and what makes it interesting and useful, and also wanting to visit again. I have made it extremely easy to list items for sale. First of all, listing items for sale is completely free. It costs nothing, and even when the item is sold, sellers pay nothing. Secondly, the site is very user friendly. Once a seller has all their assets together (specs, images, video, documents), it only takes minutes to fill out the listing forms.”
In the future, as NarrowWebExchange.com becomes more established, Jones has plans for similar sites in other markets. He has retained the rights to WideWebExchange.com, SheetfedExchange.com, and CorrugatedExchange.com.
“The printing and converting industry has been very good to my family and myself for over 30 years now,” concludes Jones. “I have done my best during this time to add value for employers and partners, and by extension, the industry in general. I sincerely hope that the narrow web industry finds value in NarrowWebExchange.com. Time will tell.”