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Procurement Market Intelligence Report

Locks & Security Hardware
Sourcing Guide & Market Trends

Comprehensive intelligence for making smart purchasing decisions

Learn about actual and potential costs

How much should I pay for Locks & Security Hardware?

What is the average price of Locks & Security Hardware?

This procurement report includes pricing information to help you purchase Locks & Security Hardware. Our analysts provide a benchmark price and a price range based on key pricing factors to help you understand what you should be paying for this specific product or service. To see the average price for this and hundreds of other products and services, subscribe to ProcurementIQ.

Has the price of Locks & Security Hardware been rising or falling?

Analysts look at market data from the previous three years to determine an overall price trend. You can use the recent price trends to help you understand price volatility and plan your budget.

I’m not ready to purchase Locks & Security Hardware yet. Will I pay more if I wait too long?

We forecast the next three years of price movements by looking at factors likely to affect the market's supply chain, such as inputs, demand and competition. You can then use the price forecast to figure out the best time to purchase.

What other costs are associated with purchasing Locks & Security Hardware?

Our analysts calculate the total cost of ownership and assign a level of low, moderate or high, depending on things like customization, integration and installation. Use this information to budget for Locks & Security Hardware with a reduced risk of unexpected costs.

See how we display average pricing information, trends and market data.

Find the vendor to meet your needs

Where can I purchase ?

The market for locks and security hardware has a moderate level of market share concentration, with the top four players capturing more than 40.0% of total market revenue. There are an estimated 2,600 suppliers in the market, ranging from private and public manufacturers to wholesalers and retailers. Stanley, Black &... Subscribe to learn more.

Questions to ask potential suppliers

How can I gain leverage during negotiations?

Experience and Expertise

How long have you provided these products to your longest-tenured client?

What qualifications does your staff have and what measures do you take to keep those qualifications up to date?

What industry do you most commonly supply this product for?

To what extent will ordering multiple products from your firm allow me to save on costs?

What is your repeat business rate for businesses in my industry and how does that compare to your overall rates?

Supply Chain Risk

Over the past three years, what percentage of your revenue has been dedicated to raw input materials? How has that changed?

Has the availability of raw materials tightened due to the coronavirus outbreak?

Over the past three years, what percentage of your revenue has been dedicated to labor?

How have fluctuations in input prices affected the prices of your products during the past three years?

How do you mitigate sudden price increases in raw materials?

When input prices rise, how much of the cost is absorbed by you and how much is passed onto buyers?

How, if at all, has your supply chain been affected by import tariffs levied in 2018?

Regulation

How do you manage regulatory change? Do you have regulation advisers or methods to track regulation?

How have changing regulations influenced your pricing now and how will the changes affect prices over the life our proposed agreement?

What ongoing training procedures do you provide for your staff?

Have you ever been found to be noncompliant with regulatory frameworks?

Amid widespread health concerns during the COVID-19 pandemic, what contingency plans are in place to mitigate risk to your clients and employees? Do you offer clients any flexible exceptions, such as contract suspensions?

Reliability

How frequently must locks be replaced?

How easily do locks wear down or rust?

How easily can an intruder pick the lock? What measures have you put in place to make it more difficult for an intruder to pick the lock?

How common is it for locks and security hardware to become damaged during shipping or use?

How frequently do you detect damaged locks prior to their shipment?

How do you test the strength of your locks? What tests do you perform?

Pricing Structure

How has the average price of your locks changed during the past three years? How do you expect prices to change in the next three years? How have your prices specifically changed in response to the pandemic?

If you are a member of any buying groups, what type of discounts do you earn?

Do you have any plans in place to limit price hikes in the event of input cost growth?

What discounts do you offer for paying in full or in advance?

Service & Product Support

How quickly do locksmiths respond once a service request is made? Has this changed due to the pandemic?

Do you have a list of recommended locksmiths?

What is the best way to care for the locks?

If I am dissatisfied with my purchase, how many days do I have to return the locks? Will you uninstall the locks?

Are there charges for returning locks?

If I need new locks made, will you send a locksmith to my site, or do I need to bring the keys to another location?

What assistance do you provide in installing the locks?

How easily can the core or combination of the locks be changed?

Supplier Experience

What support do you receive from industry trade groups, such as the BHMA?

As the BHMA has introduced new standards, how have your products changed?

What industries do you most commonly sell locks to?

Based on my business and security needs, what type of lock would you recommend?

What type of experience do your employees have?

What can I do to ensure the purchasing process moves quickly?

Related Goods

If the locking system requires the end user to use a phone, how do you ensure the software or application is properly installed on the device?

Are there any incentives for me to use your preferred locksmith?

What type of related goods do you recommend with the locks and security hardware I am purchasing?

What discounts do you offer for purchasing related goods from you?

Location & Shipping

How do you determine your shipping costs? Have your shipping costs changed as a result of complications due to the pandemic?

If I am not in a region you typically serve, what difficulties do you expect to encounter when delivering my order?

Will all locks and security hardware ship together? If they do not, will you wait to start the job if not all products have arrived?

What locks and security hardware are commonly out of stock or will take longer to deliver?

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Key elements for every RFP

What should my RFP include?

Project Budget

Buyers should outline their budget for locks and security hardware.

Buyers should indicate if their budget is for a one-time purchase or for an extended scope of products.

Buyers can reference the Total Cost of Ownership and Benchmark Price sections of this report for other important pricing considerations.

Selection Criteria

Buyers should evaluate vendors on their ability to provide quality locks and security hardware that satisfy their needs.

Buyers should prefer vendors that offer competitive prices and extensive warranties.

For a detailed list of key selection criteria, buyers should reference the Buying-Decision Scorecard of this report.

Project Schedule

Buyers should outline when proposals should be submitted by prospective suppliers.

Buyers should indicate when proposal evaluation will be complete and award information will be communicated.

Buyers should provide the date for which they expect locks and security hardware to be installed and functional.

Evaluate major factors to mitigate risk

How risky is the supply chain?

The supply chain for locks and security hardware has a medium level of risk, which undermines buyer power. Moderate supply chain risk is primarily associated with changes in raw material prices, which historically exhibit significant volatility. Given that metal is the primary raw material used in lock production, fluctuations in... Subscribe to learn more.

HIGH

MEDIUM

LOW