As the founder and Managing Director of Shipsta by Freightos, I've witnessed firsthand how the freight industry has transformed over the years. Today, I'm thrilled to announce our latest innovation that's set to reshape how we approach freight procurement events: Rate Refresh.
The past four years have taught us all a valuable lesson about the importance of adaptability in procurement. From COVID to ongoing geopolitical tensions, our industry has faced unprecedented challenges. When we recently surveyed over 50 procurement professionals, their concerns were clear: rising costs (55%), geopolitical disruptions (45%), and capacity constraints (38%) topped the list. These aren't just statistics – they're real challenges that our clients face every day.
I believe that agile, tech-driven procurement should demand less from both the shipper and their provider, building both relationships and more viable business practices. This philosophy drove the development of Rate Refresh.
We've designed Rate Refresh to address the core challenges of modern freight procurement. It enables procurement professionals to adapt to volatile market conditions through simple rate refreshes from nominated providers – whether that's quarterly, monthly, or even daily. This flexibility is crucial in today's unpredictable market.
I'm particularly proud of how Rate Refresh has already proven its worth with key customers. Take PUMA, for instance. As the fastest sports brand in the world, they began using Rate Refresh in July and have seen remarkable improvements in their global rate management efficiency, speed, and quality.
As Peter Stockhammer, Head of Global Logistics Procurement at PUMA Group, shared with me: "With Shipsta's Rate Refresh feature, we can quickly adapt to changing market dynamics without extensive work required from us or our partners whilst maintaining full track and auditability of all changes in our contracts globally."
This innovation is part of Freightos' vision for comprehensive freight digitization, bolstered by its acquisition of Shipsta. Our combined strengths – Freightos' industry-leading spot pricing, quoting, and booking capabilities, alongside Shipsta's by Freightos best-in-class tender procurement platform – create a unified solution that addresses the full spectrum of freight needs.
We're not stopping here. Our team is already working on exciting developments in AI-assisted procurement and in-platform analysis. These innovations will ensure that procurement professionals stay ahead in an increasingly complex landscape.
The future of freight procurement is agile, efficient, and relationship-focused. With Rate Refresh, we're not just adapting to this future – we're helping to shape it.