Debrief on 2023: How success was redefined and what it means for 2024
Dec 19, 2023 • 2 min
“Unpredictability” became retail’s watchword amid 2023’s market volatility, as rapidly shifting consumer behavior meant supply chains struggled to keep pace. This dynamic year forged partnerships between retailers and technology innovators driving unprecedented agility, visibility, and precision across reimagined processes. Out of challenge emerged opportunity: this year set the stage for retail’s continued evolution in the face of ever-changing consumer demand.
Evolving shopper needs and market shifts meant business as usual no longer sufficed. Precision became imperative – not just stocking shelves, but having the right products available in the right spots at the right times.
To achieve such insight, visibility into demand forecasts grew critical, as did agile automation enabling swift delivery. Rather than stuff warehouses or waste inventory, retailers sought to optimize costs while balancing volatile factors.
At RELEX, we’ve championed this revolution through relentless innovation. We developed RELEX-GPT, our breakthrough AI solution enhancing workforce productivity up to 100% for specific roles. We also partnered with Legion to unlock efficiencies across supply chain and store operations for customers, and with FourKites to ensure real-time visibility so customers can mitigate potential supply chain disruptions.
Industry recognition followed. We were recognized by Forrester us a Leader in Retail Planning Platforms, applauding our “significant R&D budget” and above-par innovation.
In 2023, RELEX’s solutions drove tangible impact by increasing visibility for better decisions. Some highlights include:
- Ametller Origen, a Catalan food chain specialized in fresh and processed quality products, increased availability, reduced spoilage, and improved their crop planting and harvest planning operations.
- Atria, one of the leading meat and food companies in Northern Europe, saw increased collaboration between suppliers and their customers, saved time on manual tasks, and minimized waste.
- Mathem, Sweden’s leading independent online grocery retailer, experienced a 20% increase in sales on promotions, and a 56% improvement in their share of profitable promotions.
- Hennig-Olsen Is, an ice cream producer in Norway, increased delivery accuracy, improved product availability by 10.9%, and reduced spoilage using machine-learning-driven demand forecasting.
- R-kioski, part of a Finnish convenience store chain providing food, drinks, and everyday necessities and services, increased product availability by 6 percentage points, increased inventory turnover by 6%, and decreased average days of supply by 6% using forecasting and replenishment solutions.
The powerful results explain why esteemed brandslike bp, Tractor Supply Co., US Foods CHEF’Store, PriceSmart, and many others, joined our customer roster – now 400+ globally.
And 2023 marked milestones for RELEX itself as well. Amidst robust expansion, we broke ground on a new global headquarters. But even while growing, our ethos stays fixed on boundless innovation to help retailers thrive despite volatility.
As we stride into 2024, our team is looking forward to attending NRF 2024: Retail’s Big Show from January 14-16. Visit RELEX Booth #4446 to explore how our cutting-edge retail solutions can turn unpredictability into opportunity, and continue leading retail’s future in the years ahead.
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