Luxembourg, December 3, 2024 – Shipsta by Freightos (Nasdaq: CRGO) continues to drive freight procurement’s evolution with the rollout of Rate Refresh, a key addition to its procurement platform. Designed to address increasingly frequent freight tenders, Rate Refresh helps procurement professionals adapt to volatile market conditions with simple rate refreshes from nominated providers on a quarterly, monthly or daily basis, creating more resilient contract management, while empowering users with flexibility when defining refresh scope and frequency.
From COVID to geopolitical tension, the past five years have emphasized the need for procurement agility. Recent research across 50+ procurement professionals found them most concerned with the impact of external factors on operations, with rising costs (55%), geopolitical disruptions (45%) and capacity constraints (38%) at the top concerns. These external factors are near-impossible to predict, forcing more frequent tender updates to remain inline with the market.
Rate Refresh, which launched for some key customers earlier this year, helps shippers adapt quickly to market shifts in real-time while also making it easier for their providers to refresh rates. For example, PUMA, the fastest sports brand in the world, first used Rate Refresh in July and has seen significant improvements in efficiency, speed, and quality of the complete rate management on a global scale.
“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,” said Peter Stockhammer, Head of Global Logistics Procurement at PUMA Group.
As Christian Wilhelm, the Founder and Managing Director of Shipsta by Freightos says, “Agile, tech-driven, procurement demands less from both the shipper and their provider, building both relationships and more viable business practices.”
Why Rate Refresh?
Flexibility in a Volatile Market: As pricing and freight capacity fluctuate, procurement professionals need to adjust rates quickly without lengthy RFP processes.
Built-in Efficiency: Refresh helps BCOs spend less time managing tenders and more time making strategic decisions.
Partnership-First Approach: By eliminating the burden of frequent, large-scale tenders, shippers preserve key relationships with providers, ensuring collaboration over competition.
This innovation is part of Freightos’ vision for comprehensive freight digitization, bolstered by its acquisition of Shipsta. This acquisition combines Freightos’ industry-leading spot pricing, quoting, and booking capabilities with Shipsta’s best-in-class tender procurement platform, creating a unified, agile platform that tackles the full spectrum of freight needs — from tendering to spot procurement.
As the global freight market continues to evolve, so too will the tools that drive it. Together, Freightos and Shipsta are committed to delivering ongoing innovation, including AI-assisted procurement and in-platform analysis that ensure procurement professionals stay ahead in an increasingly complex landscape.
