Shipsta by Freightos introduces Rate Refresh

Shipsta by Freightos announced 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 denying refresh scope and frequency," says an official release.

Recent research across 50+ procurement professionals found them most concerned with the impact of external factors on operations with rising costs (55 percent), geopolitical disruptions (45 percent) and capacity constraints (38 percent) at the top concerns, the release added. "These external factors are near-impossible to predict, forcing more frequent tender updates to remain inline with the market."

Rate Refresh helps shippers adapt quickly to market shifts in real-time while also making it easier for their providers to refresh rates, the release added. "PUMA used Rate Refresh in July and has seen significant improvements in efficiency, speed and quality of the complete rate management on a global scale."

Peter Stockhammer, Head of Global Logistics Procurement, PUMA Group says: “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."

Christian Wilhelm, Founder and Managing Director, Shipsta by Freightos adds: “Agile, tech-driven procurement demands less from both the shipper and their provider, building both relationships and more viable business practices."

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, the release added.