Dear Friends of Storewise,
This month marks my two (2) years with Storewise, Inc. and, together with a highly capable leadership team, we’re proud of our service to one of the most important industries in the world.
For context, grocery retailers make money off of razor-thin profit margins. When mistakes occur, it’s a big deal. Storewise has built seven (7) solutions across a single software platform enabling retailers to better operate their stores with unparalleled simplicity, delivering an increase in profits and reductions in time. In 2022, Storewise was named a Top Retail Tech Solutions Provider by CIOReview and received the Nova Award recognizing fast-growing businesses.
Here’s a summary of our results -
- Established a great workplace culture: We encourage any of you to visit our office, read our social posts, and experience the energy and commitment of the employees. It’s foundational to our success.
- Built an unparalleled software “Platform": We started this journey with a single software feature, and are now showing compelling traction with our Platform, which is versatile and customizable enough to meet the needs of any Independent retailer whether they own a few stores or run a billion dollar grocery enterprise.
- Continuously Innovating: We’re adding new modules that cover more of the retail grocery store including critical front and back door operations. With an economic downturn looming, the Storewise Platform is needed now more than ever to protect grocery store profits.
- Maintained high retention (low churn): Even with our impressive YoY growth, we’ve maintained a very low churn rate that’s significantly below the average for a SaaS company.
- Customers buying up: We have hundreds of stores on the platform and our customers are seeing value in adding more of the Platform to improve the way they operate.
- Building advocates: Watch the video below to hear the stories of three (3) grocers, including a 30-store retailer, sing their praises about the Storewise Platform.
Founded in 2018, Storewise serves an important and sizable industry. Independent retail grocers represented a total output of more than $255 billion, the National Grocers Association (NGA) reports. Sales by the independent supermarket sector rose almost 94% to $253.61 billion in 2020 from $131 billion in 2012. Over the same period, total U.S. grocery store sales climbed 47% from $524 billion to $772 billion according to data cited in NGA’s research.
For the grocery industry, tight control of pricing decisions and analysis is critical. As the labor shortage continues to be a huge concern, talent needs to be optimized and each member of the store team should be trained for efficiency. One potential solution is greater investment in labor-saving or labor-augmenting technologies, like Storewise. Our platform interacts with the POS delivering world class exception reporting, data-driven ordering, a pricing app to combat inflation, vendor accountability, and better deal and lane management.
Beyond the software platform, we provide retailers with a seasoned blend of technologists, former grocery operators, and support specialists ready to work together and strengthen one of the most important businesses in the world.
Great companies are clear about responding to what they are called to do. As grocery industry Legend, Jesse Lewis of Food City reminded us recently, “Storewise has a tremendous opportunity to serve the American retailer.”
Our best days are ahead of us.
President and CEO