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Christopher Greco, CEOBig box retailers, such as Walmart, Whole Foods, or Dollar General, that utilize automation tools and data-driven insights are equipped to save time, effort, and money while keeping their shelves stocked and their customers satisfied. Independent grocers have traditionally lacked access to these important tools, relying on multiple off-the-shelf software or expensive custom packages to approximate the same utility.
Seeing the need for a single, integrated solution that reduces complexity for independent retailers, Storewise has developed leading-edge automation software that helps them gain key insights to improve daily store operations, while protecting store margins. Storewise CEO Christopher Greco says, “The industry is running on razor-thin profit margins, but we don’t think they have to. There are opportunities to invest in technology like ours to reduce these time-intensive tasks.”
From single-store operators to larger organizations with hundreds of stores, independent retailers of all sizes stand to benefit from the Storewise platform by automating crucial administrative tasks. The platform comes with a suite of six modules aimed at helping independent retailers run their stores more effectively. The software sits right at the point of sale and captures the daily snapshot of transactions while accessing the supplier’s files. It is completely web-based so the retailer has access anywhere. By meshing that data together, Storewise helps retailers gain insights into price changes, maximize savings by ordering at discounted prices, and prevent losses and shrink through POS risk analysis. Store owners and managers can save hours per store per day by streamlining these functions and focus on providing a more personalized experience to customers.
Storewise brings the same analytical tools used by big box stores within reach of independent grocery operators. A personalized dashboard provides a clear picture of the store’s inventory, including information on items that have the potential to go out of stock and a summary of products with negative or zero margins.
Storewise recognizes that many small and mid-size retailers are reluctant to add another software package and check another screen.
In response, they have created software that can integrate with retailers’ existing software platforms, running quietly behind the scenes without disrupting daily operations.
In their five years of operation, more than 500 retailers have joined the ranks of Storewise’s satisfied clients, earning them an impressive retention rate of 99 percent. Greco says, “When an organization is rowing one boat in the same direction, they are a force multiplier. We live by three core values: love the independents, embrace the struggle, and win together.”
The Storewise platform was particularly beneficial to a client that was contemplating closing one of his three store locations, due to several operational issues. Beginning with just one of Storewise’s modules, the retailer was able to improve pricing and discounts, increase sales, and maximize profitability. After two years of relying on Storewise and a few other changes, all three stores have stayed open and are turning a profit.
The industry is running on razor-thin profit margins, but we don’t think they have to. There are opportunities to invest in technology like ours to reduce these time-intensive tasks
In another instance, a mid-sized retailer sought help to reduce their administrative workload. The Director of Operations wanted to monitor the performance of all their 30 stores more effectively without having to look at multiple screens. In less than a year after implementing Storewise’s modules, the client reported a 10x return on investment. In fact, they were seeing a ROI 90 days after implementation. Not only are profits increasing, but this retailer also estimates that Storewise saves their team an average of 30 hours every week. With the cloud-based Storewise platform, the client is now able to monitor the performance of all their stores from anywhere.
With additional modules in the works, Storewise remains committed to delivering top-tier services in the independent retail industry through cutting-edge technology, a commitment to their values, and continuous product improvement.
Storewise, a Leading Retail & Grocer Automation Software Provider, Receives Majority Growth Investment from Nexa Equity
Friday, May 12, 2023
Investment expected to further accelerate Storewise’s growth by expanding the company’s offering through development and strategic acquisitions, enabling Storewise to become a more robust automation and business management platform for Independent grocers
OVERLAND PARK - Storewise, announced a majority investment from Nexa Equity LLC, a private equity firm focused on scaling lower-middle market software and fintech businesses. Storewise’s existing management team will continue to lead the business as the company further accelerates growth and expands to more customers. Financial terms of the transaction were not disclosed.
Storewise’s software platform enables grocery operators to streamline operations and improve store profitability. Independent grocers throughout the United States depend on the Storewise platform for price optimization, supply chain automation, and risk management. Automating and optimizing business processes has become critical for independent grocery store operators to be competitive with big-box retailers, particularly in the last few years as the independent grocery category has rapidly grown.
Storewise plans to utilize the investment from Nexa Equity to further support its customer base, develop new products, and accelerate go-to-market efforts. Storewise and Nexa Equity will partner closely to implement software best practices and execute strategic acquisitions to bolster the functionality of the software platform.
A study by National Grocers Association notes that 33% of grocery sales in the U.S. are purchased at independent grocery stores, up from 25% one decade ago. Storewise’s software platform is perfectly equipped to help independent grocers automate manual tasks, enhance profitability, identify errors, improve operational efficiency, and minimize shrink. The company is rapidly expanding and currently serves more than 700 stores.
“The Storewise team takes pride in working with independent grocers, who play a vital role in our communities and employ more than 1 million Americans. We’re dedicated to supporting an industry critical to our nation’s economy by building a unified software platform that helps independent grocers operate more profitably and efficiently,” said Christopher Greco, President and CEO of Storewise. “We’re excited to have found a likeminded growth partner in Nexa Equity that shares our core values and will help accelerate our vision. The pace at which Storewise is being adopted, and the positive results grocers are experiencing, let us know that we’re on the right track.”
Vlad Besprozvany, Founder and Managing Partner of Nexa Equity, said, “We are thrilled to back Chris and the Storewise team to drive transformation in the independent grocery industry. We’ve been thoroughly impressed by what the Storewise team has built to date and believe that by further investing in product development and strategic M&A, Storewise will be even better positioned to deliver value to independent grocers.”
“We are proud to partner with Storewise in supporting independent grocers,” added Joey Maloney, Principal at Nexa Equity. “We see a significant opportunity to build upon the Storewise solutions to create an end-to-end platform for independent grocers to manage even more aspects of their critical business operations in a single system.”
Weil, Gotshal & Manges LLP and Kirkland & Ellis LLP served as legal counsel to Nexa Equity. Stinson LLP served as legal counsel to Storewise.
An Open Letter to the Grocery Industry from Storewise CEO, Chris Greco
Tuesday, August 22, 2023
At Storewise, we tirelessly work on innovative solutions that will reshape the way Independent grocers approach operating their business, especially managing price image.
I am proud to introduce you to PriceFind, a revolutionary competitive pricing tool that gives weekly prices for competitors’ “store-next-door.” It’s location based, and accurate to the street level on more than 500 key value items.
In today's dynamic retail landscape, staying ahead of the competition is no easy task. Independent grocers face the constant challenge of pricing products competitively while maintaining profitability. That's why we developed PriceFind—to provide you with a game-changing advantage that big-box stores and CPG’s enjoy.
PriceFind is not just another pricing tool; we specifically designed this module (within the Storewise software platform) to provide time-saving intelligence to Independent grocers. It offers near real-time visibility into the pricing strategies of big-box competitors local to your store(s), enabling you to validate and optimize your pricing strategies on the fly.
What sets PriceFind apart is its simplicity and versatility.
We understand that each of you operate in unique market conditions, facing distinct competitors and customer preferences. That's why we made PriceFind fully customizable to your specific area and competitors. You can tailor the tool to align perfectly with your business needs, providing you with the most relevant and actionable data to drive your pricing decisions.
PriceFind is more than a standalone solution; it seamlessly integrates with our signature Price Manager solution. This integration takes pricing intelligence to a whole new level of actionability. With Price Manager, you can quickly analyze your competitors' prices and take immediate action, ensuring you remain competitive in your local markets.
During the beta rollout of PriceFind, we had the pleasure of working with a select group of grocers, and the feedback was nothing short of inspiring. One participant shared that, "Without PriceFind, deep competitive monitoring isn’t feasible…to get the hundreds of items that PriceFind monitors would take days.” These testimonials fuel our passion and drive us to continue innovating and empower Independent grocers like you.
PriceFind marks an exciting milestone for Storewise. It is our first product launch since our partnership with Nexa Equity, and it signifies our commitment to transforming the Independent grocer industry. Together, we are equipping you with the tools and insights necessary to level a hyper-competitive playing field.
If you're as eager to experience the power of PriceFind as we are to share it, I invite you to reach out to our team and schedule a tour. Let us show you how PriceFind can unlock new heights of competitiveness and profitability for your business.
"Without PriceFind, deep competitive monitoring isn’t feasible…to get the hundreds of items that PriceFind monitors would take days.”
Thank you for being a part of the Storewise community. We are honored to serve you and help you succeed. Stay tuned for more exciting updates as we continue our journey to revolutionize retail automation for Independent grocers.
Company
Storewise
Management
Christopher Greco, CEO
Description
Storewise makes independent retailers better by building software that automates manual tasks and catches errors, improving operations and saving time, thereby protecting profits, guaranteed. 99% of retailers who try Storewise, stick with Storewise.
