Singapore ship operators choose SeaProc for procurement
Two Singapore-based shipping operators, PACC Offshore Service Holdings (POSH) and Pacific Carriers Limited (PLC) have announced that they have chosen iMarine software, also known as SeaProc, to digitally process their procurement activities. Part of the Kuok Singapore Limited (KSL) Maritime Group of companies, POSH and PCL operate a fleet of 170 vessels including tankers, bulkers, and offshore support vessels. The two companies claim that all of these ships will receive the SeaProc software to manage their procurement.
Peder Arstorp, Chief Commercial Officer, iMarine Software said: “We are pleased to announce that POSH and PCL have entered into an agreement with iMarine Software to provide e-Procurement services to its extensive global fleet holdings. It is part of a major overhaul of its marine IT infrastructure and follows a lengthy evaluation process. We are honoured to participate in these critical services and appreciate the trust bestowed by the Kuok Group and its subsidiaries”. The service aims to be fully integrated with the ABS NS Enterprise system, a partner of iMarine software, and a leading system in fleet management software.
Transitioning to a purely digital transaction model
POSH and PCL say that the decision to use iMarine software for monitoring and processing the procurement activities of their vessels is part of a company transition plan to produce a “purely digital transaction model” for all shipping operations. The AWS-based platform aims to automate all standard procurement transactions and include electronic invoicing to allow for a “source-to-settle process” across the entire 170-vessel fleet.
Tan Kian Chai, General Manager, Fleet Management of PACC Ship Management, added: “We surveyed the entire maritime e-Commerce solution offerings in the market, and we have selected the best solution for our needs”.
Commenting on the company’s journey towards sustainability, Danny Chong, Head, Centers of Excellence, POSH, said: “Digitisation and innovation are key strategic pillars for POSH as we continue to accelerate our transition towards becoming a sustainable solutions provider for our industry,” said. “Being able to capture and analyse the sheer amount of data we work with daily on a single platform will enable us to be a leaner, more efficient outfit so that we can focus more on delivering what our clients need faster and better”.
How Covid-19 Shook Up the Who's Who of American Retail
According to the new Digital Commerce 360 Top 500 analysis report, the massive shift in ecommerce habits due to COVID-19 resulted in a windfall for the US’s largest retailers, including Amazon, Walmart and Target.
The study found that the top 500 companies generated a combined total of $849.5 billion in online sales in 2020, representing a 45.3 per cent increase YoY, the largest jump since Digital Commerce 360 began tracking the statistic in 2006 and more than double the median growth of 18.0% seen over the last decade.
Although retailers of all sizes saw an uptick from online sales, in large part, throughout the pandemic, customers looked to familiar big name brands to fulfil much of their essential needs. Demand for items began to spike as manufacturing in Asia was forced to shut down, causing supply chain shortages. As large retailers tend to hold more inventory, this became a crucial differentiator for customers, says Digital Commerce 360.
Combined, Walmart Inc., Amazon.com Inc. and Target Corp. added $265 billion in US revenue to the $791.70 billion U.S. ecommerce market in 2020, accounting for a third of the market.
Considering the need for people to stay busy during lockdowns as well as the requirements of homeschooling, it’s not surprising Joann, a crafting company, showed the fastest online growth of Digital Commerce 360’s top 500.
- In 2019, the bottom 100 of the top 500 registered the fastest growth while the top 100 showing the slowest growth rate. In 2020, however, the analysis showed the opposite, the top 100 largest companies grew at a rate greater than that of the whole, and the top 10 on the list enjoyed a growth rate even faster than the top 100.
- In 2020, collectively the top 10 grew web sales 52.5%, almost five percentage points faster than the top 100 and accounted for 62.8% of Top 500 sales, up from 59.9% in 2019.
- Who made the top 10 was shaken up some. For example, Walmart made it into the second spot, both Kroger Co. and Costco Wholesale Corp. crept into the top 10 for the first time, landing at No. 8 and No. 10 respectively
Segments of retail that enjoyed fueled courtesy of COVID included toys and hobbies, jumping an average of 24 spots in the rankings and food and beverage merchants moved up an average 23 ranks. In contrast, apparel retailers dropped an average 15 positions in the Top 500, whereas jewellery retailers fell an average of 10 spots.
Although Digital Commerce 360 attributes some of the growth to stock positions and the ability of large retailers to manage supply chain issues, even the largest internet retailer experienced disruption. In March of 2020, during the first save of the US pandemic, even the Amazonian giant found themselves running into meeting customer commitments and delivering orders on time. Order cancellations and extended lead times became commonplace. For a time, Amazon stopped fulfilling orders for items considered “non-essential”.
Despite the issues, Amazon maintained its spot as the top online retailer in North America by a large margin, representing 35.7% of all Top 500 sales. Although it should be noted that the share is down from the 36.7% it saw in 2019.
At the outset of the pandemic Etsy, a solely ecommerce company focused on handmade, vintage items and craft supplies, was expected to perform poorly. However, as supply chain shortages for face masks caused a sudden need for cloth masks, many began to turn to Etsy, tripling its stock value by June.