Pharmacity is investing US$4 million in RELEX’s forecasting and replenishment software to ensure customers find what they want, when they want, where they want at stores nationwide.
Pharmacity, the leading retail pharmacy chain in Vietnam, announced today that it has formed a strategic partnership with RELEX Solutions, a leading provider of cutting-edge retail optimization software.
Pharmacity will invest US$4 million in RELEX’s forecasting and replenishment software, which will enable Pharmacity to anticipate product demand and optimize inventory to give customers the essential products they need across Pharmacity’s stores and online channels nationwide.
Chris Blank, Founder and CEO of Pharmacity, said, “We are thrilled to partner with RELEX Solutions. This investment will help us to provide the very best service to our customers by delivering the right products, whether online or offline, at the right time.”
Founded in 2011, Pharmacity is the first modern retail pharmacy chain in Vietnam, with over 800 stores nationwide, over 5,000 employees, three centralized distribution centers and a fully integrated logistic network. Pharmacity’s customers have an unrivalled and diverse range of products to choose from, with close to 8,000 items, including medicine, vitamins and supplements, and FMCG products. Pharmacity carries well-known third-party brands, as well as its own brands, all at a guaranteed lowest price.
Building the Future of Retail
By 2025, Pharmacity wants to provide the best pharmacy services, in the most convenient way possible, offering better access to safe and trustworthy medicine and other essential pharmacy products, to as many Vietnamese communities as we can. To do this Pharmacity is targeting to build 5,000 stores nationwide with the goal of 50% of people having a store within 10 minutes of their homes.
The RELEX Living Retail Platform will harness artificial intelligence to automate and optimize product allocation across Pharmacity’s distribution centers and stores. The platform will enable Pharmacity to predict supply and demand following assortment changes, i.e., new product introductions, product ramp-ups and ramp-downs, and other factors that affect product demand and supply, such as peak seasons and promotion campaigns.
Mikko Kärkkäinen, CEO and co-founder of RELEX Solutions, commented, “We are delighted to be partnering with Pharmacity, who has been leading the transformation of the retail pharmacy industry in Vietnam. Our role is to support Pharmacity as a retailer of essential services for the Vietnamese people to ensure that the company can supply critical products and services to its customers.”
Preparing for the Future
Pharmacity has played a key role during the COVID-19 pandemic, assisting local communities and providing frontline services to support the immediate healthcare needs of its customers.
The investment in RELEX’s platform will ensure that Pharmacity can anticipate product needs in any prevailing market situation. The RELEX platform will go live across Pharmacity’s operations in April.
Chris Blank concluded, “Our customers’ needs are our utmost priority, serving our local communities will continue to be an essential responsibility for all of us at Pharmacity.”