Bed Bath & Beyond Inc. is focusing on inventory management in the next phase of its $250 million program to drive modernization and innovation in its technology platforms.
The home goods chain, which announced in October 2020 it would spend $250 million on technology as part of a larger $1 billion to $1.5 billion three-year internal investment strategy, is deploying cloud-based inventory management software from Relex Solutions.
The Relex technology will deliver automated forecasting, replenishment, and allocation planning to improve the company's in-stock position and inventory turnover. As a result, Bed Bath & Beyond intends to enhance the customer experience while driving sales and gross margin improvements. The retailer will begin to implement Relex technology in spring 2021 as part of a broader ERP rollout that includes the Oracle Retail platform.
"We are leading with a digital-first, omni-always approach to build authority in our core markets and make it easy to feel at home. Investing in modern inventory management technologies is a critically important component of this approach,” said Scott Lindblom, CTO, Bed Bath & Beyond. “We are delighted to partner with Relex Solutions to help drive efficiencies in our business, improve our ability to respond to customer demand with agility, and enhance the experience for our customers however they choose to shop with us."