- Company expects to achieve approximately US$850,000 in annual cost savings
- The platform migration and enhancements provide significant updates to BuildDirect’s front and backend systems for its e-commerce business
Vancouver, British Columbia–(Newsfile Corp. – September 7, 2023) – BuildDirect.com Technologies Inc. (TSXV: BILD) (“BuildDirect” or the “Company”) a leading omnichannel building material retailer, is pleased to announce that the Company has completed e-commerce platform migration and enhancements.
As previously announced, BuildDirect has focused on streamlining its operations and supporting systems to improve efficiency and to better serve its customers. In recent months, BuildDirect has migrated and enhanced its e-commerce front and backend systems and subsequent business processes, delivering the following results:
- The Company expects to achieve a combined total of approximately US$850,000 in annual cost savings, which includes software and fulfillment expenses
- Enhanced ERP for more efficient management of finance, inventory and order fulfillment
- Upgraded E-Commerce site for merchandising and marketing to enable potential revenue growth
Following the completion of the platform migration and enhancements, the Company now intends to shift its focus on growing its e-commerce revenue, which is built on a more stable and efficient technology, process and fulfillment stack.
“This was a challenging project, completed on a tight timeline and aggressive budget, which demonstrates BuildDirect’s ongoing efforts to ensure efficient resource allocation,” said Shawn Wilson, CEO of BuildDirect. “The e-commerce platform migration and enhancements also highlight our commitment to delivering additional value by leveraging our expertise in both e-commerce and brick-and-mortar operations. The Company initiated this project to solve its legacy scalability issues, create a better associate and customer experience, and significantly reduce technology and fulfillment costs and we now look forward to scaling our e-commerce revenue to drive further potential growth.”
About BuildDirect
BuildDirect (TSXV: BILD) is a growing omnichannel building material retailer. BuildDirect connects North American home improvement B2B and B2C organizations, and homeowners with quality building materials and services through its robust global supply chain network. BuildDirect’s growth trajectory, strong product offering, and proprietary heavyweight delivery network are delivering value today, solidifying its position as an innovative player in the home improvement industry. For more information, visit www.BuildDirect.com.
Forward-Looking Information:
This press release contains statements which constitute “forward-looking statements” and “forward-looking information” within the meaning of applicable securities laws (collectively, “forward-looking statements”), including statements regarding the plans, intentions, beliefs and current expectations of the Company with respect to future business activities and operating performance. Forward-looking statements are often identified by the words “may”, “would”, “could”, “should”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” or similar expressions. These statements reflect management’s current beliefs and expectations and are based on information currently available to management as at the date hereof.
Forward-looking statements in this press release may include, without limitation, statements relating to the updates and enhancements to BuildDirect’s front and backend systems and business processes for its e-commerce business and the impact thereof, the expected annual cost savings from the e-commerce platform migration and enhancements (including in relation to software and fulfillment expenses), the more efficient management of finance, inventory and order fulfillment as well as resource allocation, the stability and efficiency of the Company’s technology, process and fulfillment stack, the resolution of legacy scalability issues and the creation of a better associate and customer experience, the Company’s shift in focus to growing and scaling its e-commerce revenue and the driving of further potential growth.
Forward-looking statements involve significant risks, uncertainties and assumptions. Many factors could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-looking statements. Among those factors are changes in consumer spending, inflation, availability of mortgage financing and consumer credit, changes in the housing market, changes in trade policies, tariffs or other applicable laws and regulations both locally and in foreign jurisdictions, availability and cost of goods from suppliers, fuel prices and other energy costs, interest rate and currency fluctuations, retention of key personnel and changes in general economic, business and political conditions and other factors referenced under the “Risks and Uncertainties” section of our MD&A. These forward-looking statements may be affected by risks and uncertainties in the business of the Company and general market conditions.
Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. These factors should be considered carefully and readers should not place undue reliance on the forward-looking statements.
Although the forward-looking statements contained in this press release reflect the Company’s expectations, estimates or projections concerning future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made, the Company cannot assure readers that actual results will be consistent with these forward-looking statements. There may be other risks, uncertainties and factors that cause results not to be as anticipated, estimated or intended and such changes could be material. These forward-looking statements are made as of the date of this press release, and BuildDirect assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information: Matt Alexander, Interim CFO, 1.778.382.7748; BuildDirect Investor Relations, [email protected], 1.905.347.5569
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/179814