Fairmarkit’s 2024 Year in Review: A Year of Milestones and Momentum

As 2024 comes to a close, it’s the perfect time to reflect on the incredible strides Fairmarkit has made this year. Together, we’ve built on our vision of revolutionizing procurement through automation and AI, achieving record-breaking growth, expanding our global footprint, and delivering cutting-edge solutions to empower our customers. Let’s take a moment to celebrate Fairmarkit’s achievements, highlight key data, and share some of the fun, unique moments that defined this year.

Innovating Procurement Technology

At Fairmarkit, innovation is in our DNA. In 2024, we launched 25 major product features, further enhancing how organizations source goods and services. Some of the highlights include:

• Approvals Workflow: Streamlining compliance by automatically routing RFP and RFI events for approval based on company-defined rules.
• Multi-Round Events: Providing flexibility in RFQs and reverse auctions, allowing buyers to add or remove suppliers and line items between rounds.
• Variable Responses: Empowering suppliers to submit alternative solutions within a single bid, giving buyers more options.

These features demonstrate our ongoing commitment to empowering procurement teams with tools that are flexible, scalable, and user-friendly.

Fun and Fascinating Events

Procurement isn’t all spreadsheets and savings—it’s also about the unique needs of our customers. In 2024, Fairmarkit sourced some truly memorable items and services:

• Leak testing equipment for coffee pods
• Seabed monitoring equipment
• Custom button-down baseball jerseys
• Food safety equipment for "Beso de Moza" candy in Peru
• Pest control services in Bangladesh
• Seismic acquisition equipment

Who knew sourcing could take us from coffee pods to seismic monitoring?

Strategic Sourcing: Big Wins with RFPs and RFQs

Fairmarkit has become a trusted partner for customers looking to enhance their strategic sourcing capabilities.

Key highlights in strategic sourcing:

• Average RFP value: Over $4 million, showcasing the significant spend managed through the platform.
• Template Usage: Approximately 40% of RFPs were created using templates, helping buyers streamline their processes.
• RFP Savings Impact: Customers leveraging Fairmarkit’s strategic sourcing tools realized measurable value, reinforcing the ROI of running competitive sourcing events.

Our top strategic sourcing categories, including Consulting and Professional Services, Business Management Services, and Computers and Information Services, reflect the diverse industries that trust Fairmarkit to handle their most strategic procurement needs.

Expanding Our Global Impact

This year, Fairmarkit strengthened its presence worldwide. Our platform’s most active countries included the United States, Mexico, India, Canada, and Brazil. To better serve our global customer base, we expanded our language support to include Finnish, Dutch, Swedish, Hungarian, and Traditional Chinese. This localization effort ensures that even more organizations can access Fairmarkit’s capabilities in their native languages, making procurement more accessible and efficient for teams worldwide.

Looking Ahead to 2025

As we wrap up an incredible year, I’m filled with gratitude for the customers, partners, and Fairmarkit team members who made these achievements possible. We’ve laid a strong foundation for 2025, and we’re not slowing down. Our mission remains the same: to simplify and transform procurement, making it more efficient, inclusive, and strategic for organizations around the globe.

Here’s to another year of growth, innovation, and sourcing success. Thank you for being part of our journey. Let’s make 2025 even more extraordinary!