Retailers faced with rising purchasing costs are finding innovative ways to reduce their procurement spend.

US firms including Rite Aid Corporation, Spartan Stores, and Wegmans have found ways to pass savings on to their shoppers by using e-sourcing in their procurement processes, according to Intesource.

The firm notes that higher commodity costs are putting pressure on retailers to find savings.

It comes as a new study from the Hackett Group reveals that rising prices and other inflationary pressure could reduce corporate profits by up to nine per cent in 2011 and 2012.

Marianne Timmons, founder and chief executive officer of Supply Chain 2020, explained: "Intesource's services and e-sourcing platform makes it efficient for retailers to survey the landscape of what is available including new PL [private label] products and value added packaging that meets sustainability objectives."