Freightos has announced the launch of what it claims to be the world's first online marketplace for international freight, providing instant comparison, booking, and management of freight services from multiple logistics providers.
The company comments that, until now, the freight industry was reminiscent of the travel industry in the 1970s: siloed information, lack of pricing transparency, and obsolete analog documentation, resulting in importers often having to wait days for a single freight quote and overpaying by as much as 40%. For the SMEs that make up 97% of U.S. importers, these waiting periods and inflated prices significantly limit potential for growth. The Freightos Marketplace is finally delivering ease and transparency to the trillion-dollar market of international freight, powering smoother international trade.
"The logistics industry is the backbone of global trade. At $4 trillion it accounts for about 10% of the world's GDP. But this foundation of the international economy is slow, opaque, and offline," said Zvi Schreiber, CEO and founder of Freightos. "Over the last four years, Freightos has brought some of the world's largest logistics providers around online. Today we are thrilled to launch the world's first online marketplace, which will make shipping goods as easy as booking a flight online. The future of global trade starts today."
Prior to this launch, Freightos automated millions of freight price quotes for some of the world's largest freight forwarders including Nippon Express, Hellmann Worldwide Logistics, and CEVA Logistics, as well as massive supply chain companies including Sysco Foods, Panasonic USA, and Marks & Spencer. The same routing and pricing technology now powers the Freightos Marketplace giving SME importers and retailers the unprecedented ability to compare, book, and manage freight rates in real-time. Initially the Freightos Marketplace is focused on US imports from China, by air and ocean.
"Booking a flight has been electronic for 50 years, but the cargo on airplanes, trucks, and ships is still booked manually. This cannot continue," said Robert Mylod, investor and director of Freightos, and former CFO of the $60+ billion online travel marketplace Priceline Group. "Growing global trade, e-commerce B2B sales, and sprawling dynamic supply chains demand the transparency and efficiency of online freight. Just like passenger travel went online to accommodate the demands of a growing market, Freightos is finally ushering in a much needed digital marketplace for freight."
The Freightos Marketplace launched in closed beta in January 2016. Freightos has since updated the platform with increased functionality and added more freight forwarders selling more routes, air, ocean, and land. Customer support is available 24/7 to assist with shipment booking and management.