The supply chain crisis is an intermodal struggle. Freight fights to reach its destination by land, sea and air. Part of the problem is stubborn resistance to digitization and automation. A very small percentage of transactions are conducted entirely online.
Read more: TradeLens: Transportation Transformation or Quixotic Quagmire?
Freightos, a global fright booking and payment platform, is expanding its scope beyond the sea and beneath the air to land transportation by virtue of a recent acquisition.
The news came as the closely held (but soon to be public) company announced in a press release about its second-quarter results that growth was particularly robust in airline bookings. An integrated payment solution was rolled out for freight forwarders to pay carriers after placing a booking.
Thirty-one air and ocean carriers now receive direct bookings on the Freightos platform.
“Growth in transactions was fueled on the supply side by major airline rollouts, such as American Airlines Cargo, LATAM Cargo, and Air Canada Cargo, as well as increased bookings with existing carriers,” Freightos CEO Zvi Schreiber said. “On the demand side, we continue to add freight forwarders, importers, and exporters on a daily basis.”
Schreiber added that global shipping, and by extension, global trade, continues to face significant challenges including intermittent lockdowns in China, war in Ukraine, labor disputes, and increasingly extreme weather — all of which amplify the need for a digital freight revolution that brings the efficiency, agility and visibility that supply chains need to navigate volatility, he said.
Platforms, Marketplace, ESG and Data
The Freightos Global Freight Booking Platform provides data, price quoting and booking functionality through two services:
The firm supports supply chain efficiency and agility by enabling real-time procurement of ocean and air shipping across more than 10,000 importers/exporters, thousands of forwarders, and dozens of airlines and ocean carriers according to the release.
What the Future Holds
Beginning in the third quarter of 2022, transactions will include trucking bookings, which were added to the Freightos platform following the acquisition of 7LFreight, according to the release. Freightos also launched an international freight greenhouse gas emission estimations calculator to help supply chain companies track and reduce emissions, with reporting to comply with expected regulations requiring climate-related disclosures according to the release.
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