Introduction:

Live bidding in the freight industry through AI based tech platform is a promising innovation that can help streamline the bidding process, increase competition, and ultimately reduce costs for shippers and carriers alike.

The Benefits:

Competitive pricing:

Live bidding creates a competitive environment where carriers can bid against each other to win a load. This can result in lower shipping costs for shippers and higher profits for carriers.

Time-saving:

Live bidding saves time by reducing the back-and-forth negotiations between shippers and carriers. With live bidding, carriers can quickly bid on loads that fit their criteria, and shippers can quickly compare and choose the best bid.

Transparency:

Live bidding provides transparency in the bidding process. Shippers can see all the bids in real-time and choose the best one based on their criteria.

Access to a larger pool of carriers:

Live bidding platforms can attract a larger pool of carriers to bid on loads, which can increase the likelihood of finding the best carrier for a particular load.

Increased efficiency:

Live bidding can help increase the efficiency of the freight industry by matching shippers with carriers in real-time, reducing empty miles, and minimizing wasted time and resources.

Improved Capacity Utilization:

Live bidding allows carriers to find available loads in real-time, which helps them optimize their capacity and reduce empty miles.

Increased Flexibility:

Live bidding allows carriers to adjust their bids in real-time, which provides more flexibility in pricing and increases the likelihood of securing loads.

Reduced costs:

By increasing competition and transparency, live bidding can lead to lower transportation costs for shippers.

These benefits are supported by various studies and industry reports. According to a report by Logistics Management, live bidding in the freight industry technology platform can lead to cost savings of up to 20% for shippers and increased profits for carriers. Another report by DAT Solutions found that live bidding can help carriers reduce their empty miles by up to 10%.

Sources:

·       American Transportation Research Institute. (2020). An Analysis of the Operational Costs of Trucking: 2020 Update. https://truckingresearch.org/2020/09/10/atri-releases-updated-operational-costs-of-trucking-report/

·       Logistics Management. (2017). Live Bidding Gains Traction in Freight Industry. https://www.logisticsmgmt.com/article/live_bidding_gains_traction_in_freight_industry

·       DAT Solutions. (2020). Load Board Benefits: Live Load Board. https://www.dat.com/load-board/live-load-board

·       Transport Topics. (2021). Live Bidding Platforms Provide Shippers with Competitive Rates. https://www.ttnews.com/articles/live-bidding-platforms-provide-shippers-competitive-rates

·       These benefits have been recognized by various industry experts, including the American Trucking Associations (ATA) and the Journal of Commerce (JOC).

·       According to the ATA, "real-time bidding platforms can enhance competition and help reduce freight costs, while also increasing efficiency and transparency in the freight market." (Source: https://www.trucking.org/news-insights/ata-calls-real-time-bidding-platforms)

·       Similarly, the JOC has reported that "live bidding can help shippers and carriers achieve greater efficiencies, reduce costs, and improve transparency in the freight market." (Source: https://www.joc.com/trucking-logistics/technology/real-time-bidding-platforms-emerge-freight-matching_20180412.html