![]() ![]() ![]() We also built a dynamic pricing platform to enable carriers to price inventory intelligently – by leveraging AI.īut we didn’t stop there. We began by digitizing ocean carrier spot markets, providing rate, schedule, and inventory, as well as booking capabilities. There is an ever-growing number of startups entering the shipping industry that offer pathways to implement digital strategies.By combining our expertise of shipping with the tech-savviness of Silicon Valley, we built the first ocean freight e-Commerce platforms for carriers and freight forwarders wanting to bring their trade online. To offset this, you can outsource your strategy. According to a 2019 Accenture report, the most common pitfalls for digitalizing include: overplanning and not acting, failing to optimize customer experiences, being intimidated by big data, and being overcome by complexity. However, creating your own digital strategy is not always simple. Cost efficiency: Improving cost efficiency usually through automation or other meansĭepending on your organization, you can either adopt any of the above strategies or outsource your digital strategy.Digital distribution channels: Using these channels to streamline how customers access products and services.Rebundling: Bundling products and services to create better existing customer experiences.Digital products and services: Creating new products and services with digital features.New marginal supply: Tapping into inaccessible sources of supply at a marginal cost.Digital platform: Innovating value chains by reworking them.The six most common digital strategies that businesses use, according to the Harvard Business Review, include: When it comes to the shipping industry, digital strategies can be defined as the application of digitalization in business models that focus on the facilitation of new technologies. It comes down to who you talk to and in what industry. The term ‘digital strategy’ might sound jarring at first, and for a good reason- there is no consensus on a definition. It makes sense to be onboard with digitalization to make your bookings, decisions, and trade services more seamless.ĭigital strategies and integration with your current business structure and processes are now more accessible than ever before. According to Accenture, the industry is estimated to be worth $1.2 billion. ![]() Some benefits of digitalizing include: Greater visibility and transparencyĭigital transformation in logistics and shipping has already begun. Whether you’re a BCO, freight forwarder, or a small importer, digitalized platforms are leading the way for you to reach more customers and streamline your organization. Although there are genuine reasons for using outdated technology like fax machines, the step into digitalization is not one that is too far into the beyond, but rather one into the 21st century and profitability. With so much instability in the world arena, it is time to get past the mentality of ‘this is how things have always been done.’ĭigitalization is no longer just about ‘innovation’ for the shipping industry, but rather it is about simply catching up with the rest of the world. The shipping industry is roughly half a century behind the rest of the world, particularly the airline industry. Why the shipping Industry Needs to Digitalize ![]()
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