Freight Technologies Inc. (NASDAQ: FRGT) Taking Part in the Trucking Industry’s Ongoing Paradigm Shift with Its Fr8App Platform
- Freight Technologies (“Fr8Tech”) is a North American transportation logistic technology company
- The company is keen on simplifying cross-border shipping in the U.S.-Canada-Mexico Agreement (“USCMA”) region by capitalizing on the advanced capabilities of its Fr8App platform
- Fr8App seamlessly connects shippers in the U.S., Canada, and Mexico with an extensive network of reliable carriers and drivers
- Through Fr8App, Fr8Tech is participating in the trucking and freight market’s ongoing paradigm shift, which has seen more and more shippers opt for brokerage services instead of dealing directly with carriers
- Freight brokers are handling over 20% of all trucking freight, up from 6% in 2000
Freight brokers are changing the face of the trucking industry, upending decades-old preferences that previously forced them to operate on the fringes. Brokers now handle over 20% of all trucking freight, up from 6% in 2000. This growth is attributed partly to brokerages’ investments in customer service and technology, which enabled them to offer a “more compelling product” than asset-based carriers and take on a “greater role in routing guides,” according to a recent article (https://ibn.fm/zdexO). As a result, brokers now handle higher quality cargo than in 2000 and are often assigned highly desirable, carrier-friendly freight.
The growth is also due to a number of other factors, chief among them being the fact that brokerages have built extensive databases of reliable carriers and frequent shippers. This means that shippers can lean on brokers for reliable carriers who will ensure their loads are shipped and delivered on…
NOTE TO INVESTORS: The latest news and updates relating to FRGT are available in the company’s newsroom at https://ibn.fm/FRGT
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