German online forwarder expands Cargonexx platform in Europe
Online freight platform Cargonexx, which launched late 2016 in Germany, has expanded to Austria and Denmark, following a successful pilot program in Poland. With more than 3,000 transport companies from Germany and Poland already on board, Cargonexx has set its sights on the Netherlands and eventually plans to cover most of Europe. The online platform is built around the company’s “market price technology,” which relies on statistical data analysis.
Software evaluates freight data, traffic data, weather data and uses prediction models that are based on self-learning algorithms, allowing Cargonexx to estimate the market price for future tours. Online freight platforms are already making inroads into the overland and maritime transport sectors, where companies, such as Flexport and Freightos, use their own algorithms and platforms to provide forwarding services in almost real time. On the airfreight side, larger forwarders still control most of the market, and the fractured nature of the business has slowed penetration.
However, air freight is the next in line for disruption. The appeal of startups like Cargonexx is that freight forwarders can “assign shipments at market prices and reliable quality at the push of a button,” the company said. Carriers can then receive matching inquiries automatically and take on new jobs.