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What is FreightTech?
BlueX TradeBlog
Created on Jan 11, 2023
Updated on Apr 07, 2020

FreightTech is revolutionizing how we ship ocean freight. While the freight industry has been slow to adopt technology to streamline shipping, the last few years have seen an explosion of tech in freight. The FreightTech term includes digitalization, Internet of Things (IoT), machine learning, dynamic pricing, predictive analytics, and many others, which are changing the world of ocean shipping dramatically.

But what exactly is “FreightTech,” and why is it so important for your business?

FreightTech Definition

FreightTech is a portmanteau that combines the words “freight” and “technology.” This combination refers to companies that use technology to provide more effective freight services and assistance to shippers, freight forwarders, NVOCCs, and ocean carriers throughout the shipping supply and demand chain.

As a disruptive element in shipping, it’s also little wonder that FreightTech-related companies have received substantial investment over the last few years.

Growing Investments in FreightTech

Investment in FreightTech is growing fast. For example, there was $1.3 billion of investment in 2017 and $2.9 billion in 2018. These investments continued to grow steadily in 2019 as well.

From FreightWaves receiving investments of up to $20 million to Flexport receiving $1 billion, investors and FreightTech companies understand that there is a gap in the ocean freight market. Likewise, Maersk and Hapag-Lloyd have invested heavily in their digitalization strategies.

While many industry players continue to operate through traditional means such as telephone, fax, and paper documents, FreightTech is already a reality that is changing how we ship cargo.

Benefits of FreightTech

FreightTech is revolutionizing every aspect of shipping. From the port of loading to the port of discharge, new solutions are creating greater efficiency and stronger margins.

By adopting these solutions, you can reap the benefits of:

  • Global, real-time sailing schedules
  • Reliable data via API integrations
  • Real-time alerts and notifications
  • Global container tracking capabilities

Added to that, FreightTech can also improve your operations by offering:

  • Online bookings platforms
  • Instant quote capabilities
  • Digitalized document management
  • Contract and rate management
  • Revenue management

However, while many solutions can significantly improve your operations, they need to be consolidated into one digital space.

FreightTech and Digitalization

Digitalization is the framework in which all FreightTech solutions can be consolidated together to form ecosystems to streamline shipping. From online booking platforms to satellite tracking, these solutions need a central hub.

We at BlueX are that hub, and we’re pushing the FreightTech movement for shippers and ocean carriers.

Become Part of the Movement with BlueX FreightTech

Revolutionizing shipping with FreightTech is part of our DNA at BlueX. By bringing together tech knowhow from Silicon Valley and expertise from the shipping industry, we’re creating a new way to ship — The BlueX Freight Commerce Platform.

Digitalize Your Operations with BlueX

FreightTech and digitalization need to start from the top, and that's where ocean carriers come in. We created the world's first ocean carrier solution through our White-Label E-commerce Solution. Our FreightTech solutions give ocean carriers the capabilities to create their own white-label online platforms to allow digital rate and inventory management with AI-driven dynamic pricing and actionable business intelligence reporting insights.