Make more $ with easy, strategic changes.

Whether you’re a shipper or a carrier, boosting your bottom line isn’t about revamping your entire business model — it’s about implementing smarter tools & strategies so you can keep doing what you already do, just more efficiently.

In this month’s article, we cover:

• the cutting-edge tech that boosts profit while lowering emissions
• tips for utilizing market rates & navigating shipping trends
• Flock’s shipper platform revamp for faster quotes & more savings
• our new partnership that allows carriers to get paid in as little as 1 day

Boost profit while reducing CO2e with cutting-edge freight technology.

With solvable inefficiencies that produce excessive greenhouse gas emissions, the freight industry has been long overdue for innovation.?

That’s where shared truckloads come in — the solution that’s changing the industry.

The current industry inefficiencies.

Traditional shipping offers limited choices:

• increased likelihood of delay, damage, and loss with LTL
• overpaying for underutilized capacity with truckload

This outdated model not only harms businesses but also has detrimental effects on the planet. In 2022, our study with Drive Research found that 45% of shippers moved partially empty truckloads with an average of 25 linear feet of unused space – the equivalent of moving 1 in 5 truckloads completely empty.

Not only are shippers paying to ship this empty space, but the more half-empty trucks on the road, the more pollution there is in the air.

The profit-boosting, emissions-reducing solution.

While many believe that sustainability and profitability are mutually exclusive, shared truckloads (STL) prove otherwise.

STL fills trucks to earn carriers more per haul while providing truckload-quality service at a lower cost to shippers — all while reducing emissions by up to 40% compared to traditional modes.

By pooling 288,651,267 lbs of freight in 2022, STL saved customers over $56 million while reducing 34,000 metric tons of CO2e – the equivalent to taking 7,000 gasoline-powered vehicles off the road in a single year.

But how does it actually work?

The cutting-edge technology.

Akin to a carpool for freight, our patented freight technology uses sophisticated combinatorial optimization algorithms alongside machine learning-powered probabilistic pricing models to:

• maximize truck capacity by pooling loads from multiple shippers?
• ensure the most efficient path by:
• combining loads moving on similar routes to carriers already traveling in those directions
• sending the full trucks on direct, hubless routes

And this is just the beginning. As our network grows, we drive more savings for shippers, more profit for carriers and drivers, and reduced carbon emissions for our planet.

It’s a win-win-win.

Learn more in our state of the tech video with Flock’s Chief Technology Officer, Lu Saenz

Efficiently utilize market predictions & trends.

Understanding the current freight market – and what’s predicted to happen soon – is crucial for making informed business decisions.

In addition to rates, to stay ahead of the curve, shippers and carriers should be aware of:

• the two inefficiencies continuously plaguing every industry
• upcoming shipping trends, such as industries’ peak seasons

What’s currently happening in the market?

Spot rates.

As of late May 2023, spot rates continue to lower. However, it looks as though they will soon bottom out before beginning to rise in the final months of 2023, at the earliest.

Contract rates.

Contract rates have also continued to fall, dropping to their lowest since 2020. They’ll likely continue to lower into the early months of next year before rising in early spring 2024.

What does this mean for shippers & carriers?

Tips for shippers.

A deflationary market when rates are low – like what is happening now – is the perfect time to secure both rates.?

Utilize spot rates now before they start to rise as soon as later this year. Secure contract rates any time between now and their predicted rise in early 2024.

Tips for carriers.

While right now is not an ideal time to secure spot rates, it is better to utilize them right now than locking into contracts. Spot rates should be more lucrative later this year.

Because contract rates are so low and expected to get even lower, if possible, hold off on setting contracts until they rise again in 2024. Locking into contracts now may mean missing out on 2024’s higher rates.

Persisting shipping trends plaguing all industries.

Our recent study with Drive Research found that two major inefficiencies afflict all industries in both deflationary and inflationary markets:

• hefty, surprise damage & late fees, costing shippers an average of $1,988 for each damaged & late LTL shipment in 2022
• wasted capacity with nearly half of truckloads in 2022 moving partially empty – wasting money, time, and fuel

The solution: Flock’s shared truckloads (STL).

Using patented technology, shared truckload efficiently pools compatible shipments from multiple shippers onto one truck then sends it all on a faster and safer hubless route.

By filling trucks to capacity and moving goods quickly, safely, and reliably, STL cuts shippers’ costs by up to 20% while earning carriers up to 20% more per haul compared to traditional modes – making it an efficient tool for both parties regardless of market conditions.

Upcoming peak seasons: retail & F&B shipping.

With summer peak season ramping up for both the food and beverage (F&B) and retail shipping industries, now is an especially important time for shippers and carriers to enhance operational efficiency.

Although overall beneficial for both carriers and shippers, peak season exacerbates everyday pressures while bringing its own challenges, such as:

• strict, hard-to-meet deliveries: increased order volumes and tricky inventory management make late fees even more likely?
• high risk of damage: higher volume means more likelihood of rushed handling, upping the chance of harm
• unreliable service: extraordinarily strict delivery windows and increased speed make unreliable service especially stressful and detrimental
• limited access to additional capacity: with many businesses seeking additional trailer space, finding available trucks and deck space is challenging

Peak season tips.

Stagger shipments.

Ship products at different times using different methods. For example, use faster, more expensive freight options for high-priority shipments and more affordable modes for less pressing loads.

Get insurance.

With the amplified activity of peak season making lost or damaged freight more likely, it’s worth it to protect high-value or time-sensitive products with shipping insurance.

Use STL to find added capacity.

STL’s sophisticated algorithm is the perfect tool to help find truck space for extra peak season shipments.

Industry-specific insights.

Whether or not its peak season, every industry faces its own unique challenges. Overcome your industry’s biggest challenges with our:

Guide to Shared Truckload by Industry.

Gain actionable, industry-specific insights on topics like:

• retail consolidation
• high-value electronics insurance
• wholesale distribution

Beverage shipping guide.

Get detailed solutions for beverage shipping’s most costly challenges.

→ Keep reading for more tips

Shippers: quote faster & save more.

We’ve revamped the Flock platform so it’s even easier for shippers to find the most efficient, cost-effective ways to ship their freight.

‘Quick’ and ‘Guided’ workflows.

With multiple quoting options, it’s even easier to get fast, accurate quotes for your shipments.

Money-saving, flexible pickup date options.

Easily lower costs if you’ve got a little wiggle room in your delivery window.

Plus! A guided video platform tour.

Let Jesse, head of Flock’s product team, guide you through the platform in this step-by-step walkthrough.

→ Start quoting & saving

Carriers: get paid in as little as 1 day.

We recently partnered with TriumphPay to offer carriers a better, faster payment experience. As a carrier who works with Flock, this partnership allows you to:

Maintain consistent cash flow.

Choose how and when you get paid, including requesting 1-day payments via QuickPay.?

Keep more money in your pocket.

At half the rate of many other companies, keep more of your hard-earned money with QuickPay’s low 2.5% fee.

Easily manage paperwork – from anywhere.

Get more time – and peace – back into your day by quickly generating invoices, uploading documents on the go, and more.

Gain visibility over payments.

Know exactly when a payment will arrive with real-time payment statuses.

→ Learn more about TriumphPay

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