Chicago-based technology company project44 has introduced dynamic pricing capabilities for the freight industry through a pricing engine application programing interface, or API. This allows carriers to provide real-time pricing based on supply and demand in the marketplace, according to the company.
"We've got a lot of carriers that are interested in dynamic pricing right now," David Cornwell, director of sales, told Fleet Owner. "The great part about it is we can cater to a lot of issues that are going on — whether it be weather-related, capacity issues or what have you — we will take that information and put it in with our algorithms and our engine and make sure that carriers know that there might be a flood in Georgia, let's say.
"With our dynamic pricing tool, it allows carriers to customize to their needs," he continued. "It should be a real eye-opener for a lot of [less-than-load] and truckload carriers out there."
project44 integrates its services into customers' transportation management systems and provides a proprietary network of cloud-based freight APIs that connect shippers and third-party logistics providers (3PLs) to capacity. Companies use these connections for real-time rating, tracking, dispatching, image retrieval and now dynamic pricing, according to project44.
The company says its newly released pricing engine API allows 3PLs and brokers to pull carrier rates in real-time, similar to the way travel and airline industries can provide pricing based on market conditions. Project44 works with carriers to enable API solutions based on how the carrier rates loaded freight, whether by dimension, cubic feet or class.
project44 says Sunset Pacific Transportation, the largest less-than-load (LTL) consolidator in southern California, adopted the dynamic pricing technology to optimize its network and gain market share. project44 provided Sunset Pacific Transportation with a dynamic rating engine paired with a public API, allowing Sunset Pacific to offer rates to shippers, brokers and 3PLs on a live-market schedule. 3PLs and brokers can get rates "within milliseconds" following an outbound rate request.
Sunset Pacific has seen an increase in profitable business since integrating with the pricing engine API, according to project44. Additionally, the LTL consolidator has reported increased employee productivity by eliminating the need to manage rates and answer phone calls of various shippers, brokers and 3PLs manually.
Visit www.p-44.com or www.SunsetPacific.com for more information.
