Industry Insights & News

Don't follow your gut: How shippers are using automated spot pricing

June 27, 2023

At its core, shipping is a business of prediction. However, predicting market rates and uncovering the best opportunities can be complicated—it requires detailed knowledge that goes beyond your average gut feeling. Instead of relying purely on intuition or hoping for the best, shippers are now taking advantage of automated spot pricing to find better prices for their loads. With tools such as Dynamic Book It Now from Emerge, you can get instant access to more accurate data and reasonable quotes to help ensure fair pricing without sacrificing time or money spent on labor costs. 

Understanding Automated Spot Pricing and its Benefits

As technology continues to evolve, businesses are finding new and innovative ways to streamline their operations. One such innovation is automated spot pricing, a solution that’s offered as part of a procurement platform that allows companies to price their spot quotes dynamically. A shipper simply sets a starting and ceiling price based on a real-time market rate produced by DATiQ so that when pushed to the spot marketplace, it will incrementally increase over time. By understanding how automated spot pricing works can help businesses stay ahead of the competition and improve their bottom line. Using data-driven analysis to generate real-time prices, companies can maximize profits while maintaining competitiveness in today's dynamic marketplace. With automated spot pricing, businesses can take advantage of up-to-the-minute intelligence to make informed decisions and stay ahead of the curve. In short, automated spot pricing is an efficient and effective way to optimize pricing strategies and take business operations to the next level.

The Traditional Spot Market for Shippers and How to Improve It

As shippers navigate through the freight industry, they often rely on the traditional spot market for their shipping needs. However, the spot market can still prove to be convoluted, inefficient, and challenging to navigate. In order to improve it, one option is for shippers to embrace technology and automation in their freight operations. Utilizing software and tools that can offer real-time visibility into pricing, capacity, and delivery times can significantly streamline the shipping process. Additionally, building strong relationships with trusted carriers can also lead to a smoother and more reliable shipping experience. Dynamic Book It Now allows carriers to book instantly and remove bidding fatigue. Communication between shippers and carriers can provide better visibility into market conditions and potentially lead to more favorable rates. 

Wrapping Up – What You Need To Know About Automated Spot Pricing

Automated spot pricing is a way of dynamically pricing loads on real-time market demand. It's a great tool for businesses looking to maximize profits and stay competitive in today's fast-paced economy. With the right approach, automated spot pricing can be an incredibly powerful tool that helps you make data-driven decisions and stay ahead of the competition.

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