Digital innovation doesn’t always mean “out with the old, in with the new”. It’s about finding the best of both, especially when considering the coexistence of static and dynamic rates in the freight forwarder’s quoting process.
The volatility of the freight markets in recent years further widened the gap between static rates and real-time market rates. Traditional methods, relying on manual rate sheets, struggled to keep up with market rates and available capacity. While standard freight quoting tools only offer the comparison of static rates, broader freight quoting tools leverage the ongoing digitization of carrier-supply.
So what makes a freight quoting tool effective? It’s no longer a question of static or dynamic rates, as not all rates are available digitally. During this hybrid period, where the freight industry transitions to becoming fully digitalized, both static and dynamic rates must exist side by side.
Coexistence of Static and Dynamic Rates
While over 50% of global air capacity is digitized on WebCargo alone, there are still shipments booked that depend on negotiated contract rates. A freight quoting tool that seamlessly integrates contract rates with dynamic eBooking is crucial for providing forwarders with quoting access across both. WebCargo provides just that, by facilitating carriers that provide either digital rates, static rates or both – allowing them to distribute these directly to freight forwarders.
Enter the Dynamic Quoting Tool
WebCargo’s Dynamic Quoting Tool is designed to meet the evolving needs of freight forwarders. Dynamic quoting means that forwarders can add real-time prices and live capacity alongside quotations for static rates.
- Comparison of static airline rates, with guaranteed data accuracy
WebCargo has access for quoting across 370+ carriers. Before putting any rates live, the WebCargo system scans the file used for uploading rates, to ensure there are no errors or columns showing incorrect information. If an error is found, it is made easily identifiable and the account executive can then access the file and make any necessary changes. This multi-layered approach to rate-upload ensures that the rates being uploaded are correct, and that any mistakes do not result in costly time-input for forwarders to fix.
- Access to dynamic rates linked to actual capacity
Dynamic rates, or live rates, are rates that update on a real-time basis and are taken directly from the airline’s own website using an API connection, meaning they’re the exact same as those shown on the airline’s website. WebCargo does not upload these, as they do for the static rates. The search results are dependent on capacity and date range, so they will fluctuate based on these factors. When placing an eBooking using dynamic rates, forwarders are guaranteed the space aboard and will pay the exact price as shown on the platform. WebCargo currently offers these live rates from over 37 airlines.
- Side-by-side comparison
By seamlessly merging static and dynamic rates, forwarders can see a side-by-side comparison for a comprehensive view. This feature empowers forwarders to make informed decisions by evaluating both static and real-time market rates, enabling them to choose the most suitable option for accurate and competitive quoting.
The Synergy of Static and Dynamic Rates
The Dynamic Quoting Tool ensures businesses have the flexibility and toolkits they need to succeed, making a forwarder’s quoting (and booking) process far more efficient.
- Reduces back-and-forth communication
Streamlining the quoting process minimizes the need for extensive communication, saving time for both forwarders and customers.
- Ensures true-to-market quoting
With access to dynamic rates linked to real-time capacity, forwarders can provide quotes that accurately reflect market conditions.
- Stay competitive with strategic quoting
No need to compare static rates traditionally and live rates digitally. The tool provides side-by-side comparison, allowing forwarders to build quotes based on both negotiated rates and real-time rates, giving flexibility and control of the quoting strategy.
- Increased win-rate
This versatility not only enhances the competitiveness of quotes but also instills confidence in customers, ultimately leading to a higher win rate in a dynamic freight market.
- Improves customer satisfaction
The Dynamic Quoting Tool reduces the time spent in quoting and booking, leading to a more efficient and satisfying experience for customers.
A Comprehensive Freight Quoting Tool
By seamlessly integrating static and dynamic rates, WebCargo empowers forwarders to make informed decisions, reduce errors, and enhance the overall customer experience. The Dynamic Quoting Tool is not just a standalone feature; it’s an integral part of WebCargo’s comprehensive freight quoting tool.
It’s important to highlight that digital pricing and booking represents only a fraction of a forwarder’s responsibilities. By increasing the speed and reliability of quote-building, forwarders can focus on more complex cases, and other value adding projects which further improve the customer experience.
As the freight industry continues its road to digitalization, WebCargo continues to focus on integration versus replacement, providing tools that drive efficiency, speed, and reliability, all while keeping the core needs of freight forwarders in mind.