FOR-U Smart Freight Named as One of Fortune’s Most Socially Influential Startups in China

On July 28, Fortune released its 2022 list of Most Socially Influential Startups in China for companies that solve the challenges plaguing the world with technological innovation or business model innovation and have demonstrated social impact while achieving commercial success. With its high growth and innovativeness and as it leads the new trend of digitalization in road transportation, FOR-U Smart Freight is the only technological logistics company selected to the list.

As a world-renowned magazine, the annual lists of Fortune have been the focus of attention for many years. Since 2021, Fortune China has been producing a list of the Most Socially Influential Startups in China, focusing on companies that “do well while doing good”. These companies have showcased strong “leadership” in their respective industries, and they not only determine the way forward for the industry but even influence the future direction of industrial policies.

According to Fortune, FOR-U Smart Freight’s business path and business content are solving at least one social challenge or hot issue. Meanwhile, its profits generated and profit growth represent FOR-U Smart Freight’s success in driving changes in the world and continuing this success.

As a leader in road transportation technology innovation, FOR-U Smart Freight is the first platform to apply AI technology to the FTL (full truckload) transportation and transaction market and the only platform in the industry capable of second-level pricing for long-haul FTL shipping.

Through the smart middle platform, FOR-U Brain, FOR-U Smart Freight provides shippers with “Freight-as-a-service” (FaaS), which means that the whole process of inquiry, shipping, delivery, and settlement is standardized and intelligently operated. This service significantly reduces the vehicle empty-loaded rate, vacancy rate, and accident rate while building a high-quality service system in the decentralized, non-standardized road freight market.

At present, 100% of the platform’s orders are operated online. In the past seven years, FOR-U Smart Freight has accumulated unique transaction data of the whole chain, which is the foundation for the operation of intelligent systems to support the platform.

Take the intelligent pricing system as an example. The road freight market is characterized by non-standardized freight prices. Shippers and freight drivers often engage in back-and-forth haggling because of this, reducing trust and efficiency in repeated communication and bargaining.

In this regard, FOR-U Smart Freight has built a pricing model and trained algorithms with a large amount of transaction data so that the algorithms can dynamically set prices based on factors such as different models, routes, quotes, and weather, which makes the market freight rates transparent and eliminate the tedious bargaining process, thereby improving transaction efficiency and reducing the freight arrear risk faced by drivers.

Fortune concludes in the list that in response to the industry pain points that freight drivers frequently encounter, such as fake goods, freight arrears, and difficulty in finding loads, FOR-U Smart Freight provides drivers with real loads, fast settlement, and efficient freight services, thus simplifying the workflow of drivers, eliminating unnecessary “emotional labor”, and boosting drivers’ income.