South Korean telecom major KT’s digital logistics platform Wing Lolab has launched an artificial intelligence-based freight broking service targeting the fast-growing logistics industry.
Once users enter their cargo information into the system, the platform will find the best matching driver for a minimal fee. Government data showed that till 2025 South Korea’s logistics industry is projected to reach 116 trillion won ($90.9 billion) and 140 trillion won in 2030.
LoLab said the company has released a freight broking service platform called “Brokery” to help customers get matched logistics services for a low fee. After the users register their cargo information the platform matches with drivers and all the logistics costs is calculated on the basis of travel distances, vehicle models and destination areas. The service will consistently keep on matching the cargo owners and drivers to minimize the time of truck owners spend driving empty vehicles and the Drivers will be paid at the end of the day after the service.
Government data showed that till 2025 South Korea’s logistics industry is projected to reach 116 trillion won ($90.9 billion) and 140 trillion won in 2030.
On this, lolab CEO Choi Kang-rim said in a statement that, “Although the logistics market is growing rapidly, most logistics workers suffer from high cost and low efficiency due to analog methods. Such a situation led us to think that digital transformation was urgent”. “Yongdal” is one of the most well-known freight brokering services in South Korea.
When users post their photos of their cargo on Yongdal websites, service managers find the best-matching vehicle. Users are required to pay logistics costs of more than 50,000 won and additional costs depending on the size and weight of the cargo. This service is oftenly used by business operators who move to a new office or when people shift their house.
“Yongdal” is one of the most well-known freight brokering services in South Korea.