Loadsmart, a Chicago-based digital freight brokerage, reported in February 208% year-over-year revenue growth, propelled by its direct integrations with large shippers seeking new capacity.
At the end of 2020, the company added transportation modes, including less-than-truckload, rail and partial, as part of its growth strategy to serve both shippers and carriers.
On Wednesday, Loadsmart announced the continuation of this strategy with the addition of flatbed capacity to its dynamic pricing and instant booking integrations. The Home Depot, one of Loadsmart’s current customers, was happy to see the brokerage continue its commitment to bring freight optimization to its supply chain.
“We think Loadsmart’s technology combined with The Home Depot’s transportation and supply chain management expertise will drive a more efficient flatbed network for Home Depot,” said Robin Baggs, director of transportation at The Home Depot. “Loadsmart has been a valuable provider helping us to achieve reliable service, flexible capacity and competitive pricing for the high volume of freight The Home Depot ships. This helps us react to the unexpected and take care of our customers.”
In an interview with FreightWaves, Felipe Capella, president, COO and co-founder of Loadsmart, explained the fragmentation of the industry was creating a lack of real-time data, leading to industry headaches like port delays and capacity constraints. He believes that creating a platform that has the ability to integrate with all parties, including shippers and carriers, could lead to a sustainable supply chain.
“I believe that brokers and shippers focus too much on day rates,” said Capella while describing the repercussions of fragmentation. “Our API integrations with shippers and carrier networks will help with truck optimization, allowing for more sustainable pricing.”
With Wednesday’s flatbed announcement, Loadsmart shows dedication to this strategy. The flatbed sector has historically been known for its fragmentation due to its unique challenges. The freight is often oversized, heavy and needs special equipment to load and unload. There are a number of trailer types within the flatbed sector and different requirements for securing the freight, leading to necessary communication between carriers and shippers. With Loadsmart, shippers and carriers can address these issues without having a team of people making calls and sending emails in order to solve flatbed freight challenges.
“The addition of flatbed capabilities deepens our commitment to freight optimization for our customers across verticals. By meeting their comprehensive logistics needs, Loadsmart allows shippers to focus time and energy on growing their business, leaving the rest to our advanced technology,” said Capella in a release. “With many commodities requiring flatbed and having their own seasonality — such as roofing, brick and logging seasons — it’s important shippers avoid interruptions in order to maximize revenue and enhance efficiency.”