Freightos CEO Zvi Schreiber Discusses International Freight Shipping on BBC World News

Freightos CEO Zvi Schreiber Discusses International Freight Shipping on BBC World News


now from the screen you’re watching me onto the chair you are sitting on chances are you’re surrounded by products made in China India and Europe but they don’t materialize in your living room by magic their long journey to your home actually relies on a trillion dollar international freight industry but the process is much less high-tech than you’d think one company though thinks they can change all that through what’s called an online marketplace freitas is the company and Vee Schreiber is the boss and joins me now and thank you very much here on BBC one a lot to tell me about but first of all for viewers at home what exactly is the freight industry how does it work well Mariam your introduction was perfect you know everything why thank you you know if you look at your clothes you’re all the products that you use I looked on the way in here the clothes I’m wearing today were made in Vietnam and Bangladesh my mobile phone was produced in China so you know if it wasn’t for international Freight would be sitting on the floor naked and hungry and offline sounds awful so well that’s right a modern lifestyle is really built on the assumption that you can move goods around the wall in fact 19 trillion dollars worth of goods are moved from country to country each year and 90% of the products that you buy have been imported and the way they moved around the world it hasn’t really changed much has it in in the last few years I mean it’s not really kept up with the times how do things move around the world yeah I mean the last big change was the containers the standardized 20-foot and 40-foot containers back in the 50s and 60s and since then not much has changed so how do things move around the wall there was a huge network in every country of ocean liners Airlines trucking companies and rail companies and then to organize all of that there are about a hundred thousand freight forwarding companies in the world who all work together to get all of these products to us and like you said the importers and exporters are spending about a trillion dollars every year to get that stuff moved around so it is one of the biggest and most vital industries in the world it costs a lot of money to get things moved around but it works so why change it yeah you know it works but it doesn’t work as well as you would think surprisingly while passing Travel has been online for 20 years already the entire freight industry is offline and every time somebody wants to import or export something they end up spending you know sending emails and faxes back and forth they still send faxes yeah believe it or not I sort of call it the the fax tax that you end up paying on every product that you buy because the it takes an average of three days to get a price quote for Freight so the whole industry is very much offline and very much behind the times of other industries so what do you want to do well Fredo’s is the online marketplace for Freight so it’s like a kayak or an Expedia or in Orbitz for Freight and any importer or exporter can just go onto frado’s comm but in origin and destination describe what they want to ship would be a full container could be pallets and they will instantly get prices for both ocean and air so now you know booking as freighters launches booking online Freight it’s just as easy as booking an online airline ticket it sounds great so everyone at home watching who’s in the freight industry but what about people like me but at customers will it make a difference to prices yeah it should do you know certainly the inefficiency of the freight industry does account for a few pence or cents in every product so initially we’re addressing importers and exporters and the freight forwarders who serve them but certainly over time as that industry becomes more efficient it should trickle through to better prices for everyone and also more flexibility if a shelf is suddenly empty and you can quickly get an air cargo rate then the retailer can fill the Shelf quicker how do you get around the differences in languages differences in currencies differences in the needs of different parts of the world well that’s a good question I mean launching freddo’s was not a trivial matter who’s we’ve spent four years collecting data from all around the world thousands of excels with millions of price rates for air and ocean and land and as you say they come in all currencies and all languages and of course quite a lot of them in Chinese so faretta sports and Chinese and it works in many currencies and that’s been part of our four years of preparation for this launch is getting it to work around the world okay it’s very good to talk to you thank you very much thanks Miriam

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