14 July 2023
Transport Exchange Group launches industry-first road transport data service to support dynamic freight pricing
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Transport Exchange Group, the UK’s leading online freight exchange platform, is helping its members to operate more dynamically and competitively in a highly volatile marketplace with the launch of an industry-first load pricing data service. Price Per Mile (PPM) will offer simple, timely and accurate insight into changing road transport rates for the first time, so hauliers, couriers and owner drivers can better shape their pricing strategies in real-time.
“The road transport sector has faced a period of unprecedented instability over the past few years because of multiple economic factors such as Brexit, COVID, driver shortages, and the war in Ukraine,” explains Lyall Cresswell, CEO of Transport Exchange Group. “The resulting impact on small-and mid-sized operators in terms of pricing strategy and capacity planning has been significant, so we have launched PPM to provide our members with the business intelligence needed to compete and grow.”
PPM can be tailored by both postcode and vehicle type to provide a weekly update of average, high and low pricing data into and out of a specified area. The aggregated and anonymised information is calculated using data from millions of transactions. The service was initially launched as a pilot involving owner drivers, but it has now been rolled out to all members of the Haulage Exchange and Courier Exchange, with self-service functionality soon to be introduced to simplify the order and delivery process.
PPM follows the introduction of the TEG Road Transport Price Index in November 2021, which provides a monthly, macro-level summary of pricing and market trends to industry operators and policymakers alike. This valuable and validated insight tracks changes in the marketplace using a unique data set, based on many thousands of different freight buyer and seller combinations that that take place on TEG’s online freight exchange platform.
“We are investing heavily in data science as we continue to enhance the functionality and guidance available on our platform. By constantly innovating we can add value to our members and give them the business and operational tools needed to operate profitably and focus on what they do best,” concludes Cresswell.
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