The DrayNow TRUprice tool: Real World Examples
With many factors going into the recommended ratings for the Real-Time DrayNow TRUprice tool, users now have the ability to test their prices before they set them on the platform to see how competitive the price may actually be once posted to the marketplace. The rating of prices are dynamic and are based on thousands of up-to-the-minute data points generated by the TRUprice tool’s machine learning algorithm.
For example, one of our DrayNow customers has been putting up a consistent lane from Chicago to the Bloomington area with a price of $500, originating out of the BNSF ramp over in Cicero. They’ve been having trouble getting capacity quickly, but figured it was a good price for the mileage. This is a safe way of entering a price, but the TRUprice tool offers so much more in setting a competitive price. After factoring in many different aspects of the trip such as appointment time and the day of the week, the TRUprice sets this $500 price as not very competitive. The user can then take this into account and increase the price until the tool is showing a more competitive rating.
And since DrayNow is a marketplace, the rating that the tool gives for that price is not set in stone and can change at any time. It’s important to note that a customer can always play the market and still post the originally intended price on the platform, especially if the budget doesn’t allow for a price increase. The tool is there to warn them that it might not get covered in a timely manner, or at all. If the price is non-negotiable, then changing the appointment time, or moving the trip to a later date can increase the chance of it getting covered at that particular price.
What makes the TRUprice tool so dynamic is that it can be used to both increase or decrease the original price. If another customer posts a load originating out of CSX Fairburn in the Atlanta area and headed to Chattanooga at $700, at the time they may be seeing a very competitive rating from the start. The broker can always lower the price based on these marketplace forces to something that is still considered competitive.
The marketplace gives users the option of changing details of the trip, whether they be timing, location, or price, to get capacity from a large pool of carriers. This TRUprice tool is a breakthrough in transparency to help users make better decisions on their trip prices on the road to getting capacity.
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