Thanks to the increased interest in e-commerce shipping and the need for faster and more reliable shipper-carrier relationships, the current freight broker market growth will most likely continue. Soon, this can mean even more challenges when finding broker services as competition increases and the number of available freight brokers decreases.
According to Verified Market Research, the “US Freight Brokerage Market size was valued at USD 1.164 Billion in 2020 and is projected to reach USD 13.78 Billion by 2028, growing at a CAGR of 36.2% from 2021 to 2028. An increase in convenience, coupled with the increase in investment, is the key reason for the rise in Business in the US Freight Brokerage Market.” Logistics managers cannot and should not overlook this is a level of current value and potential growth. To make it easier to find the best company to partner with, logistics managers must understand and recognize the characteristics of effective freight broker companies.
A competitive nature is important for all brokers as it is a driving force to keep them seeking out the best opportunities. Carriers and shippers alike benefit from freight brokers who know how to seek out the best options, secure the best rates, and foster the strongest relationships.
Freight broker companies must be able to notice and react to details at all times. Details matter within the shipping industry, from nuances in shopping orders and modes to small changes in rate or shipment specifications. Working with an attentive broker can significantly impact overall success.
Another feature brokers bring to the table is their dedication to and utilization of data-driven processes and tools. Utilizing accurate data and real-time shipping visibility makes modern freight brokers a force to be reckoned with and a valuable asset to any shipper or carrier.
One benefit of a partnership with the right freight broker companies is the almost instant access it brings to other networks, markets, and talent pools. Good brokers continuously improve, adapt, and change to meet current demands and offer beneficial services.
Highly sought-after freight broker companies have superior customer service and assistance for their partners and team members. Freight brokers must be accessible when needed and available when problems arise, and help is required to maintain capacity.
One critical feature that sets the best brokers apart is their ability to monitor and adapt to market trends. Good freight brokers are constantly monitoring and analyzing trends and fluctuations in the market. As a result, they can adapt and scale services to meet clients’ needs at all times.
In this digital day and age, freight brokers must be willing and able to not only recognize modern technological advancements but embrace them and utilize them efficiently. From tools and software integrations to collaborative platforms, brokers are using tech more and more often.
Thanks to growing pressures on shipping companies and transportation service providers, the need for reliable freight brokerage service has never been greater. With the rise of e-commerce and virtual shopping, versatile and adaptable shipping needs have led to a renewed focus on strong shipper-carrier relationships.
Logistics managers must understand and recognize the characteristics of effective freight broker companies. It is possible to succeed in any market with the right tools and guidance in place. Find the brokerage service that is right for you and has all the hallmarks of a successful company. Contact Edge Logistics today to get started and see firsthand the difference the right freight broker can make!