BEIJING, Aug. 1, 2022 /PRNewswire/ — FOR-U Smart Freight was included in the July 28 release of Fortune’s list of the Most Socially Impactful Companies in China in 2022 for its high growth, its innovation and its leading role in integrating the latest advancements in digital technologies into the world of road transportation. FOR-U is the only technology logistics company to be included in the list. The list recognizes companies that solve the world’s problems through innovation in technologies or business modeling, and demonstrate social impact while achieving commercial success.
As a world-renowned magazine, Fortune’s lists have always drawn substantial attention as soon as they are released every year. The list, launched in 2021, focuses on companies “doing well while doing good”. As leaders in their respective industries, these companies not only determine the industry’s development path, but also the future direction of industrial policies.
The magazine believes that FOR-U Smart Freight’s business path and business content are solving at least one challenging or hot social issue, while the company’s profit and profit growth demonstrate FOR-U Smart Freight’s success in driving world change.
As a leader in road transportation technology, FOR-U Smart Freight is the first platform to apply AI technology to the whole-truck transportation trading market, and the only platform in the industry that can achieve price setting within seconds for long-haul whole-truck freight.
Through the FOR-U Brain smart center, FOR-U Smart Freight provides freight-as-a-service (FaaS) to shippers, standardizing and adding intelligent functionalities to the whole process from inquiries, shipments to delivery and settlement, significantly reducing the empty-load, vacancy, and accident rates, while building a quality service system in the decentralized, non-standardized road freight market.
At present, all orders on the platform are handled 100% online. The unique whole-chain transaction big data accumulated over the past seven years feeds the intelligent system that supports the platform.
Taking the smart pricing system as an example, shippers and truck drivers often get into disputes due to non-standardized freight rates in the road freight market, causing a loss of trust as well as efficiency due to the repeated communications and negotiations.
To solve this problem, FOR-U Smart Freight built a pricing model by using extensive transaction data to train the algorithm, enabling dynamic pricing based on different models, routes, quotes, weather and other factors. The effort has resulted in enhanced market freight transparency, eliminated the cumbersome bargaining process, improved transaction efficiency, and avoided the risk of truck drivers becoming liable for the freight.
Fortune commented when adding FOR-U to the list: “In view of the industry, pain points frequently encountered by truck drivers, such as fake goods, freight arrears, and difficulties in finding goods, FOR-U Smart Freight provides drivers with real supply source, fast settlement, and efficient freight services, simplifying their work process, eliminating undue and unnecessary stress, while enhancing their income.”
In recent years, FOR-U Smart Freight has been certified as a National High-tech Enterprise, twice won the CPAG Science and Technology Progress Award, and was shortlisted as one of the Boston Consulting’s 100 Emerging-Market Tech Challengers as well as for the Hurun Global Unicorn List.
While firmly improving efficiency through innovation in technology, FOR-U Smart Freight has included adherence to the Chinese government’s carbon peak and carbon neutrality initiatives in its roadmap and is committed to the development of green transportation. In June of this year, that company released the 2021 Greenhouse Gas Emission Reduction Study Report jointly with Pony Testing International Group.
FOR-U Smart Freight estimates that it has reduced greenhouse gas emissions by 908,000 tons in 2021 and expects to grow the reduction to 2,593,400 tons by 2025. During the 14th Five-year Plan period (2021-2025), the company foresees a saving in greenhouse gas emissions amounting to 8.2112 million tons.
Thanks to its outstanding performance in reducing road carbon emissions, FOR-U Smart Freight has been awarded Jieman News’ Enterprise ESG Practice Award of the Year and National Business Daily’s Green Practice Pioneer Project of the Year.
In line with its sustainable and green development initiatives, FOR-U Smart Freight plans to develop hydrogen-powered trucks in the future, and gradually improve the utilization and penetration rates of renewable energy transport capacity including electric, natural gas and hydrogen. During the 14th Five-year Plan period, the company will continue to promote the commercial implementation of autonomous trucks, and build an intelligent, efficient and green freight platform.