The COVID-19 pandemic has forced many businesses to begin engaging directly with customers. Now, more than ever, customers are beginning to place more orders online. The delivery market alone is expected to grow to $591 billion by 2024. However, due to the sudden rise in freight shipping, 76% of the world is facing logistics problems. Therefore, the logistics and supply chain industry will need to undergo a software-led disruption led by innovative AI logistics startups like Coconut Silo.
Coconut Silo – Making Mobility Easy
Coconut Silo started as an in-house startup for Hyundai Motor Group’s ZERO1NE Accelerator and spun off in July 2020 to operate a cargo brokerage platform service in Vietnam. Why Vietnam? The amount Vietnam spends on logistics is equal to 25% of the country’s GDP. Coconut Silo focuses mainly on Korean manufacturers in Vietnam, which is 35% of Vietnam’s whole GDP. While in Vietnam, they learned that one of the significant issues for cargo owners was regard to placing orders. Placing orders required many calls and manual fetching and distribution. Therefore, Coconut Silo looked to solve the problem by having users upload orders to their solution. Truck drivers were then able to make bids to fulfill them logistically.
Now Coconut Silo has offices in several international markets, including the United States, China, India, and Vietnam. This shows that despite eCommerce growth worldwide, western markets have similar logistics challenges as Eastern markets. Therefore, they will plan to expand to Cambodia, Laos, and Thailand going forward.
AI Logistics Solution COCO TRUCK
Coconut Silo aims to help freight movers and other logistics companies with their COCO TRUCK AI logistics solution. COCO TRUCK supports manufacturers, truck drivers, and logistics companies, with logistics companies being their primary focus. They aim to help logistics companies optimize their supply chain and operations through big data, AI, and Blockchain to build a more efficient and advanced industrial ecosystem. As well as help logistics companies maximize the number of orders received.
Their algorithm specializes in cargo tracking and route visualization. Therefore customers can track their cargo owners, logistics companies, and drivers in real time. Their key feature is the ability to visualize the real-time loading status of both containers and vehicles and match the details to determine the best loading possibilities. This means drivers can move multiple cargos in a single transit procedure and drive greener.
Data shows that through COCO TRUCK users:
- Save 2 hours a day
- Increase revenue by 25%
- Increase orders by 37%
“Our AI logistics solution COCO TRUCK is the only platform that connects all types of players in the market into a single place. It is faster, cheaper, and greener compared to other solutions in the market ” said the COO of Coconut Silo, Tony Han.
High Potential for Coconut Silo
The truth is that many logistics companies don’t have systems in place to manage the logistics process in an efficient way. This is because 97% of these logistics companies are small to medium enterprises. Most do not use software to optimize their logistics process. They use old communication methods such as emails and phone calls. As most loading orders are done manually by these enterprises many issues arrive such as massive amounts of paperwork, time wasted by truck drivers, and only 70% of the container being used. Moreover, by using COCO TRUCK, shippers can move their products even if they don’t own their own trucks.
COCO TRUCK can not only calculate loading and unloading times but also give real-time loading and best loading cases on one platform. In addition, Coconut Silo offers data on the routes every driver takes. This is because COCO TRUCK can link carriers, shippers, and drivers into a single place. Furthermore, COCO TRUCK provides targeted third-party services like insurance, fueling, and maintenance based on the real-time analysis of logistics data that users have made.
The platform is very affordable, starting at $100/month for companies with 50-100 trucks. Those with over 100 trucks start at $200/month.
Coconut Silo at CES 2022
Coconut Silo participated in CES 2022 along with other innovative Korean startups. Their goal was to get insights on how to implement their technical features with Blockchain technology and to find partners to help expand their region. They were successful in their goal and plan to enter the U.S. market in 2023. They are very interested in the U.S. market as they already have a huge interstate logistics infrastructure. The AI logistics startup plans to test its big data-based digital logistics platform for Truck Drivers (COCOTRUCK) for several states.
