The online self-service tool can help customers reduce reliance on single-sourcing locations, lower shipment costs and delays
An international “express service” courier and logistics firm has enhanced its AI-powered platform to allow its users and partner businesses of all sizes to find references to existing trade lane regulations and requirements between the exporting and importing country or territory.
With this, firms planning a market expansion strategy can leverage the feature by DHL Express to make well-informed decisions to maximize efficiency and gain competitive advantage.
This “trade-lane comparison” service is an online self-serve portal that helps users easily retrieve customs information to pre-plan shipments as they access new markets or launch new products. The new feature uses AI/ML to provide an overview of the trade agreements in place; and the estimated duties/taxes included in the “landed cost” (defined as the total cost of getting a product from the factory to a customer’s door) of the different trade routes.
With this information, businesses can analyze and identify routes that offer the most favorable import and export conditions, leading to potential cost savings and increased profitability. When sourcing or procuring materials from different factories or vendors, importers can identify references of where import license or permits are required for entry. On the other hand, exporters will be informed about the import customs requirements for the products that they want to ship to the destination country or territory. This valuable insight helps businesses to define their go-to market strategy, strategically positioning themselves in new markets.
This comparison feature is especially useful to small- and medium- sized enterprises (SMEs). According to the firm’s Senior Vice President for Commercial (Asia Pacific), Yung C Ooi: “(Businesses) are doing what they can to boost business resilience and global presence. However, SMEs tend to be impeded by the intricacies of trade regulations and processes, slowing down their expansion plans. The new trade lane comparison capability helps them enhance the understanding about customs requirements and landed cost. It aligns with our commitment to providing innovative solutions to help SMEs lower major trade barriers and become more confident in cross-border trade activities.”
Besides the new trade lane comparison feature, DHL Express’ platform now includes a pre-shipment planner tool that helps businesses know the import/export requirements regulations, and calculate the associated landed costs.
