LG Uplus Targets KRW 37T Freight Market

Seoul, South Korea - LG Uplus (KRX: 032640) has entered the KRW 37 trillion middle-mile freight brokerage market. 

The company's new platform, "Freight It Go," aims to digitize the brokerage process, covering receipt, dispatch, transportation, and settlement.

Why it matters: 

The middle-mile market focuses on B2B transportation and has persistent operational inefficiencies, including dispatch errors and settlement delays.

LG Uplus targets these issues by positioning Freight It Go as a carrier truck portal service and a digital transformation (DX) platform for freight brokers.

The Key Points

• Smart Dispatching: The platform provides real-time dispatch notifications and Freight tracking, resulting in faster and more accurate deliveries.
• Billing Efficiency: A one-click freight card payment system aims to streamline post-shipment processes.
• AI-Driven Freight Distribution: Platform uses AI to recommend optimal loads and schedules for drivers.
• Truck Navigation: The platform includes real-time navigation with geofencing technology, suggesting routes that consider logistical constraints.

The Big Picture

Strategic Partnerships.

To gain initial traction, LGUplus has partnered with Gangdong Freight, a top 5 freight brokerage company with 700 transport vehicles and KRW 30 billion in revenue, and Dver, a digital last-mile logistics startup. 

Payment security and speed will be enhanced through a partnership with Shinhan Card.

Financial projections

Initially, LGUplus will not charge users for access to the platform. The company targets over KRW 150 billion in revenue within three years.

This aligns with LGUplus' strategy to establish more collaborations for a nationwide logistics network.