Fareye launches solution for address accuracy in e-commerce
October 21, 2019: Logistics tech startup Fareye launched a machine learning algorithm that self-learns the ‘correct’ address by analyzing historical data and geocodes customer locations to boost address accuracy for e-commerce.
October 21, 2019: Logistics tech startup Fareye launched a machine learning algorithm that self-learns the ‘correct’ address by analyzing historical data and geocodes customer locations to boost address accuracy for e-commerce. Particularly focusing on the festive season that witness huge surge in online deliveries, the tech company aims to help e-commerce businesses to scale cost-effective delivery operations to fulfil customer expectations.
“FarEye has empowered the world’s largest retailer to ensure shorter delivery TATs and build highly efficient and fast cash reconciliation processes. A global online pizza seller successfully reduced its delivery time by 27%. Leveraging FarEye, a popular home goods seller is transforming the way it used to manage the first and last-mile operation,” says the release.
Kushal Nahata, CEO, FarEye, said “Inaccurate customer address remains a critical logistics problem for many countries and it’s a major reason that fuels the need for multiple delivery attempts. Businesses need to leverage advanced logistics platform that quickly learns a customer’s exact delivery location based on previous delivery failures or success.”
“Festive seasons are known to trigger spikes in demand for online deliveries. That’s just one part of the story. Festive seasons pose great opportunities for e-commerce businesses to introduce innovative ways to scale delivery operations, engage new customers and leverage disruptive technologies like machine learning, automation, IoT, among others to make deliveries more profitable and compliant,” he added.
Increase in demand for online shopping also results in a spike in delivery attempts. According to reports, for every 100 deliveries, a delivery boy has to make 140-150 visits to a customer’s house, significantly reducing profitability per delivery.
FarEye is a highly scalable enterprise-grade logistics solution that empowers businesses to manage peak delivery volumes. It seamlessly orchestrates disparate logistics platforms like ERP, TMS, WMS, 3PL systems, etc. to boost control and visibility over logistics operations.
It optimizes goods movement by giving enterprises real-time updates on where their goods are, when will they arrive and in what condition. FarEye’s predictive intelligence and machine learning capabilities help businesses address uncertainties and delays better and ensure delightful customer experiences.
FarEye’s crowdsourcing utility intelligently outsources delivery jobs to third-parties in case in-house resources get exhausted, a key feature that empowers business to scale during peak business days. It leverages gamification to boost the productivity of delivery executives and optimizes delivery routes to ensure multiple deliveries per trip.
Its modern delivery models like locker, parcel and retail store also drive faster deliveries for eCommerce businesses.