FarEye expects GCC e-com logistics to boost revenue by 30% after noon.com deal
Carrier-agnostic software as a service (SaaS) platform FarEye is targeting the multi-billion dollar GCC e-commerce market, expecting to fulfil about 30% of its revenue from the region.
FarEye is enabling Digital Logistics for regional e-commerce giant, Noon.com and the world's largest retailer, Walmart. The UAE and Saudi Arabia will be the two key markets for FarEye’s e-commerce sector activity in the region, according to a statement.
With its new technology designed for shipment companies for freight visibility, FarEye’s predictive technology integrates with IoT and ELD devices, and supports enterprises by reducing significant costs in logistics.
The technology helps shippers (retailers and manufacturers) predict when their freight will arrive at its destination by analysing location data from trucking companies, weather and traffic information, as well as information about wait times at warehouses.
With high levels of disposable income, internet and smartphone penetration, e-commerce is transforming the retail landscape in the GCC region.
Customer convenience and logistics are at the heart of the industry and define the runway for the organisations in the region.
FarEye supports businesses with optimising and simplifying the movement of goods – to ensure that they reach the end-customer with speed and efficiency.
The market for ecommerce is expected to grow at a compound annual growth rate of 30% from US$ 5 billion in 2015 to US$ 20 billion by the end of 2020.
“We receive requests every day from companies in the region looking for the right type of technology to succeed in e-commerce logistics,” said Gautam Kumar, chief operations officer & co-founder, FarEye.
“With the GCC transforming itself into a digital economy, and with the rapid growth of e-commerce in the region, it is essential that the logistics industry continues to innovate. With the increase in the popularity of e-shops and delivery companies, the logistics e-commerce business keeps growing,” he adds.
“It faces more and more challenges, as the customers need companies to be quick and increase their logistics performance more than ever before. Logistics firms need to embrace technology-driven solutions in order to stay relevant,” he said.
FarEye has created world's first programming language to build logistics applications with a simple drag and drop feature, enabling enterprises to reduce time to build new logistic delivery processes from quarter(s) to week(s) including testing and scaling.
With a presence in more than 20 countries, FarEye executes more than 500 million shipments annually for more than 100 clients.