Estonian firm Eurora Solutions has partnered with Joom, a third-party logistics provider to enhance cross-border trade between Europe and a host of countries in other regions.
As part of the deal Joom will use Eurora’s technology to simplify customs clearance for several countries including Japan, Hong Kong, South Korea, Mainland China and Turkey.
According to Dmitry Chernyshov, CEO of Joom Logistics, “One of the key issues in cross-border delivery is customs clearance. For our clients from Japan, Hong Kong, Mainland China, South Korea, and other regions, we strive to make this process smooth and easy, as if they were shipping parcels domestically. Our cooperation with Eurora helps us find HS codes faster, lower our operational costs, and increase our overall logistics performance.”
For many companies selling a large variety of products allocating the correct HS codes for cross-border shipments is a key challenge. Incorrect allocation can result in incorrect duties and taxes as well as potential fines and delays from authorities, acting as a barrier for merchants looking to expand internationally.
Through the partnership, Joom plans to use Eurora’s AI and machine learning technology to automate the HS code allocation for more accurate and efficient cross-border trade compliance. The third-party provider already works with a wide network of merchants that sell on cross-border marketplaces and e-commerce websites built on platforms like Shopify or Shoplazza.
Eurora’s proprietary AI/ML platform is said to boast a processing capacity of up to 5,000 requests per second with 98% accuracy. Leading scientists began its development after it received a research grant from the European Archimedes Fund in 2019.
Marko Lastik, the founder of Eurora, added: “We’re proud to partner with Joom Logistics and provide their clients with a streamlined solution for customs and import regulations. This collaboration is part of our ongoing efforts to expand our reach and bring our technology to more e-commerce merchants across the globe.”
