FedEx Corp. has taken an equity stake and a seat on the board of international trade compliance specialty software vendor NextLinx Corp. as part of a strategic alliance in which FedEx will market a package of tools and services to simplify international trade.
The suite of trade-facilitation tools and services, which will be released this spring by FedEx Trade Networks Inc., will let customers determine and comply with international shipping requirements such as documentation, licensing requirements, duties and taxes, and to calculate landed cost, the total cost of shipping an item to its destination.
A recent Forrester Research report found that 85% of E-commerce companies can't fill international orders because of the complexities of shipping across borders. FedEx Trade Networks president and CEO Edmond Clark says the new tools and services will help FedEx customers navigate these choppy waters.
NextLinx president and CEO Rajiv Uppal says his company's database of tariffs, taxes, rules, and other compliance information will be merged with a similar database maintained by World Tariff Ltd., a FedEx Trade Network subsidiary, to create the industry's most comprehensive offering of duty, tax, and other international shipping information.