- 3D Process: VeriShip’s objective, data-driven platform that includes parcel audit (Data), parcel intelligence (Diagnosis), and parcel contract engineering (Design)
- 3PL or TPL: An acronym for third-party logistics. In logistics and supply chain management, this is a company’s use of third party businesses to outsource elements of the company’s distribution and fulfillment services. VeriShip is not a 3PL firm.
- Accessorial Charges: Extra services ordered for a shipment or extra items required to ensure delivery (e.g. destination charge or a fee for handling hazardous materials). Also referred to as value-added service charges, these are extra services you can add to your shipping selection to meet a complete range of shipping needs.
- Advanced Shipping Notice: Detailed shipping information transmitted to a customer prior to delivery, detailing the contents and nature of the shipment. It may also include shipment specifics, such as time of shipment and expected time of arrival.
- Aggregate Shipment: Multiple shipments from different sellers to a single person, which are consolidated by the carrier into a single shipment.
- Arrival Notice: Notification provided by the carrier when a shipment reaches its cosignee.
- Audit: See: parcel audit
- Benchmarking: Comparing parcel shipping rates against peers (i.e. “pulling comps”), often in direct relation to size, industry, location, and spend. This information is not readily available and typically comes from partnering with parcel data analysis platforms or industry experts.
- Big Data: Large, complex data sets, and the technology that allows processing against that data.
- Bill of Lading (BOL): A transportation document which acts as the contract of carriage, containing terms and conditions between the carrier and shipper.
- Blanket Rate: A rate that doesn’t change based on distance a package is shipped.
- Business Intelligence: Actionable intelligence that closes the loop and makes data usable for decision-makers.
- Carrier: Shipping provider, including UPS and FedEx.
- Carrier Agreements or Carrier Contracts: Negotiated service agreements/contracts between carrier (e.g. FedEx, UPS) and shipper.
- Carrier Invoice: Invoice issued by carrier to shipper for services rendered.
- Cargo: Any goods being transported, regardless of the mode of transportation.
- Cash on Delivery: The sale of goods in which payment is made upon delivery, as opposed to in advance.
- Certificate of Inspection: A document certifying that the product is in good condition prior to being shipped.
- Certificate of Origin: An international document that certifies the country of origin of the shipment.
- Claim: A demand made by a customer to a carrier for payment to compensate for lost or damaged goods.
- Commercial Delivery: Delivery to a commercial address. Carriers often have specific definitions for what constitutes a commercial address vs. a residential one.
- Commercial Invoice: A document that is used to indicate the name and address of the buyer and seller, the product being shipped, and their value. It’s created by the seller, and is used for customs, insurance or other purposes.
- Commodity: Any commercial good that is shipped.
- Concealed Loss or Concealed Damage: Shortage of damaged goods shipped that is not immediately obvious upon delivery.
- Connecting Carrier: A carrier that serves as an intermediary between two or more other carriers.
- Contract: A legally binding agreement between two parties.
- Contract Engineering (CE) or Parcel Contract Engineering: VeriShip service using benchmarking data and comparative analysis to effectively negotiate client-specific carrier agreement.
- Cosignee: The person to whom a shipment will be delivered.
- Courier: Carrier employee tasked with completing delivery
- Dangerous Goods: A shipment may contain dangerous goods if they are corrosive, flammable, toxic, explosive, poisonous, etc. Shipping dangerous goods may require special documentation.
- Dangerous Goods Declaration: A document produced by an exporter which provides details on the dangerous goods in their shipment.
- Declared Value: The value of goods, declared by the shipper on a bill of lading. The purpose is to determine a freight rate or the limit of the carrier’s liability. It’s also used by customs as the basis for calculating duties, etc.
- Delivery Receipt: A document signed by the cosignee confirming receipt of goods.
- Destination Control Statement: A legal statement put on a shipping document that requires goods to be transferred to the ultimate cosignee only and no other party.
- DHL – Germany-based carrier, owned by Deutsche Post, that recently reentered the US market.
- DIM (dimensional weight pricing): Pricing technique for commercial freight transport (including courier and postal services) to calculate weight based on scanned dimensions (length, width, and height) of a package.
- Drop Ship: A fulfillment strategy where products are shipped from the manufacturer to the customer or distributor, bypassing the retail or secondary distribution location. It’s intended to expedite delivery and reduce handling costs.
- Effective Discounts: Actual, realized discount applied to a package, frequently different from the amount listed in the contract’s discount matrix. Effective discounts are the discounts that matter and depend heavily on factors such as minimum package charges, weekly average spend, package count commitments, the use of electronic billing, etc.
- FedEx: A leading parcel carrier with domestic and international services, including ground, air, LTL, and postal induction.
- Fuel Surcharge: An index-based surcharge adjusted regularly (such as weekly).
- GRI (General Rate Increase): Annual net average rate increase across a carrier’s service offerings (specifically FedEx and UPS), which informs rates for services published in carrier service guides.
- GSR (Guaranteed Service Refund) Waiver: Many companies are misled into believing they must sign these, but these waivers prohibit companies who sign them from utilizing an independent parcel auditor to recover money owed to them for late deliveries, incorrect parcel sizes, and other carrier mistakes.
- Hundredweight (cwt): A pricing unit used in transportation (equal to 100 pounds); UPS LTL service type.
- Landed Cost: Total cost of delivering a package, including all accessorials, surcharges, value-added services, etc., typically fully known after delivery (“landing”).
- Last-Mile Delivery: Describes the part of the supply chain in which packages move from the hub or fulfillment center to the final destination.
- Logistics: The management of products as they are transported from their point of origin to their final destination.
- LTL (less than truckload): Type of freight shipping in which the shipment takes up less than the entire space or weight limit of a trailer.
- Mail Innovations: Also known as SurePost; UPS postal induction service type.
- Minimum Package Charge (minimum spend): Minimum amount a carrier will charge a shipper. This floor reflects the absolute lowest billed cost of a package, even despite any offered discount.
- Multiweight: FedEx LTL service type.
- NPOD: No Proof of Delivery
Origin: The location where a shipment begins its journey.
- Package: See: parcel
- Packing List: A document that accompanies a shipment. Also called a packing slip, this lists the products within a shipment, along with packaging information.
- Pallet: A platform on which packages are loaded to make transporting them easier.
- Parcel: Item to be shipped. Typically a small package below 150 pounds. Also referred to as package, piece, or shipment.
- Parcel Audit: Service offered by VeriShip whereby carrier invoices are examined and refunds are secured for the client.
- Parcel Lockers: Secure location, often larger than a standard mailbox, for delivery packages to as opposed to doorstep or other leave-behind delivery.
- Parcel Spend: Cost of total volume of parcel shipping, typically as an annual value (e.g. $200k yearly parcel spend).
- Piece: See: parcel
- Postal Induction: Description of service provided by carriers that uses USPS for delivery.
- Predictive Analytics: In data science, what’s likely to occur based on the data story. Build on descriptive analytics.
- Rate Sheet: See: carrier service guide
- Re-rate: See: contract rerate.
- Residential Delivery: Sometimes segmented as home delivery residential or ground residential and cost more than commercial delivery and may include a surcharge. Carriers often have specific definitions for what constitutes a residential address.
- Return Service: The inclusion of transmitting of a shipping label which enables the customer to return a package to the sender.
- Reverse Logistics: A type of logistics focused on the movement and management of products after the sale and delivery to the customer (includes returns for repair and/or credit).
- Rush Delivery: Quick turnaround delivery service type offered by carriers.
- Self-Service Lockers: See: parcel lockers
- Service Type: Specific carrier service offering (e.g. ground, air, next day, hundredweight, etc.)
- Shipment: Single or, more likely, multiple parcel(s), piece(s), package(s) to be shipped/shipped.
- Shipper: Company or person (prospect or client) engaging in parcel shipping via a carrier such as FedEx or UPS
- Shipping Profile: Overview of type of shipper – volume, preferred service types, geographic distribution, etc. – used for benchmarking.
- SmartPost: FedEx postal induction product.
- Service Guide: See: carrier service guide
- Supply Chain: Describes the network connecting the organizations, people, activities, information, and resources involved in moving a product from supplier to customer.
- Surcharge: An extra fee added to the regular cost of shipment. (e.g. fuel, peak season, residential delivery, etc.)
- Surtax: An extra or additional tax.
- SurePost: Also known as Mail Innovations; UPS postal induction service type.
- Threshold: The line differentiating one price point, level of service, size, etc.
- TPL (third-party logistics): See: 3PL
- TL (truckload) or FTL (full truckload): Type of freight shipping in which the shipment takes up the entire space or weight limit of a trailer.
- UPS: A leading parcel carrier with domestic and international services, including ground, air, LTL, and postal induction.
- Unit Load: Packages loaded onto a pallet, in a crate or another way that allows for them to be handled as a single unit.
- Value-Added Service: Additional, extra-cost options on top of the price associated with specific service types.
- VIP (VeriShip Intelligence Platform): VeriShip’s subscription-based, client-specific service that provides visibility and functionality into their parcel shipping trends and analysis. VIP Premium Includes the full suite of key performance indicators (KPIs), charts, reports, monitoring, and alerts. Provides client with summary and detailed views of realized and potential savings gleaned from VeriShip services.
- Warehouse: A place for storage, consolidation and distribution of goods.
- Worldwide Express Service: UPS international shipping service type providing rush delivery to more than 117 countries and territories.
- Zone: Carrier-defined area/region