The Cargo Lift is a device which, provided a 3x3 vertical shaft beneath it as well as power, is capable of placing the required Rack Rails and then, provided a Cargo Lift, carry items relatively effectively and cheaply up and down the shaft.
Create an unobstructed 3x3 vertical shaft, for example with an Auto Excavator. Then place the Cargo Lift Controller parts in a 3x3 square 4 blocks above the shaft. This takes into account that the lift itself is 3 blocks tall. Now provide power to the lift controller and in an adjacent Storage Hopper place Rack Rails. As the rails run on two sides of the shaft, you will need twice as many rails as the shaft is deep. The Cargo Lift Controller will now begin placing the Rack Rails downwards until it reaches an obstruction, at which point you will need to remove the obstruction and press Scan Shaft in the Cargo Lift Controller interface, opened with "E" (standard key bindings). There is no depth limit as to which the cargo lift controller can place or use rails, as long as you have the rails to go that deep.
Once the rails are placed as deep as you wish, place a Cargo Lift in the appropriate slot in the interface of the controller. Now, the Cargo Lift Controller will use power to move the lift up and down the shaft as per your orders in the interface.
Place storage hoppers adjacent to the shaft on the bottom level as well as on the level 3 blocks beneath the controller, which will line up with the lift, whenever it arrives. As per your orders, the lift will store as many items as it can and then move to the opposite end to the shaft to unload.