To understand and get a grip on the key trends changing almost any industry would immediately help you catapult in that particular niche and evolve as a valued figure. Of the many big and competitive industries out there, freight forwarding is one you’d surely like being a part of. And only by understanding all the latest trends in freight and logistics would help you foresee and strategise on a better future to compete biggest multinationals equally.
Now that we’ve entered the second quarter of 2019, it’s worth taking a closer look at key trends making quite an impact and likely to do so in the coming years as well. Companies dealing with freight transportation and forwarding are always eager to boost operational efficiency, improve the service offering and reduce the operational costs which lead us to some valuable trends. Read on to know more!
Increasing Rates
Cost impacts almost everything and the same goes for the ocean freight as ever rising industry cost is a trend that’s likely to soar even in 2019. For smaller and solo freight forwarders, this rising cost of sea freight could prove less profitable and one of the biggest obstacle to customer satisfaction as well as time management. By understanding the mounting rates, cost efficiency of various distribution channels in comparison to time would help you target cheaper service that’s as efficient and timely as premium.
Technology
The coming of cloud tech happened a long time ago but its fusion in different industries including trade streamlined work operations, reduced carbon footprint and transformed the entire industry as we know it. Then the collaboration of IoT, Immersive and Virtual Reality proved a game changer for the industry which literally redefined and refined overall end user experience.
Precision tracking technology further ensures timely delivery and distribution of consignments, managed from a central hub or singular point which manages all possible obstructions and issues efficiently. It’s obvious all of this industry automation and tech advancement would continue to revolutionise things and the way freight transportation and forwarding is managed.
Customer Anticipations
Although technology did much to improve overall customer experience, an incoming complaint from a frenzy customer for instance which if delayed can cost a company billions, still. This particular factor can overpower all the good things which is the reason companies need to go an extra step ahead with customer expectations and the way complaints are being managed. And as the rest of 2019 unfolds, customers expect a lot from shipping and logistics companies while keeping up with all the latest tech.
Collaboration
Collaboration has been on the rise all through 2018 and we’re likely to see the same this year between freight forwarders. Solo traders finally understand that their inner strength is in their own number which means working together is the only way to ensure lasting success and healthy partnership.
Joint collaboration to ship from one end to another while seamlessly and efficiently looking at the supply chain process eventually results in extraordinary achievement. Continuing the trend would surely give birth to new multinationals in years to come with some profitable investments.
Automation
Much like the impact of salary increases on companies and industries overall, businesses have already realised the tremendous potential of bringing in Artificial Intelligence (AI) and robotics. All such technologies are now more affordable, available and as they’re being developed further. Many small to medium enterprises nowadays tend to employ less manpower and more into robotics, automaton to do the stuff quick and precise.
Sustainable Resources
Plastic waste in the ocean is no more a national but a global issue and many organisations, especially shipping and logistics are well aware of the responsibilities to minimise the negative impact on the world. Not all but many companies now are shifting towards biodegradable, eco-friendly packaging and shipping trends without sacrificing the consumer/customer appeal.
The future of freight forwarding and logistics industry is bright and tech empowered looking at all the biggest changes already obvious.