How is the 3PL Industry Shaping Up in 2024? Aaj Enterprises September 22, 2018

Business Third-Party Logistics Warehouse Management

How is the 3PL Industry Shaping Up in 2024?

Forecasts are made year on year basis, predicting industry trends. Adjusting business strategy to these forecasts lets it be proactive, thereby ensuring business continuity and profitability. Technavio’s analysts forecast, third-party logistics market (3PL) in India to grow at a CAGR of 8.36% during the period 2022-2025.  Trends that experts have predicted for supply chain industry in 2024and years ahead.

Technology – When technology forayed into logistics, a digital transformation began in the supply chains which changed the entire business ecosystem. The technology eliminates silos, accelerates performance and improves productivity. Digital applications allow third-party logistics companies to upgrade their service, inventory levels, cost and processes for achieving operational excellence.

Blockchain – Blockchain is standardizing the use of digital currencies. It is fast gaining pace in ensuring data security. What makes its popular is letting the forwarders, shippers, and carriers control views of data. It creates a standard ledger for every transaction. Though blockchain has a long way to go, it is becoming quite popular for purchasing raw materials, last mile delivery, manufacturing, and digital technologies.

Transparency – It remains on the forefront of the supply chain agendas for 2024. Transparency supports businesses in being better prepared to mitigate common bottlenecks and customer or supplier risks that impact the supply chain.

Cooperation – The demand for freight capacity is rising but not due to equipment shortage. When shippers are unable to find carriers for their cargo requiring a certain capacity, cooperation is definitely sought. Cooperation made possible through the use of technology expands the market scope for carriers, shippers and forwarders associated with the Logistics companies in India.

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