The Welspun One Logistics Parks (WOLP) report forecasts warehousing and Logistics Industry will see a growth of 35%, Anshul Singhal, WOLP MD explains to Economic Times that the demand will happen because of the transition from retail to online and resulting impact will raise the inner-city logistics and cold chain facilities.
In this Post-Covid time, industries are feeling pressure to improve efficiency while ensuring customer satisfaction as more people turn to the internet for purchasing products.Companies across the spectrum of the economy are expanding and demand more from carriers and the logistics industry, and as a result, logistics capabilities will need to grow in accordance.
As per the WOLP report, the logistics and warehousing sector is fully prepared to expand and take advantage of the increasing demand due to government initiatives like infrastructure status, GST and 100% FDI approvals. With the introduction of “Make in India” in 2016 initiative, the Indian government approved 100% foreign investment in marketplace e-commerce companies, that includes warehousing, inventory and payments processing to merchants.
Consumer Demand gives rise to Warehouse Urbanization
Manufacturing Industries are facing greater expectations around efficiency and performance than ever before. Modern-day online retail customers expect faster time-to-market, reduced defect rates and customised products, and lower delivery time. The demand gives rise to the urbanization of warehousing; which refers to the increased use of warehouse space closer to the consumers, so warehouses are moving downtown. The sheer volume of warehouses in high-population areas is expanding, for this both transportation and logistics both confronting an immense change, giving rise to risks and opportunities.
AI and Cloud technology is changing every aspect of how logistics companies operate; ‘digital fitness’ has become a prerequisite for success.
“There is no other industry where so many industry experts ascribe a high importance to data and analytics in the next five years than transportation and logistics – 90% in T&L compared to an average of 83%.”– Asreported by PwC in “Shifting Patterns – The future of the logistics industry”.
How Amazon reclaimed Digital Fitness in Logistics Industry
With more disruption ahead, logistics companies need to anticipate how their capabilities will need to evolve and focus on ‘digital fitness’, asset productivity,and cost-efficiency. The best will develop services and solutions that will create demand instead of just following it; Amazon has set an example with its first-class delivery service. Transport &Logistics companies need to establish strong relationships with key customers, have an ear on the markets they target, and actively shape the future.
Amazonhas completely disrupted the retail and logistics industry, causing an increased demand for efficiency and automation. Technology-based supply chain including data analytics, software technologies are in demand, which could help to forecast and react to customer demands, as well can handle the warehouse stock automatically. Other emerging technologies like mobile technology, global positioning systems, and biometrics would allow for easier inventory management, monitoring and tracking.
Become a Logistics Industry Expert with GBSOnline Programmes
Keeping pace with the rising demand is essential for logistics professionals; companies will rely on logistics experts for directing, optimizing and coordinating full order cycle. To keep track of quality, quantity, stock levels, ensure accurate shipping and delivery schedule, to assess transport costs and efficiency, along with resolving any arising problems or complaints, documentation assistants, tracking and booking executives have important role to play. Assistants and executives become responsible for the complete operations, monitoring, and maintaining inventory stocks for the smooth running of the logistics cycle.
Globsyn Business School Online introduces a number of industry oriented Logistics Courses for you to become qualified to pursue your career in the Transportation and Logistics industry. The programmes can bolster your knowledge in logistics and warehousing best practices, safety regulations, and help you in preparation of accurate MIS reports.
Logistics and transportation sector is an important industry to boost any country’s economy as it involves various other companies like airlines, shipping, and railroads, trucking, and logistics firms to provide the transporting infrastructure worldwide which requires experienced and trained workforce to optimise its functions.