Many in the eCommerce industry consider survival in the supply chain world a success. The supply chain will continue to create challenges for parcel shipping due to an ongoing rise in the eCommerce sector. While consumers now buy more products online than ever before, the return rate is also high. All this chaos leads to high shipping costs which further results in eCommerce merchants looking for suitable shipping carriers. While 2021 was a tough year for the shipping industry, let’s have a look at the shipping trends in 2024, an era of fast consumerism and digitalisation.
The eCommerce statistics indicate that the likelihood of an online market in India is projected to increase at an annual pace of 11.45% to reach INR 7,591.94 billion by 2029 from INR 4,416.68 billion in 2024, as per Forbes.
Shipping Trends in 2024
As we march towards the era of hyper-globalisation and AI supremacy, the prime focus stays on upgrading the infrastructure that still lacks digital integration and automation. Apart from that, here are some trends which will be influencing the shipping industry this year:
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Artificial Intelligence and Automation
The way technology has expanded in mainstream business all across the world, it has certainly become the top trend in every industry. The shipping and logistics industry has not remained untouched by it and technologies like AI and machine learning have taken a certain stage in the functioning of contemporary supply chains.
Artificial learning is playing a major role in making supply chains more adaptive and efficient by eliminating the obstacles faced by traditional players in the industry. AI is not only transforming the pace of supply chain operations, it is making them more diverse and agile to the constantly changing trade dynamics.
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Sustainability and Decarbonization
While the world continues to recover from the atrocities of climate change, sustainability has risen as the top trend in all the major world industries including global transportation and shipping. Right from inducting EVs in road transportation to opting for sustainable packaging material, the core industry has been making the transition to more sustainable and eco-conscious shipping and logistics operations.
Major supply chain providers and shipping companies like FedEx, DHL, Delhivery, Amazon FBA, etc, are leading the way in initiating sustainable supply chain operations across the world, thus setting the roadmap for the sustainable shipping and logistics landscape.
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Digitalised Shipping Ecosystem
In the era of digitalisation, every industry has been witnessing a major transition, including the shipping and logistics industry. It is becoming more competitive and more efficient to run operations by utilising digital technology and solutions within the shipping landscape. Additionally, digitalisation has accelerated the industry’s decarbonisation to achieve zero emissions in the shipping industry by the middle of the century.
Sensor and other information-gathering data streams are being utilised for improved monitoring, control, quality assurance, verification, and decision-making.
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eCommerce boom
eCommerce is now a $6 trillion industry and this growth can be attributed to the growth of global internet users and to the growth of online shoppers around the globe, which is close to 2.71 billion people. With this unprecedented growth, eCommerce is one of the most significant shipping trends in the industry this year. It has not only fueled the era of fast consumerism but also the demand for express shipping.
The slow and steady supply chains are now becoming swift and agile to meet the needs of the booming eCommerce industry and this has further unveiled the new era of the global transportation and logistics industry.
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Cybersecurity
In the era of massive digitalisation and rapid globalisation, a great amount of data that the world leverages today is at a greater risk of getting into the hands of illegal entities like malicious hackers. Today, the entire supply chain operation stays vulnerable to cyber-attacks because the current digital infrastructure has several loopholes which can be easily exploited.
In the wake of the increasing digitalisation of supply chains, the urgency of having a safe, secure and reliable infrastructure for data exchange is at an all-time high, and global economies are putting several efforts into securing supply chain routes.
As per Mordor Intelligence, the size of the Indian cybersecurity market is projected to be USD 4.70 billion in 2024 and is all set to increase at a compound annual growth rate (CAGR) of 18.33% to reach USD 10.90 billion by 2029. Hence, cybersecurity stands as one of the crucial shipping trends in the shipping industry this year.
Other Key eCommerce Statistics In India In 2024
- There are around 936.16 million internet users in India, of which 350 million are adult users who are actively transacting online, as per IBEF(India Brand Equity Foundation).
- By 2030, there will be a $200 billion opportunity in India’s business-to-business (B2B) online sector, as per IBEF.
- India is predicted to have 350 million online shoppers by FY26, making it the third-largest online shopper base behind the US and China, with 150 million users in FY21, according to IBEF.
- Over the next seven years, eCommerce giant Amazon is all set to invest an additional $15 billion in India, as per Forbes Advisor.
- In the fiscal year 2023, Nykaa’s revenue collections went from slightly over INR 5 billion to INR 51 billion, indicating the swift growth of the online skincare and cosmetics industry in India, according to Forbes Advisor.
- Millennials will account for one-third of worldwide social media shopping spending by 2025, with Gen Z and Gen X coming in second and third, respectively, at 29% and 28%, as stated by Forbes Advisor.
Bringing Freight and Other Supply Chain Solutions Under One Roof
Because of the supply chain turmoil that happens frequently, people avoid getting closely in touch with multiple suppliers. The regular importers now like to work with several partners for overseas shipments and drayage from terminals and last-minute shipments. Merchants wish to focus on other major aspects of their business. For this reason, they look for organisations that can provide shipping services under one roof.
In 2024, the globalisation of international sourcing, digitalisation, sustainability, and administrative participation will become increasingly important as a shipping trend. As oil prices increase and carbon emission targets fall, operators will need to handle the high demands of environmental aspects.
Automation is the New Shipping Trend
Logistics inevitably poses to be a labour-intensive industry. This is why it leaves scope for the technical industries to intervene with its efficient innovations. In simple words, we can optimise and automate them in many ways. Processes beginning from picking products off the shelves and doorstep delivery and everything in between can be modified.
Human labour can be cut down to negotiable amounts with the right innovations and technical intervention. Machine-driven logistics has long been the dream of many companies. With new additions to the industry every year, it has indeed escalated. Now machine-driven automation in logistics is not a thing of just top companies.
Logistics companies are growing exponentially with a multitude of options and access to new advancements. Other than automated warehouse maintenance and digitisation of product audits, now automation of deliveries may also be possible.
Bottom Line
There are many trends that we have seen in the years that have passed. There will be a plethora of more on their way this year. We have done our part in predicting and stating the significant eCommerce statistics and innovations that need to be put in the logistics industry in 2024.
If you want to get an easy entry into some shipping trends, you may consider signing up with NimbusPost. You’ll be able to ship products promptly while managing and overseeing them under a single platform.
