During holiday seasons, technologies such as blockchain will be key to helping logistics companies meet customers’ demands, PricewaterhouseCoopers (PwC) Strategy Principal Andrew Schmahl said this week.
Also read: Australian Government Considers Blockchain Tech for Land Transport
Meeting Shoppers’ High Expectations
PwC estimates that this year shoppers will spend 10% more than last. Retailers will also benefit, with 62% of them expecting to increase their overall sales.
However, today’s shoppers are more sophisticated. They are demanding more, such as lower costs, increased control and other options. They are increasingly seeking simplicity, convenience and options to meet their needs.
“Logistics companies must follow suit,” Schmahl said. “In addition to using technology to help optimize delivery locations, logistics companies must also leverage new technologies to optimize delivery methods,” he continued, adding:
“Going forward, we expect emerging technologies like “blockchain” will continue to help boost growth among logistics companies working together for different parts of a package’s journey.”
Logistics Companies Need to Step Up Efforts
Schmahl said logistics companies’ ability to provide on-time deliveries currently only meets “a minimum standard of success.”
He suggested various ways for them to keep up with customers’ demands. “Harnessing the power of multiple delivery channels can be powerful year-round, but it will be a particularly essential tool during the peak holiday season,” he noted as one example.
How Blockchains Can Help Logistics
Last month, PwC published a report on the future of the logistics industry. The firm claimed
blockchain technology can enhance supply chain security and reduce fraud. It can also cut bottlenecks, including third-party certification. While it will increase efficiency, it will also reduce errors by eliminating paper-based documentation.
Blockchain-based logistics solutions are developed by start-ups, PwC said. They focus on areas such as digitized trade documents, chain of custody, customs clearance, and trade finance.
The technology has many benefits such as fostering automation and efficiency in addition to reducing delays, human error and transaction costs. “Supply chains become more transparent, with blockchain-backed services offering easy authentication of shipments,” PwC wrote.
Do you think blockchain technology will transform the logistics industry? Let us know in the comments section below.
Images courtesy of Shutterstock, PwC
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