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Key Warehousing Trends Focusing on Emerging Business Models and Disruptive Digital Technologies Aiding Transformational Growth Strategies
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Warehousing is the cornerstone of the global logistics industry, playing a significant role in the storage and exchange of goods. Emergence and growth of eCommerce has reshaped warehousing market dynamics, with a rising demand for faster response and the ability to manage large order volumes. As the eCommerce industry continues to grow, the global warehousing market will be ripe for smart digital transformation, with the automation of a broad spectrum of processes. Increased preference for digital transformation in the logistics industry will alter the traits and operating models of future warehouses.Underutilization or overutilization of warehouse space and rising operational cost are some of the pressing concerns in the global warehousing market. With the supply chain getting more and more complex, there is a growing need for reliable warehouse operators capable of addressing volatile customer demands with accurate inventory management. Warehouse operators catering to the eCommerce industry are required to have floor space thrice the size of a traditional warehouse, considering the need to handle diversified product inventories and ensure efficient and speedy order fulfillment. Over the past decade, warehouses have transformed from a physical infrastructure primarily serving as long-term storage facilities for enterprises and brick and mortar businesses to order fulfillment centers. Rapid advances in technology and rising customer expectations for value-added services create a need for innovative business models to overcome the complex settings of traditional warehouses. Emerging digital technologies assist warehouse operators in redesigning their value chain strategies. Growth of cloud-based products and enterprise software solutions has enabled warehouse operators to achieve better control over the inventory and pilot with an on-demand service model for customers to meet seasonal demand. Moreover, the deployment of digital technologies can help warehouse operators overcome their operational challenges with reduced inventory errors, increased resource productivity, end-to-end process transparency, and accurate inventory forecasts for advanced demand planning. Increased digitalization and automation of processes is expected to facilitate the flow of data among connected assets and integrated enterprise systems. For continuous improvement, collection and analysis of data on internal operations and external environment will facilitate data-driven decision-making among warehouse operators to ensure optimal resource utilization and selection and evaluation of the right operational metrics to devise a strategy for improved top- and bottom-line growth. In the connected world, effective warehouse management with the right set of digital technologies and innovative business models will provide warehouse operators with time and cost efficiencies and competitive advantages. This study analyzes the key trends and emerging business models in the global warehousing market and also identifies the disruptive impact of digital technologies in warehouse operations, providing a forecast on their adoption trends till 2025.Author: Suriya Anjumohan
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