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Top 8 Supply Chain Trends for 2024 You Need to Know

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While 2023 saw signs of improvement compared to the peak disruptions of the past two years, the global supply chain remained under pressure due to natural disasters, geopolitical events, economic uncertainties, transportation issues, production delays, and unexpected changes in demand. Such disruptions led to challenges such as delays in delivery, increased costs, inventory shortages, and overall operational inefficiencies.
In 2024, brace yourself for a transformation where disruptions evolve into innovations and challenges unfold into opportunities.
Supply chain

Supply Chain Trends For 2024

Note: How did a fulfillment center use vMeasure SKU image capture feature and eliminate chargebacks?

#1 Adaptability and Resilience

The ability to swiftly adapt to disruptions is not merely a trend; it’s a survival strategy. Companies that continue to focus on adaptability and resilience can withstand future disruption and move quickly to unexpected changing circumstances. Statistics tell that 69% of companies lack visibility across their supply chain which can lead to operational inefficiencies and limited ability to deal with disruption. Focusing on dynamic inventory management, flexible manufacturing processes, supply chain visibility, supplier diversification, and collaborative partnerships, along with continuous learning, supports a more adaptable supply chain.

#2 Advanced Automation

The global market for warehouse automation is expected to reach $30 billion by 2024. Automation is no longer a futuristic dream; it’s the present reality. In 2024, Advanced Automation like dimensioning machines provide dimension weight data that extends its impact to warehouse layouts. Automated guided vehicles (AGVs) and robotic systems navigate through strategically optimized layouts, leveraging dimensional weight data to organize inventory with unparalleled accuracy.

#3 Cloud Based Solution

Cloud-based solutions and cutting-edge dimensioning technology promise to redefine supply chain management. Supply Chain Management Review states that 52% of enterprises have moved to the cloud. In 2024, dimensional weight data isn’t confined to local systems; it’s securely stored in the cloud. This ensures that as businesses grow or experience fluctuations in demand, the cloud effortlessly scales to accommodate changing needs. With a focus on remote access and centralized data management for scalability, collaboration, and enhanced security, this potent combination propels supply chains into an era of unparalleled efficiency and connectivity.

#4 Data Analytics

Data Analytics takes the guesswork out of demand forecasting by offering a transformative approach to decision-making and operational efficiency. In 2024, we’ll see a shift towards real-time visibility and transparency. By analysing vast datasets, businesses can identify inefficiencies, bottlenecks, and areas for improvement. Whether it’s streamlining warehouse operations, enhancing transportation routes, or optimizing production schedules, Data Analytics provides actionable insights for continuous process refinement. This data-driven approach enables more informed decision-making in supplier selection, negotiation, and relationship management, ultimately contributing to a more resilient and responsive supply chain network.

#5 Sustainability

Modern Consumer prioritizes sustainability pressing brands to adopt eco-friendly practices in their supply chain. 78% of consumers claimed they would pay 5% more for products in more sustainable packaging. Companies should embrace circular economy models, where waste becomes a resource, and renewable energy powers their operations. Oversized packages continue to be a major problem in supply chain management and increase the carbon footprint. Integrating dimensional weight data with the cartonization software within the WMS helps to compute the efficient packaging configuration. Conducting on thorough assessment of supplier sustainability including evaluation of carbon footprints contributes to building resilient and socially responsible supply chain networks.

#6 Increase in E-commerce

E-commerce industry is expected to increase by up to 6 trillion globally by 2024. The newly ingrained online habits have increased the demand for customization of products and services. The usage of data analytics and AI, assists in understanding customer preferences, providing personalized recommendations, and creating a seamless shopping journey. This personalization not only boosts customer satisfaction but also fosters brand loyalty. Companies are expected to explore innovation in warehouse optimization, parcel dimensioning, and last-mile delivery to meet the demand.

#7 Internet of Things (IoT)

IoT emerges as a catalyst for a smarter, more connected supply chain in 2024. From smart inventory management and connected logistics to predictive maintenance, temperature monitoring, collaborative robotics, data-driven decision-making, enhanced security, and customer experience optimization IoT applications support reshaping the future of supply chain management. IoT devices can collect and transmit real-time data, enabling companies to monitor their supply chain operations more effectively. IoT can also help companies optimize their inventory management, reduce waste, and improve customer satisfaction.

#8 Cybersecurity

Cybersecurity for the supply chain should be a multifaceted and proactive approach. Businesses intensifying efforts to safeguard their digital ecosystems. The adoption of Zero Trust Architecture will gain prominence in 2024, as companies recognize the need to eliminate assumptions about the security of internal networks. The integration of blockchain technology becomes a strategic move to enhance security to track goods and establish transparent and trustworthy supply chain processes.

Always stay ahead of the curve to sustain any trends as they emerge. Keep yourself updated on the latest industry trends by reading informational blogs, following thought leaders, and participating in relevant webinars or conferences.
Yes, dropshipping is legal. However, like any business, it’s crucial to comply with local laws, tax regulations, and business licensing requirements. Consult with legal professionals to ensure your business adheres to regulations.

How profitable is dropshipping?

Dropshippers can make 20% to 30% profit in each sale. However, only 10% to 20% of them are profitable in the first year. Success depends on factors like product selection, marketing strategies, and efficient operations.

How can I choose reliable suppliers?

Research is key. Look for suppliers with a proven track record, positive reviews, and clear communication channels. Consider ordering sample products to assess quality.

Who provides customer service in dropshipping?

Customer service is typically handled by the dropshipper. Though the supplier handles product-related issues like defects or damages, the dropshipper manages inquiries, order tracking, and general customer support. Building strong communication with suppliers is essential for a smooth customer experience.

How much do I need to invest to start dropshipping?

The exact amount of investment varies. However, starting a dropshipping business doesn’t cost as much as opening a brick-and-mortar store. You just require finance to set up an online store, spend on marketing, and pay the subscription fees for dropshipping platform. But keep in mind that success often correlates with strategic investments in marketing and customer acquisition.
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