🔮Summary

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The logistics industry serves as the veins of the economy. The industry is poised to grow enormously to reach USD 15.5 trillion by 2024. At the same time, the industry is facing transformational change; the rapid growth of the e-commerce market, the transition from business-to-business (B2B) to business-to-consumer (B2C) and consumer-to-consumer (C2C), and the expansion of cross-border trade. With such changes in the market, customers now have a higher expectation for more cost-effective, flexible and faster logistics services. Moreover, existing services focused on storage and delivery transportation must go beyond to meet the growing demand for a wider variety of services. Nevertheless, incumbents are stuck in the old ways, competing against each other and are failing to improve services to meet their customer demands. The logistics industry is facing a structural problem – due to different interests of participants in the logistics network, no credible protocol exists that enables transparent sharing of data. This makes collaboration inefficient or nearly impossible. The participants are fiercely competing against each other to achieve economies of scale by investing heavily in all ranges of service from first-mile to last-mile delivery. However, this has led to double-investment and crippled the industry with inefficiency. Even in international logistics where collaboration should be relatively easy to achieve, complicated procedures are hindering collaboration because of inefficient data sharing. This inefficient structure for collaboration has left no choice for logistics service providers but to concentrate their services in freight transportation and storage. Henceforth, the possibility of creating greater added-value is decreasing and the cost is rising, and yet the quality of logistics service is falling.