As the world navigates through the ongoing pandemic and beyond, the freight brokerage industry is preparing for changes and developments to meet the current and upcoming demands. The future of freight brokerage looks promising, with trending technologies and innovations continuing to shape the marketplace. Here are some predictions and trends for 2021 that are shaping the future of freight brokerage.
Technology advancements:
As the freight brokerage industry has been disrupted by COVID-19, the need for technology advancements has become crucial. The use of automation and artificial intelligence will continue to be prevalent in 2021, driving efficient transportation management systems and making the freight brokerage industry more efficient. Implementation of tracking and tracing technologies will further raise the visibility of IoT (Internet of Things) in the freight industry, thus improving the management of fleets and cargo assets. Data processing, analysis, and integration will also continue to be an essential component of the freight brokerage business. Overall, the use of technology will transform the industry’s logistics, enhancing transparency, and optimizing operational efficiencies.
Increased customer expectations:
The customer experience in the freight industry will depend more on a tailored and customized approach. There will be an emphasis on transparency, convenience, and on-demand service that solves actual problems for shippers. It is expected that freight brokers will need to optimize user interfaces and experiences to meet the clients’ expectations, and value-added services will continue to grow in popularity. With customer-centricity at the forefront, customer retention and satisfaction will be a top priority.
Continued investments in sustainability:
As eco-friendliness has become an essential perspective, it’s estimated that the number of companies committing to sustainability will continue to grow in 2021. Freight brokers will be under pressure to reduce the environmental impact of their operations to meet customer demand. The shift towards more sustainable modes of transport and the use of green technologies will become the norm. Therefore, freight brokers will need to stay ahead of the curve to improve environmental operations, enhance air and sea pollution control, reduce carbon emissions, prioritize energy efficiency initiatives, and implement recycling programs.
Collaboration among industry players:
The freight brokerage industry will see more collaborations among various players in 2021, especially through strategic mergers and acquisitions. It is expected that smaller brokerages will be acquired by larger companies, leading to an industry consolidation. Collaboration among logistics providers, brokers, and shippers will help reduce supply chain disruptions, improve service quality and drive economies of scale.
In conclusion, the future of freight brokerage is promising, with technology advancements, increased customer expectations, investments in sustainability, and collaborations among industry players being some of the prominent trends in 2021. The market is expected to grow, and businesses that stay ahead of the curve will be well-positioned to meet the emerging demands and create new opportunities.