According to Vantage Market Research, “the Global Third Party Logistics Market was valued at USD 931.5 Billion in 2021 and is projected to reach a value of USD 1494.6 Billion by 2028.” That is with an expected growth rate of CAGR 8.2% over the forecast period.
With such a high rate of annual growth, the 3PL market is only going to become more competitive, and 3PLs will have to step up their game to stay competitive—in both attracting and retaining customers.
Read 8 Ways to Stand Out as a 3PL Warehouse to learn several actionable strategies that will put you ahead of the competition, including:
- Focusing on the customer relationship
- Transacting inbound receipts and order fulfillment processes in real time
- Reducing picking errors with mobile barcode scanning
- Leveraging data to increase operational efficiency
- Optimizing labor efficiency
- Expanding your geographical footprint
- Turning to 3PL software specialists for increased automation