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Rising use of Fertilizers in Agriculture is Fueling Demand for Potassium Chloride with the USA Holding 86% Market Share in North America

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Archives, Global Trade Daily, Market insight

Rising use of Fertilizers in Agriculture is Fueling Demand for Potassium Chloride with the USA Holding 86% Market Share in North America

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“Growth in food demand has been stronger as compared to population growth, due to the changing eating habits of people. This, in turn, has been accelerating the demand for fertilizers and pesticides. These fertilizers and pesticides are used to improve crop yield, fertility of soil, and enhance production. Therefore, the demand for potassium chloride is expected to grow in tandem with the growth of the agriculture industry.”

Potassium Chloride Market expanding at a healthy 3.6% CAGR, the industry size is projected to total US$ 16.5 Bn by 2030 | Future Market Insights, Inc.

Potassium chloride is used in various applications such as fertilizers in agriculture, deicing, water softening, and industrial applications. It is an important source of potassium nutrient in plants and animals. Increasing food demand in tandem with the rising population is expected to drive the potassium chloride market. The need for better yield per unit area of cultivation land, owing to the shrinking size of cultivable land, is further anticipated to fuel the growth of the market, globally.

According to a latest report by FMI, the global potassium chloride market is expected to reach a valuation of US$ 16.5 Bn by 2030.

Manufacturers of potassium chloride are significantly dependent on the agriculture sector; around 9 out of 10 stakeholders invest in the agriculture industry. The impact of coronavirus (COVID-19) on the agriculture sector is complex and varied across different segments of the supply chains. This impact will echo across larger economies, and will persist in the coming months. Nationwide closures have disrupted the international flow of labor across the agricultural sector. All these factors are having a detrimental impact on the growth of the potassium chloride market.

 Key Takeaways of Potassium Chloride Market Study

Growth of potassium chloride market is attributed to growth in the agriculture industry, as it is a primary consumer of potassium chloride. Further, development in new compositions of potassium fertilizers is projected to offer white spaces.

Asia Pacific (APAC) holds leading share in the global potassium chloride market, and would maintain its hegemony through 2030, driven by China’s flourishing agricultural and industrial sectors.

Chemical / industrial grade potassium chloride would gain traction in the coming years, backed by increasing demand from food and pharmaceutical industries.

Granular and coarse fertilizers hold over 3/4 of total agricultural grade potassium chloride revenue. They are prevalent in formulated fertilizers such as bulk blended mixtures.

 Potassium Chloride Market Landscape: Fairly Fragmented

The global potassium chloride market is fairly consolidated, owing to a small number of players holding large shares in the market. Top ten players account for over 95% of total revenue. Manufacturers in the potassium chloride market space are focusing on collaborations and mergers & acquisitions. Key players such as Nutrien Ltd., The Mosiac Company, K+S Kali GmbH, Israel Chemicals Ltd., Intrepid Potash, Inc., Uralkali, JSC Belaruskali, EuroChem, Arab Potash Company, and SQM S.A. are focusing on penetrating into local markets.

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Archives, Global Logistics, Global Trade Daily, News, Ocean Ports

SC Ports Offers Access to Booming Southeast Market

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South Carolina Ports sees stronger-than-typical February for container volumes at the Port of Charleston as South Carolina continues to attract new business.

Thus far in fiscal year 2023, SC Ports has handled nearly 1.8 million TEUs (twenty-foot equivalent units) and 978,374 pier containers, which account for containers of any size. TEUs are down 5% from the same time a year prior.

SC Ports and the maritime community handled 201,418 TEUs and 111,118 pier containers in February, which is down about 13% year-over-year.

Even with this slight dip, last month was the second highest February for volumes in port history. February is traditionally a lighter month due to a pause in Asian manufacturing for the Lunar New Year holiday.

 

A slowdown in consumer spending amid rising cost of goods has softened volumes overall, including loaded imports.

Loaded exports however have been trending up for several months. In February, loaded exports were up 12% year-over-year at the Port of Charleston. SC Ports offers an export receiving window to provide more reliability and support to exporters.

Vehicle volumes are also steadying. SC Ports had 15,824 vehicles roll across the docks at the Port of Charleston.

Inland Ports Greer and Dillon have maintained strong monthly volumes for the past three months, with the rail-served inland ports reporting a combined 16,198 rail moves in February. Inland Port Dillon, which serves the Pee Dee region and beyond, had a record February by handling 3,664 rail moves.

SC Ports continues efforts to enhance intermodal capabilities by expanding Inland Port Greer and building the dual-served Navy Base Intermodal Facility, which will provide near-dock rail to the Port of Charleston in 2025.

About South Carolina Ports Authority
South Carolina Ports Authority, established by the state’s General Assembly in 1942, owns and operates public seaport and intermodal facilities in Charleston, Dillon, Georgetown and Greer. As an economic development engine for the state, Port operations facilitate 225,000 statewide jobs and generate nearly $63.4 billion in annual economic activity. SC Ports is soon to be home to the deepest harbor on the U.S. East Coast at 52 feet. SC Ports is an industry leader in delivering speed-to-market, seamless processes and flexibility to ensure reliable operations, big ship handling, efficient market reach and environmental responsibility. Please visit www.scspa.com to learn more about SC Ports.
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Archives, Global Logistics, Global Trade Daily, News, Ocean Ports

Global Shipping Update: Modicum of Relief as Import Volumes Fall in Line with 2019 Levels

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With the second quarter of 2023 on the horizon, importers and logistics service providers (LSPs) are wondering what lies ahead. The economic landscape is anything but predictable and there are conflicting opinions on what direction the economy will take. As for interest rates, they continue to decline but remain high. How is this uncertainty affecting supply chains? 

IMPORT VOLUMES ALIGNING WITH PRE-PANDEMIC LEVELS

U.S. container import volumes are declining and shifting back into line with 2019 volumes, to a time before the global pandemic prompted an explosion of ecommerce demand and imports soared to unforeseen heights. Indeed, import volumes saw a significant drop in February, decreasing 16.2% from January 2023 to 1,734,272 TEUs (see Figure 1). Compared to February 2022, TEU volume was down 25.0%—but was only 0.3% lower than pre-pandemic February 2019. 

While box imports continue to follow 2019 volumes, the volume decrease was the greatest of the last seven years, with the exception of February 2020 which marked the start of the pandemic (-17.9%). Notably, after an upward shift in January, Chinese imports into the U.S. returned to a downward trend in February 2023—a trend seen among all of the top countries of origin—with a volume decrease of 17.1% to 632,702 TEUs; China’s downward momentum represents a volume drop of 37.0% from the high in August 2022. 

 

It’s worth noting that February’s volumes may be influenced by multiple factors, including the shorter duration of the month (28 days vs. 31 days in January) and the impact of January’s Chinese Lunar New Year, which would see volumes materialize in late February and early March 2023. 

While overall U.S. container import volume for the Top 10 ports fell by 296,390 TEUs in February 2023 vs. January—all but the Port of Tacoma experienced declines—the volume share at top West Coast ports and top East and Gulf Coast ports remained relatively stable. West Coast ports decreased 2.8% while East and Gulf Coast ports increased 1.6% from January 2023. Compared to smaller ports, market share for the top 10 ports, however, has been steadily declining since mid-2022, with February 2023 representing the lowest share (82.8% of total volume) in the last year.

LESS VOLUME ≠ SHORTER WAIT TIMES

Despite fewer goods on the move, port transit delays increased for the top West, East and Gulf Coast ports, indicating ongoing supply chain turbulence. The West Coast ports are faring the worst, as transit times increased from 0.1 to 1.0 days in February compared to January 2023. With the exception of the Port of Long Beach, port transit delays for West Coast ports in February 2023 are now higher than in December 2022 (see Figure 2). 

Figure 2: Monthly Average Transit Delays (in days) for the Top 10 Ports 

Note: Descartes’ definition of port transit delay is the difference as measured in days between the Estimated Arrival Date, which is initially declared on the bill of lading, and the date when Descartes receives the CBP-processed bill of lading.

LINGERING DISRUPTIONS HINDERING FLOW OF GOODS

Whether it’s the long arm of COVID impacting manufacturing supply chains, or labor shortages and uncertainty complicating transport logistics, importers and LSPs continue to face barriers to supply chain performance. COVID continues to impact available supply chain and logistics resources and operations globally. China, in particular, has seen widespread COVID infections after rolling back its zero-COVID restrictions. While the loosening of the country’s pandemic policies was intended to minimize the longer-term disruptions to society and business, the Chinese population has little-to-no immunity and the impact of COVID on manufacturing supply chains could continue for quite some time. 

On the labor front, members of the International Longshore and Warehouse Union (ILWU) have been working without a contract since July 1, 2022. While ILWU and the Pacific Maritime Association (PMA) recently announced that they “continue to negotiate and remain hopeful of reaching a deal soon,” negotiations for a new collective bargaining agreement—encompassing more than 22,000 dockworkers at 29 West Coast ports—has been dragging on since May 2022. 

Adding further complexity to the uncertain labor situation, California’s new labor legislation AB5 remains a thorn in the side of the trucking industry, with the risk of future AB5-related stoppages at California ports. This continuing labor uncertainty may be a significant reason why import volumes are not shifting back to major California ports, despite their reduction in transit delay times over the last year plus. 

Importers and LSPs would be wise to keep close tabs on the progress of the ILWU contract negotiations and monitor the impact of AB5 on owner-operators serving California ports for potential disruption or any degradation of container processing performance at the ports.

KEEPING AN EYE ON INFLATION INTO Q2

Companies are watching inflation rates closely as 2023 unfolds. Although the Consumer Price Index (CPI) rose 0.4% in February—slightly less than January’s 0.5% increase—inflation fell to 6% year-over-year, inching in the right direction towards the Fed’s 2% target. However, supercore inflation—representing the cost of services—rose by 0.2% last month and is up almost 7% from a year ago. For example, package delivery costs have risen 14.4% in the last year, as of February 2023.

According to the U.S. Energy Information Association, gasoline costs, a significant contributor to high inflation rates, decreased slightly in February to $3.34/gallon and somewhat stabilized. Diesel costs were also down slightly to $4.29/gallon, nearing February 2022 prices. Although stabilized, fuel costs are likely to remain elevated due to the disruption of global energy markets caused by the war in Ukraine and subsequent sanctions against Russia.

MANAGING SUPPLY CHAIN RISK

With the myriad of challenges impacting supply chain performance, importers and LSPs should stay proactive in their approach to designing and executing their logistics and supply chain strategy. In the short term, evaluating and understanding the impact of inflation and the Russia/Ukraine conflict on logistics costs and capacity constraints is critical for clearing a path ahead, while making sure key trading partners are not on sanctions lists mitigates potential penalties and further delays.

In the near term, importers and LSPs should focus on improving supply chain velocity, reliability, and predictability by looking for less congested transportation lanes, including smaller ports, and evaluating alternative transportation lanes into the U.S. To allay the risk of another logistics capacity crisis in the long term, companies may consider evaluating supplier and factory location density to minimize reliance on over-taxed trade lanes and regions of the globe that have the potential for conflict. 

FINAL THOUGHTS

The February U.S. container import data demonstrates some consistency with pre-pandemic import volume seasonality and offers a measure of relief from the logistical challenges that have plagued operations over the past few years. Several factors, however, point to continuing challenges for global supply chain performance. 

Despite declining import volumes, port transit times increased at West, East, and Gulf Coast ports, while unresolved labor-related issues may be keeping importers from moving volume back to the West Coast. Compounding factors, including the COVID-related impact on China’s manufacturing capacity, inflation, and the war in Ukraine continue to put pressure on supply chains and logistics operations. By closely monitoring these factors and taking steps to build long-term supply chain resilience, importers and LSPs can mitigate risk, improve supply chain reliability and velocity, and shore up the bottom line moving forward.

 

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Archives, Education, Global Trade Daily

3 Marketing Channels You Shouldn’t Scale Back in a Recession

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When a potential recession is looming, it’s only sensible to explore which spending commitments your business could scale back on. But with past lessons learned and many brands pledging to continue their marketing spend throughout 2023’s predicted recession, business owners should consider the downturn an opportunity to hone in on those core digital marketing channels that need to remain strong and resilient.

But which digital marketing channels are best at delivering a strong return on investment in times of uncertainty?

Gareth Hoyle, Managing Director of search marketing agency Marketing Signals, looks back at how businesses approached marketing activity during previous recessions, and which channels he believes should be the focus of increased activity during a recession:

 

  1. Cutting back on SEO could give your competitors a boost

In times of recession, consumer spending habits often change, which is why effective Search Engine Optimization campaigns are essential for brands to get a better understanding of these variations to continue to attract new and existing customers. SEO relies on quantifiable keywords and search volumes to break down what your target audience is actively searching for online.

During the COVID-19 pandemic, Google searches for food, electrical goods, clothing, e-learning and even insurance shot up year on year. So even during a worldwide health catastrophe, people were still flocking to Google for answers, questions and products.

SEO provides businesses with the opportunity to rank higher on the Search Engine Results Page (SERP). When done correctly this will increase the amount of relevant traffic a site can earn, and as a consequence, will also drive increased revenue – all at an unrivalled ROI compared to other digital marketing channels.

So, for an ambitious business looking to grow their online revenue, scaling back on SEO means curtailing the impact of the marketing channel with the highest ROI. The combination of an ever growing level of consumer demand (search volume) coupled with relevance, measurability and scalability make SEO one of the most effective digital marketing channels, regardless of how the wider economy is performing.

If you are still unsure then you should ask yourself this: If you decide to cut your investment in SEO activity, what will the future look like for your brand online? The answer is those competitors that continue to invest in SEO will be moving ahead of you while your business either stands still (or worse moves backwards). Furthermore, how will you feel about having less organic visibility and a shrinking share of voice for the most competitive keywords? Remember this also: in terms of online marketing, standing still is in some cases going backwards very quickly – sometimes you may be investing just to maintain your current position in competitive markets. Thus, imagine what would happen if you stopped investing in SEO entirely (or even just reduce your spend).

  1. Increase your brand awareness and site authority through Digital PR 

A solid link-building strategy is a prerequisite for good rankings, as search engines use links as the primary means of determining how authoritative a site is within any given industry. In other words, the better links you have, the more credibility you’ll have with Google, and the more organic traffic and sales you can potentially drive.

Of course there are many different types of link building strategies you can pursue, however, the one that is likely to drive the most authoritative links is Digital PR. Links from Digital PR activity, if executed well, will include top tier coverage from a mixture of national or local press, plus trade and industry publications. These links will last the test of time and will help drive traffic to your site, as well as boosting your overall domain authority.

One thing to note with Digital PR: it often drives the best links to a site, and as a consequence it often costs the most to execute. However if you follow this argument logically, by reducing or stopping your Digital PR activity, you stand to lose (or reduce the impact of) the most important link building channel. Moreover, during a recession could be the ideal time to exploit the fact that there is potentially less activity from your competitors. Remember journalists whether local, national or trade still need content to fill their column inches with, regardless of the state of the economy.

  1. Utilize PPC campaigns to keep your brand competitive on search engines

In dark financial and economic periods, the level of comfort and trust that people have in Google shines through. And with 54.4% of all clicks coming from the top 3 search results on Google, having the right PPC ads is essential in order to maximise the commercial opportunities open to digital marketers

Let’s face it, whether people are spending or not during a recession, they’re constantly consuming information online, and by proxy, your ad campaigns. Who can resist such a simple but effective way of keeping your brand name at the forefront of search engines when other companies are looking to shrink theirs?

By continuing to advertise via Pay-Per-Click during a downturn you can push your business forward and potentially get ahead of your competitors who may have reduced their click budgets. How many chances do you have to capitalise on an opportunity like this and continue growing your brand’s momentum?

In times when consumers are eager for simple and straightforward answers to their searches, your tight but informative content can improve your Quality Score on Google, providing you with ads that may appear more often.

For internal business practices and overall account structure, being able to split your target keywords into smaller groups will also give you more understanding of which terms work best and where you may need to reassess your game plan.

Short-term thinking vs long-term business goals 

No one can blame a business for looking for short-term cash saving measures like cutting their marketing spend. That said, the problem lies in how to regain that momentum you had pre-downturn once you’ve made cuts, and how you’re going to catch up with the brands that pushed on in order to achieve those long-term goals.

Like anything in life, it’s the future rewards of sticking to a clear path that provide you with the fruits of your investment. With modern consumers willing to change their allegiance to brands that exude strength and consistency in uncertain times, scaling back your marketing spend could mean you fade into the background compared to other businesses who may continue to invest in marketing activities.

While nobody is asking you to start marketing more aggressively, this potential downturn should be considered a time of reflection that allows you to keep the best channels at your disposal running smoothly.

If your business can remain in sight of the consumer, the strength and authority of your band will shine through. In turn, you’ll be on the path to greater success on the other side of this recession, while your competition misses the boat entirely.

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Archives, Global Trade Daily, Market insight

China’s Increasing Export of Food Products Results in Growth of the Agricultural Sprayers Market Accounting for 94% Growth in Revenue

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The global agricultural sprayers market size is predicted to reach US$ 3,106.1 million in 2023 and further register a growth rate of 5.9% CAGR between 2023 and 2033. Total agricultural sprayer sales are poised to generate revenues worth US$ 5,499.5 million by the end of 2033.

Growing focus on farm mechanization to cope with rising food demand along with rising popularity of self-propelled and aerial sprayers is a prominent factor driving agricultural sprayer demand worldwide.

Agricultural sprayers are machines or equipment used for applying liquid substances such as fertilizers, pesticides, and herbicides to crops or plants. Addition of these liquid substances by using agricultural sprayers allows farmers to maintain crop health during the crop growth cycle.

Agricultural sprayers come in various types, sizes, and designs. Right from simple handheld sprayers to self-propelled and aerial ones, agricultural sprayers have become essential pest control tools across the thriving agricultural sector.

 

Incorporation of agricultural sprayers helps farmers significantly improve productivity and save labor costs. They also save farmers from pesticide exposure. Thanks, to these features, demand for agricultural sprayers is set to rise at a healthy pace during the projection period.

Rapid shift from manual farming to modern mechanized farming, especially across nations such as China, India, and the United States is expected to bolster agricultural sprayer sales over the next ten years.

The progression of modern farm techniques has a direct impact on the growth of the agricultural sprayers industry. Development and adoption of precision farming techniques provide benefits to production corporations, agricultural cooperatives, agricultural operators, and local governments.

Another crucial factor expected to positively influence expansion of the global agricultural sprayers is the growing concerns regarding food insecurity triggered by population explosion and reduction in arable land.

As per the Food and Agriculture Organization (FAO) of the United Nations, severe food insecurity increased from 10.9% in 2020 to 11.7% in 2021. This is prompting farmers throughout the world to adopt innovative agricultural products and technologies to enhance their crop production.

Agricultural sprayers are important for increasing farm efficacy and crop production. Farmers and agricultural enterprises use their time, money, and other resources to accomplish farming goals in order to produce crops.

The interval between crop planting and harvesting is one of the most important phases of crop production. To prevent the young crop from weed growth, bug, and pest infestation, farmers used various chemicals. For applying them, agricultural sprayers have become ideal tools.

Spraying in agriculture is one of the frequent and important activities for the application of fungicides, herbicides, and insecticides. The farmers are shifting from conventional spraying techniques to new-age spraying techniques as well as novel agrochemicals. Thus, increasing farming activities and the production of liquid-based agrochemicals are expected to drive demand for agricultural sprayers.

Further, growing popularity of unmanned aerial vehicle (UAV) sprayers, portable power sprayers, and air-assisted sprayers worldwide will create lucrative growth opportunities for agricultural sprayer manufacturers over the next ten years.

Key Insights

As per FMI, the agricultural sprayers’ demand is predicted to reach 1.2 million units in 2023. Rapid transition towards modern mechanized farming and increasing focus on enhancing crop production to tackle food insecurity are key factors spurring growth in the global agricultural sprayers industry.

Subsequently, awareness associated with the benefits of using advanced agricultural equipment, especially across India, Japan, Korea, and other developing nations is surging. These benefits such as reduced cost, improved efficiency, and reduced manual labor will boost agricultural sprayer sales through 2033.

Agricultural sprayers have become essential equipment for applying liquid agrochemicals to plants or crops. They help farmers to protect crops from pests, improve productivity, and save money. Hence, growing usage of sprayers across thriving agricultural sector is anticipated to aid in the expansion of the global market.

Leading companies in the market are committed towards developing advanced agricultural sprayers to cater to the rising demand from end users. They are continuously introducing innovative spraying equipment to increase sales. This will bode well for the market

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Archives, Global Trade Daily, News, Rail

Steps Taken Toward First Expansion of Passenger Rail in Decades

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Amtrak and SRC submit a planning grant that will expand long-distance passenger rail service along the I-20 Corridor in the deep South.

Today, the Southern Rail Commission and Amtrak announced their application for a Federal-State Partnership for Intercity Passenger Rail Grant from the Federal Railroad Administration for the I-20 Corridor—the first concrete steps to expand long-distance passenger rail service in decades. This grant would fund planning efforts for a new passenger rail service from Fort Worth, TX, across Mississippi and Louisiana, to Atlanta, GA, and is a critical step in bringing connectivity to communities along the route.

The I-20 Corridor has been previously studied twice for passenger rail and was determined to be an excellent candidate. The corridor includes numerous underserved and historically disadvantaged communities that will benefit from better transportation options. The rail line would link communities along the route to universities and larger cities, opening the door to attracting a bright young workforce, increasing economic opportunity, and bringing a sense of place to their downtowns. Amtrak’s decision to move forward with plans for the expansion comes before the FRA’s long-distance rail study, which was mandated under the 2021 infrastructure law, demonstrating tremendous initiative to move the project forward.

 

Partnerships between freight companies and passenger rail providers have been pivotal in moving this expansion along. Freight railroad Canadian Pacific acquired the route from KC Southern, and they’ve proven to be a willing and supportive partner to passenger rail. They will work to implement service for at least one round trip per year within two years, and two round trips within four years.

Transportation for America is an advocacy organization made up of local, regional and state leaders who envision a transportation system that safely, affordably and conveniently connects people of all means and ability to jobs, services, and opportunity through multiple modes of travel. T4America is a program of Smart Growth America.

Learn more at www.t4america.org

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Archives, Global Logistics, Global Trade Daily, Software

How to Choose the Right Shipping Software for Your Business

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In order to optimize the way you run your business, you need the best software every step of the way, especially when it comes to something as important as shipping. This is why we’ve prepared a guide on how to choose the right shipping software for your business.

Seamless software integration

The first thing you need to look out for in order to choose the right shipping software for your business is seamless integration. Good shipping software can easily fit into your business without causing disruptions. It should serve to empower your logistics workforce, not hinder it while you struggle to adapt. Note that this doesn’t mean it should only be able to plug into your site easily. The software needs to slot easily into your current systems. It actually needs to support all of the carriers you work with. Finally, it should also be easy and intuitive to use in order to make it more appealing to your customers. Suppose any of these elements are not present. In that case, you will find yourself struggling to use the software properly, especially if there are any issues in the integration of the software and your carriers. 

Requisite core functions

The second thing you need to pay attention to in order to choose the right shipping software for your business is its core functions. For it to be well-received, you and your customers both need to see real value in the software. This means it needs to perform at least the following functions reliably: address validation, shipping rate calculation, carrier type, and rate listing. Without address validation, a typo can result in problems at the destination or outright failure to deliver the product. And without thorough info on the carriers and cost of delivery, a lot of your customers will outright give up on their order. In addition to this, the software needs to be functional on any platform, including phones and all manner of hand-held devices. If people can’t even finalize their order, then it’s obvious your business will suffer!

 

Order checkout options

Speaking of checkout, there are many requirements a shipping software has to tick off here to be considered ideal. This is because businesses face the greatest shopping cart abandonment rates during this step. Buyers experience doubt, and any sign of problems can easily drive them away. So, the process needs to be as optimized as possible. First, you should offer your customers a choice between different carriers, with rough price predictions for each. Then, you should offer them different shipping options for that particular carrier. Things such as express shipping, standard shipping, or even free shipping either for a slower delivery or any order above a certain price. For this to be possible, especially the latter option, the shipping software must have excellent automation and order analysis capabilities. Note, too, that the price and delivery time of each option should be clearly marked.

Business-to-carrier connectivity

We mentioned carrier integration already, but it should not be enough for the software to include them in your shipping option listings properly. For the software to be optimal, it also needs to feature data transfer automation. In the past, for every registered order, your business would have to copy the order details and then paste them into your carrier’s shipping manager to generate the order and shipping label. Predictably, this takes up a ton of time which is functionally wasted on just copy-pasting data. To avoid this and streamline the process, quality shipping software automatically transfers the data and generates the order. 

Automatic notifications

Order delivery is extremely important for both your own business and the customer. If the confirmation is not sent, the customer wonders if it even went through. If they’ve already paid in advance for the order instead of on pickup, as is most common nowadays, this inspires anxiety and will make your customer eventually contact your support. This will naturally not leave a very good impression and ensures they’re unlikely to shop with you again. Shipping software of the past did not have automatic order confirmation, forcing your employees to send a notification email manually. This meant additional work for your employees and longer waiting times for your customers. Thankfully, software today can automatically do this, which is a huge step forward. Therefore, a mark of bad software is a lack of automatic order confirmation.

Order tracking options

When discussing business practices that induce anxiety in your customers, we have to mention order tracking. Without order tracking, your customers feel they have no control over the process. This is true, but a smart inclusion of the tracking function provides an illusion of control that reassures them. This is why you should select shipping software that automatically emails the customer a link they can follow to track their shipment. This link can lead to the carrier’s default site, or, more preferably, the software might even come with a customizable shipment tracking page that features your branding. This will not just solve your shipping needs but will help enhance your brand recognition and loyalty too!

Solid customer support

The final way to choose the right shipping software for your business is to pick one with good customer support. And we don’t mean customer support for those who patronize your business. We mean customer support for you! If there are any problems with the software, you need to be able to contact the publisher to resolve them quickly. Similarly, when first trying to integrate the software into your business, proper support through the process is invaluable. With assistance, everything becomes easier, which is why you should not ignore this aspect!

Struggling to choose the right shipping software for your business

With our guide on how to choose the right shipping software for your business, you have the basic requirements down. However, you can easily grow overwhelmed by the number of different options on the market. A lot of them even perfectly match the requirements we listed! So, what your selection will come down to in the end are your own preferences. Pick the software you find appealing and whose customer support representatives you think you can work with most smoothly. If the software offers a trial version or similar, consider checking that out first.

Author Bio

Gerard Flint is a tech support and integration expert who works with The Gentleman Mover company in order to optimize the online experience of each and every one of their customers. He likes to offer his own insights into software selection and integration through interesting blog posts.

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Archives, Global Logistics, Global Trade Daily, News

How to Elevate and Differentiate yourself in the Tough Procurement Landscape: Important and Practical Advice at the Women in Procurement Conference 2023

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Women now hold approximately 40% of procurement officer positions, according to a 2022 survey conducted by international consulting firm Gartner’s. However, they only hold 31% of procurement management positions. Despite the increased employment of women in this sector over the past five years, there is a lot of work still to be done to reach gender parity. To assist in achieving this, women in procurement can do a lot to advance their careers and flourish. This is according to MJ Schoemaker, one of the speakers at the upcoming Women in Procurement (WIP) Conference, which takes place in Johannesburg on 23 March 2023.

Schoemaker is the President of SAPICS and has enjoyed a diverse and exciting, global career in procurement and the broader supply chain. During her Fireside Chat at the conference, she will be talking about the importance of women elevating themelves through education, so that they are empowered to follow their career paths. In addition, she will be highlighting how important a community of professionals is and what can be gained from joining and actively participating in associations and other communities. Schoemaker will highlight SAPICS as an example: this is a community driven NPO that works on exactly these things such as events, networking and education. She will be using examples from her own career to support this.

The one-day WIP Conference will address how women in the procurement space can accelerate their journey to value, by better harnessing networks, intelligence and the experience of those at the forefront.

 

The WIP Conference aims to:

  • Introduce a targeted mentorship and coaching program for procurement professionals;
  • Increase awareness of opportunities for women empowerment and funding;
  • Expand networks to enable collaboration with other experts; and,
  • Provide a platform for women in procurement to network and collaborate on various business opportunities.

The exciting Programme and speaker line-up includes:

  • Keynote address: Mpho Matsitse – Head of Industry and Value Advisory: SAP Africa
  • Fireside Chat: MJ Schoemaker (SAPICS President) and Allison Anthony (Senior Lecturer of Public Procurement Law:  UNISA)
  • Master Class: Dawn Smith – Head of Training: Caliba Group
  • Pressures in procurement: Mmatshepo Rasebopye – Director for Supply Chain Management; Gauteng Provincial Government

 The hybrid event takes place on 23 March in Johannesburg and online. To register, go to www.procurementor.co.za. Tickets can be purchased on Quicket – https://qkt.io/blZLem

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Archives, Education, Global Trade Daily, International Trade

Cryptocurrencies and their Impact on Global Economics and Finance

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Cryptocurrencies have had a big influence on economics and finance because they provide new and creative methods for individuals to invest and interact in a decentralized fashion. During the past few years, the popularity of these digital assets has skyrocketed, with Bitcoin, the first and most well-known cryptocurrency, driving the movement.

The rise of cryptocurrencies has put established financial institutions and their command over the currency under pressure, and it is altering how individuals perceive and engage with financial systems. This article will examine the effects of cryptocurrencies on international finance and economics as well as their potential in the future.

As per studies, global cryptocurrency adoption rates have been estimated at an average of 4.2%, indicating that there are over 420 million cryptocurrency users across the world. This surge in adoption has led to an increase in the number of merchants accepting cryptocurrencies as a form of payment, further fueling the growth of the industry. 

 

The remittance sector is another place where cryptocurrencies are having a big influence. Sending money across international boundaries has always included exorbitant fees and protracted processing delays. Cryptocurrencies, on the other hand, provide a more affordable and quicker alternative, with some platforms providing nearly instantaneous transfers for a small fraction of the cost of conventional techniques.

Moreover, cryptocurrencies have the potential to improve financial inclusion by providing access to financial services for those who are unbanked or underbanked.

Over 2.5 billion persons worldwide do not have access to formal financial services, according to the World Bank. These people may be able to join in the global financial system with the help of cryptocurrencies, giving them access to a variety of financial services including savings accounts, loans, and insurance.

Despite the potential advantages, cryptocurrencies have come under fire and encountered difficulties. The absence of regulation, which has resulted in problems like market volatility, fraud, and illegal activities including money laundering and terrorism funding, is one of the main causes for worry. To give investors and consumers more certainty and stability, several nations are currently developing legal frameworks for cryptocurrencies.

The energy usage of cryptocurrency is another issue. High energy usage is caused by the mining process, which includes solving challenging mathematical equations to validate transactions and produce new currencies. According to research by the University of Cambridge, the yearly energy consumption of the Bitcoin network alone is comparable to that of Argentina as a whole. Yet some cryptocurrencies, like Cardano, are looking at more energy-efficient options, such proof-of-stake, which consumes less energy than conventional proof-of-work techniques.

The need for safe and convenient wallets to store and handle cryptocurrency has grown along with the adoption of cryptocurrencies. For instance, a digital wallet called a Bitcoin wallet enables users to send, receive, and keep Bitcoin. Hardware, software, and mobile wallets are just a few of the several kinds of Bitcoin wallets available. While they keep the private keys offline, hardware wallets are seen to be the most secure choice because they are less susceptible to virus and hacker assaults.

Security and Decentralization

The decentralized nature of cryptocurrencies is one of their distinguishing characteristics. Cryptocurrencies are not governed by any central authority, unlike conventional financial systems that are, for example, regulated by banks or governments. As a result, they are more secure and impervious to fraud and hacker efforts since they run on a decentralized network of computers. This gives users more control over their money because transactions are clear, safe, and unchangeable.

The high level of security that cryptocurrencies offer is another important advantage. Advanced cryptography is used to safeguard transactions, making it almost hard to hack or modify them. In addition, using cryptocurrency gives consumers total privacy and anonymity, enabling them to conduct transactions without the help of a third-party mediator. This is a big benefit since it gets rid of the requirement for expensive and time-consuming verification procedures, which greatly lowers transaction costs.

Global Economics and Finance Influence

Cryptocurrencies have the ability to upend established financial institutions by giving users access to brand-new, cutting-edge methods of investing and transacting. They provide quicker and more affordable methods of sending money throughout the world, doing away with the need for expensive middlemen like banks or money transfer businesses. Also, they provide consumers more control over their finances, lowering the chance of fraud or theft. In nations with troubled financial systems or high rates of corruption, this is especially crucial.

In addition, cryptocurrency users have access to fresh markets thanks to the unique investment options it offers. They give investors a means of reducing risk exposure and diversifying their investments. Also, during the past few years, the price of cryptocurrencies has increased significantly, giving investors huge returns on their investments. More individuals are investing in cryptocurrencies as a hedge against inflation and economic uncertainty as a result, which has increased interest in them.

Cryptocurrencies, however, also present a number of difficulties for conventional financial systems. Concerns regarding their usage in unlawful activities including money laundering and terrorism funding have arisen because to the absence of legislation and control. Furthermore, because to their extreme volatility, which causes values to change dramatically over short time periods, cryptocurrencies are a dangerous investment. Concerns regarding the stability of the cryptocurrency market and its effect on the world’s financial institutions have arisen as a result of this.

Conclusion

With new and creative ways for consumers to transact and invest, cryptocurrencies are revolutionizing the fields of finance and economics.

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The Demand in the US Market is being Driven by the Expanding use of LiDAR Drones in Mining, Agriculture, Inspections, Law Enforcement, and Archaeology

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As per Future Market Insights, the global LiDAR drone market size reached US$ 147.0 million in 2022. Overall LiDAR drone sales are set to accelerate at 19.8% CAGR between 2022 and 2032. By 2032, the total LiDAR drone market valuation will reach around US$ 892.0 million.

Rotary wing drones will remain the top-revenue generation category during the assessment period. The rotary wing LiDAR drones segment is likely to expand at 19.7% CAGR through 2032.

Rising usage across mining and agricultural industries is driving LiDAR drone demand. For drone-makers, growing investments in agricultural surveillance, mining surveillance, and road traffic surveillance will create enormous growth prospects.

LiDAR drones are extensively used in the mining industry to make the workflow smooth. They also enhance workers’ safety and help avoid accidents. Hence, the expansion of the mining industry will elevate LiDAR drone demand through 2032.

 

LiDAR drones are also gaining wider popularity in precision agriculture applications. Rapid shift towards modern agricultural practices will thus create lucrative opportunities for manufacturers.

Increasing government initiatives encouraging the use of LiDAR drones for surveys and law enforcement will boost LiDAR drone sales.

Key Takeaway:

  • The worldwide LiDAR drone market size will reach US$ 892.0 million by 2032.
  • Global LiDAR drone sales are set to rise at 15.9% CAGR through 2033.
  • By drone type, rotary wing drone demand will increase at 19.7% CAGR between 2022 and 2032.
  • Based on LiDAR type, the topographic segment is likely to expand at 19.6% CAGR.
  • The United States LiDAR drone market is forecast to reach a valuation of US$ 258.2 million in 2032.
  • Sales of LiDAR drones across South Korea are set to surge at 20.2% CAGR through 2032.
  • The United Kingdom LiDAR drone market will progress at 18.8% CAGR.
  • LiDAR drones demand across China is likely to rise at 20.8% CAGR over the next ten years.

“Widening application area of LiDAR drones will play a key role in boosting the global market through 2033.” Says a lead Future Market Insights analyst.

Regional Analysis

The United States lies at the center stage of LiDAR drone revenue growth. As per Future Market Insights, the United States LiDAR drone market size will reach US$ 300  million by 2032.

Overall LiDAR drone sales across the USA are forecast to rise at 17.9% CAGR through 2032. Between 2022 and 2032, the United States market is set to create an absolute $ opportunity of US$ 208.5 million. The USA LiDAR drone market expanded at a CAGR of 24.8% from 2017 to 2022.

The rising application of LiDAR drones in mining, agriculture, inspections, law enforcement, and archaeology is driving the United States market.

Who is Winning?

Key LiDAR drone manufacturers are constantly developing effective high-resolution scanning solutions. They are focused on their alliances with AI companies, technology collaborations, and product launch strategies.

Recent Developments:

  • In 2022, Censys Technologies integrated LiDAR technology into their fixed-wing vertical take-off and landing drone (VTOL).
  • In September 2022, Faro Technologies completed the transactions of buying United Kingdom-based Company GeoSLAM Ltd. GeoSLAM Ltd is a provider of mobile scanning solutions.