While e-commerce is still a relatively new phenomenon, it’s now not only a major factor in the market but is set to be the biggest driver of growth in 2024 and beyond. This comes in what will likely be an otherwise flat year for growth across the supply chain industry.
Boosted by the pandemic, online shopping has become a new normal for consumers, who now expect their orders to arrive within 24 hours.
While the boom in demand for consumer goods that accompanied the lockdown has subsided, that expectation of next-day delivery remains, making the airfreight industry absolutely vital to a smooth-running e-commerce market.
In 2023, we saw demand lessen as the cost of living crisis gripped the country.
However, as consumers search for reduced prices, annual sales events such as Black Friday have exploded in popularity.
Instead of a one-day event, Black Friday has become a month-long peak, with bigger discounts and more choices.
Therefore, it’ll be critical for air cargo companies to plan ahead for extended peak periods.
To manage airspace during peak seasons, businesses should maintain ongoing communication with clients and e-commerce partners to ensure the most accurate forecasting possible.
This involves implementing block space agreements and capacity agreements with strategic airline partners while maintaining close communication with them to ensure that capacity is maintained as needed.
Diversifying into new markets
A decrease in demand, coupled with an oversupply of capacity, has meant that airfreight businesses have little room to manoeuvre when it comes to pricing.
In order to stay on top, companies will have to get creative in 2024. Rather than standing still and riding out the storm, airfreight businesses will be looking for ways to diversify into specialised markets which are less competitive.
Despite a drop in food exports from the UK post-Brexit, British food exports continue to grow globally, particularly into Asia and the Middle East, not only for expat communities but also to local markets where UK-pro

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