It is inevitably that every industry will be impacted by this pandemic, but in different and intertwined ways. What will happen, or as we speaking, what is happening in trucking and factoring industry, we’ll go trough in this weeks blog.
The only clear aspect of ongoing pandemic is that it will have impact on literally everyone, and every aspect of life as we knew it. But id doesn’t have to be a negative thing that happened to all of us, for example CPM for truck drivers skyrocketed since June, Many fleets started providing on-site employees and drivers with protective personal equipment such as face masks and gloves. That practice is predicted to remain in place indefinitely.
As ARL’s Fahrety said: ““This has been the perfect storm. A lot of motor carriers have not experienced or seen a down market,”. So, road heroes, you have nothing to worry about, transportation analysts anticipate growth within the industry next year, especially in terms of freight volumes.
When speaking of freight industry workers, who don’t spend their hours inside of a Truck cabin, NFI’s CEO Sid Brown states: “A certain portion of many carriers’ back-office workforces will remain remote when stay-at-home orders lift. Does that mean we’ll never go back to an office? No. But I do think it means we may end up having 20%, 30%, 40% of the workforce working remotely on a rotating basis”
Conclusion about COVID impact on freight industry, as e-commerce began to grow and more and more people starting to relay on, it will impact how goods are transported throughout the supply chain, which means – expect expansion!
With expansion in trucking industry, factoring enters into force. With businesses struggling to adapt in world dictated by measures to spread a virus, factoring became a no. 1 solution against firms’ late payments issues.
WOA, recently, surveyed a group of businesses that have been using factoring services, results can be found @ https://www.tradefinanceglobal.com/posts/woa-survey-reactions-to-the-corona-virus-outbreak-2020/
If you are lucky enough to find your self in freight industry (or anything closely linked to that field) in 2020, you have nothing to worry about. Keep up the hard work, stay focused and wear a mask!
