Transportation Industry in 2024

2023 saw several major companies in the transportation industry close their doors including Yellow (one of the largest US carriers) and several freight brokerage firms. Although some operational issues at Yellow had been ongoing for years, surplus capacity paired with lower demand for freight nationwide made it difficult to survive. Those market conditions were bad news for carriers across the country in almost every segment from Full Truckload to Final Mile.

Many in the trade news are predicting a more positive 2024 as demand returns with a more stable and growing economy.

In Far Eye’s annual State of the North American Supply Chain Survey, 1,400+ shippers were asked in late 2023 about their expectations for shipping volumes in 2024. 67% of respondents said they anticipate moving more freight in 2024. This marked a 4-percentage-point gain over the previous year – a positive sign for shippers and carriers alike.



E-commerce revenue in the U.S. will surpass the $1 Trillion threshold this year -- more than double the revenue in 2019 ($461 Billion). Cyber Monday 2023, alone, grew 9.6% year-over-year to $12.4 billion in the U.S., according to Adobe Analytics.

Fulfillment Industry in 2024

The fulfillment industry had plenty of challenges last year, continuing to struggle with labor issues and recruitment, as well as cost increases for labor, infrastructure, and shipping.

Third-party logistics providers continue to implement digital solutions to manage warehouse operations and improve efficiencies in an effort keep costs down. Some of the largest companies are moving towards more warehouse robotics and automation to circumvent labor shortages but they are still in the minority and access to reliable labor will remain a factor.

Real-time information is just as important in fulfillment as it is in Final Mile delivery, as consumers across the board expect a high level of visibility into their ordering process. Improvements in RFID tags, mobile carts, and warehouse management systems, as well as advances in AI technology, are all combining to deliver on those expectations.

Another important trend to watch for will be efforts to improve sustainability, designed to reduce the carbon impact of shipping and placing greater emphasis on plastic-free packaging, using recycled paper as filler, and combining items into the same shipment whenever possible.

Supplement Market in 2024

Increased sales in 2023 were driven by consumers’ desire to find better organic, natural, and environmentally conscious products to help their nutrition intake, diet, and overall well-being.

The National Institute of Health reports that around 66% of vegans and 25% of vegetarians consume vitamin supplements, while nearly 30% of omnivores take at least some form of vitamin supplement. 

More Americans regularly buy vitamins since the pandemic, and there’s been a strong shift toward consumers taking a more holistic approach to their health and diet. Natural and plant-based ingredients are now a key component in successfully marketing and selling supplements and vitamins to consumers and this is especially true for younger demographics.

According to Forbes’ State of Consumer Spending Report, Gen Z shoppers (born in the late 1990s/early 2000s) will spend up to 10% more than older generations on natural and organic products that are ethically sourced using wholesome ingredients.

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