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What Are The Crucial Developments In The Warehousing Market In India?
The basic requirement of any product related business infrastructure is a warehouse. It is a pivotal center where the crucial steps of raw material procurement, manufacturing and distribution services are commenced. These steps culminate to create a functional organization and initiate global supply chains. Proper warehousing combined with logistics enables the organization to transport their goods across various markets. The warehousing sector of India was previously nominal as the organizations were content with low-cost options that provided a network of small storage facilities near consumption centers. Various state and central level taxes made it convenient for companies to maintain smaller warehouses. Moreover, this strategy discouraged automation and increased output.
Utilizing the strength of India’s working population
With the introduction of ‘Make in India’ campaign, the country’s manufacturing sector has experienced a major uplift. The labor-intensive sectors were selected to be the focal point of this initiative so as to create more employment opportunities in India. This has propelled ...
... the state governments to provide incentives to aid the growth of the manufacturing industry. A developed logistics value chain promotes the expansion of any company as it channelizes the product to several consumption hubs. Since warehousing involves storage of goods and merchandise products to protect their quality before a sale, it is an important aspect of the logistics value chain which involves the collection, classification, and distribution of goods to allocated markets. Various factors influencing the warehousing market in India include a modified tax regime, expansion of major industries such as the automobile, agriculture, processed food, pharmaceutical, and retail clothing.
According to market research, the exportation and importation of cargo form key drivers of the warehousing segment and the rise of this vertical industry are expected to enhance the growth of the warehousing market in the foreseeable future. Growth in global trade is also predicted to have a positive impact on the warehousing industry. Several emerging industries such as organized retail, information technology, telecommunications, and healthcare are expected to further enlarge the warehousing market size.
Better technology leads to advanced growth
Thanks to significant advances in automatic identification and data capture (AIDC) technology, the warehousing industry has been able to achieve optimum utilization of resources, better tracking of consignment and uninterrupted distribution of goods. Latest variations of the bar-code technology include quick response (QR) that transforms or encodes data into digitally compatible data, and allows the shipment to be tracked by the seller and the consumer. This up gradation in warehouse technology has improved the utility of a warehouse. Applications such as Real Time Locating Systems and radio-frequency identification (RFID) have grown in popularity in the warehousing industry for their abilities to automatically collect and identify a vast range of data that helps warehouse operators to keep a definite track of goods getting transmitted within the vicinity of a warehouse.
The increasing costs in construction of a warehouse can pose as a major threat to the warehousing market in India. It has become imminently important for warehouse operators to efficiently utilize every inch of space available in order to reduce excess expenses. Through proper planning and designing, economical structures are being created which has become a popular method to reduce the costs of constructing new warehouses. In fact, multi-client sites are being introduced to enhance the capacity of a warehouse by storing goods for several clients in a single place making it a cost-effective technique.
Written by a content marketer who keeps updated on industries for market research purposes and studying them.
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