Report: Despite the Pandemic, Freight and Logistics Spending Surged in 2020
March 5, 2021 |
The C2FO Team
This white paper report from C2FO examines how explosive growth in E-commerce drove expansion for transportation modes like freight forwarding, trucking and last-mile delivery.
Despite a worldwide pandemic that shut down economies for a lengthy period of time, many modes of freight transportation experienced growth in 2020, according to research by C2FO.
Drawing from accounts payable trends throughout the year on the C2FO platform, we’ve gleaned some unique insights into more than $35 billion in 2020 spending on last-mile delivery, freight, intermodal and third-party logistics (3PL), as well as over $7 billion in payables to Class 1 railroads.
Among the findings:
- Total transportation spending by retail and E-commerce companies on the C2FO platform increased by 31% in 2020.
- We saw 40% growth in last-mile shipment spending, 20% growth in freight forwarding and trucking, and a 42% increase in specialized trucking like refrigerated shipping.
- Air freight spending declined 8.9%, likely due to lower air cargo capacity. Overall spending by railroads declined 7.4% in 2020.
For more insights into how logistics and transportation fared in 2020, and what might be in store for the industry this year, click here to download a PDF of our comprehensive white paper report.
To learn more about how C2FO can help your company take control of your working capital, visit https://www.c2fo.com/amer/us/en-us/for-vendors.