How is Technology Shaping Relocation Services Globally?
Relocation is a huge task in itself. Especially when you are relocating to an altogether new city or country, relocation turns even more stressful. To add to the pain, chances of losing your luggage or getting them misplaced is a constant worry. Statistics show that the percent of loss and mishandling of baggage during the relocation process is rising with every passing year. To overcome messy situations like this, several service providers have started using technology to improve their relocation services.
Reasons behind the growing demand for relocation services
Our generation is one which is always ‘on the move.’ With the world literary turning into a global village, moving to different places on the job or just for sheer recreation is quite common these days. In fact, most of us are ready to explore the world and are always looking for greener grass. Relocation, thus, is no longer a once in a lifetime occurrence – rather there are families who relocate in every three to five years. So what exactly is driving the relocation services market at the global level?
Procurement analysts at Technavio have narrowed down three major drivers of global relocation services, which are:
- High cost of living in the native countries
- Demographic shifts in population
- Flexibility of immigration regulations
Due to the weakening of the local currencies against the US dollar, countries like Switzerland and Argentina are quite expensive for the local population. Of late, there has been a trend among the residents of these countries to relocate to other parts of the world. Eastern Europe, in particular, is seeing a lot of inflow of immigrants, which, in turn, is driving the demand for international mobility.
Unlike in countries like India, where almost 50% of the population is under the age of 30, North America and Europe are facing challenges in the form of aging workforce. Global mobility programs are driven by these countries to overcome the gap in demand and supply of labor. Also, with the flexibility in immigration regulations, it has become easier for skilled as well as semi-skilled labor to relocate to the land that gives them better opportunities for growth and personal fulfillment.
How is technology enhancing relocation services?
Before going into the details of how technology is making the task of relocation less painful – one needs to understand that the market for relocation services is a highly competitive one. Escalations happen almost every second hour, and it is way easier to lose a customer than to make one. As a result, vendors are always looking for ways in which they can enhance their services and meet customer expectations. Technology, by keeping track of information on a real-time basis helps service providers beat the competition.
Track management system (TMS), IoT, and electronic data exchange (EDI) are some of the major technological mediums that make relocation a transparent and effective process. For instance, TMS through intermodal movement improves the overall efficiency of warehouses and ensures timely payment schedules. Similarly, application of IoT along with cloud-based GPS provides real-time tracking information about goods in transit.
To get an in-depth understanding of the demand-supply shifts in the relocation services market