According to a recent estimate, the supply chain loses or damages 6% of the product annually. This loss, which is equal to 3% of yearly income, results from packaging errors as well as ineffective handling and transportation. According to 89% of respondents, there is pressure on them to become more sustainable, and they think that 27% of their supply chain operations have an influence on the sustainability of their entire firm.
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However, just 4% of technology budgets are explicitly devoted to enhancing supply chain sustainability. In order to identify changes in consumer spending, The Missing Billions: The Real Cost of Supply Chain Waste also polled 7,500 individuals worldwide. By 2025, all organisations surveyed will utilise predictive analytics and machine learning, up from 32% currently, a 3.1x increase. Cost-consciousness is the main concern for 28% of UK customers, who are closely followed by 25% each in France and Japan. Over 50% of customers worldwide wrongly think that only machines are used in the production of fast fashion. Only 6% of buyers in China, a big outlier, cited price as their top concern. Only 12% of companies give ethical product sourcing top priority. Businesses have a chance to influence the direction of sustainability by emphasising product durability and fostering the circular economy.
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