McKinsey estimates that the total value of omnichannel distribution will hit $840 billion by 2025. Furthermore, as much as $600 billion of global value is up for grabs by contract-logistics companies, which account for a fifth of omnichannel logistics' total market value in revenues today.
The transport and logistics sector, especially in key Northern European markets, understands the importance of digital transformation but is being held back by certain roadblocks.
Transit passengers require a safe, reliable and efficient transportation service.
As well as an accessible and flexible service, they need timely information
to help them plan their journeys. This means that transit agencies must
ensure they have an effective communication system in place. It should be
available whenever passengers need it, combining self-service information
with human contact when required.
What began with Closed Loop ticketing through tapping or swiping smart cards on a payment device — and is still the dominant payment technology worldwide — is evolving into Open Loop ticketing.
The good thing is, Open and Closed Loop technologies are different, thou they can coexist. An agency can have both payment methods in use at the same time.
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As with every other sector of the global economy, transport, and logistics (T&L) are facing the challenge of digital transformation. The scale and complexity of the challenges can make some companies hesitate but now is the right time to embrace digital transformation and the benefits it can deliver.
Read about the advantages digital transformation can deliver to the Transport & Logistics sector.
As public transit agencies across the globe shift into a post-pandemic mode, they are faced with several daunting challenges: Recover lost ridership, adapt to public health concerns, moving away from legacy fare collection payment systems and adopting state-of-the art EMV payment methods, accounting for the permanency of work-from-home options for U.S. workers – American companies continue to grapple with the long-term implications of the remote work phenomenon that emerged during the pandemic.
How are agencies making the transition from legacy Closed-Loop to contactless Open-Loop systems?