FarEye recently unveiled their 'last-mile innovation nexus' program designed to support startups in the logistics industry by providing access to funding and mentorship from international experts. The focus on cost and speed in last-mile delivery has become paramount for companies, surpassing previous priorities such as cost and satisfaction, according to the Last-Mile Trends Report of 2024 presented during 'The Last Mile Leaders Event' organized by FarEye in collaboration with Microsoft.
Kushal Nahata, the Co-founder and CEO of FarEye, shared insights from the report, indicating that autonomous drones are projected to handle 30% of urban deliveries within the next five years, leading to significant reductions in delivery times and costs. The report, based on input from over 300 industry leaders worldwide, highlighted the growing trend of same day/next day delivery services, with more than 50% of participants offering such options to customers.
Furthermore, the report emphasized the significance of measuring the cost of delivery as a key priority for 80% of supply chain leaders interviewed, reflecting a strong industry focus on operational efficiency and cost management. Gautam Kumar, COO & Co-founder of FarEye, expressed excitement for the initiative as a platform for startups to form transformative partnerships, leveraging technologies like AI, robotics, and data analytics to enhance logistics operations effectively. Moreover, the event brought together over 40 supply chain experts from various countries and industries to explore the potential of technology in driving cost reductions within the logistics sector.