Trade Tech Trends to Watch in 2021

Unsurprisingly, the COVID-19 pandemic has left devastating effects on global trade. However, it has also triggered a positive development at the same time. Digital adoption has moved to the top of the agenda for many businesses, as the pandemic leaves companies with no other choice but to digitize and automate their operations to survive.

This shift to digital technologies has affected some industries more than others, and it will be a game-changer in the future of international trade. Here are the top trade tech trends to watch out for in 2021 and beyond:

Supply Chain Technology Provides Improved Data Insights 

Visibility and data-sharing are essential in 21st century supply chain and logistics management. Companies with supply chains that can fully leverage insights from data can drive efficiency, resilience, and customer satisfaction. Complete end-to-end data, combined with powerful analytics, enables compliance in many areas such as export controls, data privacy regulations, trade finance, and fulfillment.

Connected Ecosystems Enable More Efficient Trade 

In the past, trade ecosystems often included siloed parties – buyers, sellers, logistics providers, fulfillment centers, banks, etc. – that interacted with each other using their own infrastructure, technologies, and processes. In the future, all of these parties will interact with each other in connected ecosystems, using the same platforms and infrastructures. A good example is Export Portal’s blockchain-based trade platform. All relevant parties can connect to the platform and exchange documents and payments, and communicate with each other. 

Automation Will Increasingly Replace Human Labor 

Many tasks that were once done by human employees are already being taken over by machines. From automated production facilities to cargo drones, the technology for automated trading is already here. However, these technologies are not yet safe enough for mass use, and they are too expensive. Once they become more advanced and cheaper, more businesses will start using them. And it likely won’t take too long considering all the progress we made. Ten years down the road, large parts of global trade and logistics could already be completely automated. 

Work with Export Portal

At Export Portal, we understand how difficult penetrating new markets can be. That’s why we have collaborated with different experts to keep you informed and updated. Check out our site today and learn more about how we can help you expand your business.