{"id":73188,"date":"2023-08-31T00:00:00","date_gmt":"2023-08-31T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/logistics\/2023\/08\/31\/peak-shipping-season-in-the-us-gets-off-with-a-whimper\/"},"modified":"2023-08-31T00:00:00","modified_gmt":"2023-08-31T00:00:00","slug":"peak-shipping-season-in-the-us-gets-off-with-a-whimper","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/logistics\/2023\/08\/31\/peak-shipping-season-in-the-us-gets-off-with-a-whimper\/","title":{"rendered":"Peak shipping season in the US gets off with a \u201cwhimper\u201d"},"content":{"rendered":"

Supply chains\u2019 busiest period of the year gets off to a disappointing start, <\/strong> upending freighters\u2019 hopes of a turnaround: <\/strong>While freight operators usually rake in massive revenues in the period from late summer to early fall as retailers rush to bolster inventories ahead of holiday-season shopping sprees, this year\u2019s season has gotten off to a \u201cwhimper\u201d as suppliers continue to work through excess inventories amassed during the pandemic period, the Wall Street Journal<\/a> reports. Volumes of goods arriving at American ports have been trailing below 2022 averages all year and are projected to dip slightly in September and October, the WSJ wrote, citing National Retail Federation<\/a> forecasts.<\/p>\n

Major retailers like <\/strong>Walmart<\/a><\/strong> , <\/strong>Target<\/a><\/strong> , and Home Depot are in no hurry to stock up: <\/strong>Despite making headway working through overstocked inventories, retailers are hesitant to stockpile more goods without evidence of a rebound in consumer demand, WSJ wrote. Citing caution, discount retail giant Target is positioning for a \u201clean inventory position,\u201d CFO Michael Fiddelke said, according to WSJ.<\/p>\n

Changing consumer behavior is also a factor: <\/strong> Americans are choosing to spend more on services and experiences such as restaurants and travel and less on retail clothes, electronics, and other goods that move via supply chains. The change in spending patterns is another driver behind retailer\u2019s impetus to hold back orders, WSJ wrote.<\/p>\n

Where does this leave freighters? <\/strong>Carriers had pinned hopes on this year\u2019s peak season marking a turnaround after 2022\u2019s disappointing volumes, but the sluggish growth in imports this year is driving carriers to cancel routes and revise down their expectations for yearly bottom lines, WSJ explained. Maersk<\/a> CEO Vincent Clerc indicated that retail and lifestyle shipments are down double-digits when compared to previous years, the journal reported citing statements made by the executive during an earnings conference call. \u201cWe do not see any sign of an expected volume rebound in the second part of the year,\u201d Clerc reportedly said. <\/p>\n

\n

\n

Logistics firms are progressively incorporating AI technologies into their <\/strong> operations<\/strong>, the Wall Street Journal<\/a> reports. Many executives are interested in AI\u2019s ability to reduce costs and boost efficiency, including freight brokerage RXO and trucking company XPO, who are looking at using generative AI to track shipments, book loads, and declare imports. Logistics companies also say that AI can enhance forecasting, procurement, inventory management, and shipping decisions. Experts also believe the technology can improve customer experience by providing customized and pertinent responses, unlike chatbots that are equipped with pre-set answers. <\/p>\n","protected":false},"excerpt":{"rendered":"

Supply chains\u2019 busiest period of the year gets off to a disappointing start, upending freighters\u2019 hopes of a turnaround: While freight operators usually rake in massive revenues in the period from late summer to early fall as retailers rush to bolster inventories ahead of holiday-season shopping sprees, this year\u2019s season has gotten off to a […]<\/p>\n","protected":false},"author":1,"featured_media":73189,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[56],"tags":[17,55,33,124],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-73188","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-logistics-in-the-news","tag-enterprise-logistics","tag-logistics-in-the-news","tag-shipping","tag-supply-chains","wpautop","entry"],"acf":{"mongo_id":"37fce10f-b927-46bb-bc15-93e67777e32a","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/8\/1444.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Peak shipping season in the US gets off with a \u201cwhimper\u201d","related_issue":[73172],"teaser":"","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/8\/.4b383467-e7a2-4da3-b9fc-6ce5acdcab3f.mp3"},"yoast_head":"\nPeak shipping season in the US gets off with a \u201cwhimper\u201d - 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