Third Party Logistics – What they do?
Third-Party Logistic (3PL) specifies to the outsourcing of any of the logistic services like warehousing, transportation and Value Added Services like picking and packing or warehouse inventory management estimating individually or together as an integrated supply chain. Even though the concept of 3rd Party Logistics was introduced in as early as the 1970’s to specify inter-modal marketing companies in transport contracts, its true sense in success of any business has only been fulfilled in the last decade. Today, as per records, more than 90% of the companies are availing this service. This architectural shift in its management can be primarily attributed to globalization and future e-commerce industry which has concentrated the entire world into one single market with complicated logistics structures. Unlike the common model where the products used to move in bulk (supporting the wholesalers), today products are also shipped in a single piece to various parts of ...