…Collaboration across trade supply chain could unlock further gains

Amsterdam, 12 December 2024 - The FIT Alliance, co-founded by BIMCO, DCSA, FIATA, ICC, and SWIFT, today announced the results of its 2024 survey on electronic Bills of Lading (eBL). Conducted in partnership with the HKUST Li & Fung Supply Chain Institute and the Boston Consulting Group (BCG), the survey shows a steady rise in eBL adoption and underlines the importance of stakeholder collaboration in driving further progress. 

Strong momentum in eBL Adoption 

In the two years since the first eBL survey was undertaken in summer 2022, the proportion of users adoption eBL has risen steadily.  The share of dual-format users (those using both paper and electronic bills of lading) has surged from 28.0% in 2022 to 41.7% in 2024. As a result, the overall adoption rate—encompassing users of eBLs exclusively or alongside paper BLs—has risen from 33.0% to 49.2%. 

In other words, nearly half of respondents now incorporate eBLs in some capacity, and 74.7% of paper-only users plan to transition to eBLs, up from 58.0% in 2022. Within this group, 32.2% intend to adopt within the next two years, compared to 22.0% in 2022. 

eBLs: a catalyst for digital transformation 

The survey reaffirms that eBLs are widely seen as a cornerstone of trade digitalization. 94.0% of respondents believe eBLs will unlock broader digital transformation, up from 86.0% in 2022. Respondents highlighted faster processing (94.2%), cost savings through process efficiencies (89.8%), improved data accuracy (87.3%), and enhanced security (89.2%) as key advantages. These benefits illustrate eBLs’ potential to modernize operations and streamline global trade. 

More collaboration needed to bring down barriers to adoption 

Despite these gains, the survey also highlights challenges that continue to hinder eBL adoption. Technological and platform-related issues remain the most cited barrier, identified by 71.2% of respondents. Stakeholder readiness follows closely, with 61.7% emphasizing the need for better preparation and collaboration among supply chain participants. Legal acceptance, while improving, is still flagged by 42.6% of respondents as a significant obstacle, though this marks progress from 55.0% in 2022. 

Diverging trends across geographies, sectors, firm sizes 

The survey reveals notable disparities in eBL adoption by geography, sector and firm size. 

Adoption amongst respondents in Asia is markedly higher than other regions, with 60.2% compared to 50% in Middle East and followed closely by Europe at 45%.   

The banking sector, despite having high awareness levels (82.5%), shows low adoption (21.1%), reflecting an apparent hesitancy or difficulty in implementation. Freight forwarders face challenges on both fronts, with below-average awareness (64.7%) and adoption (29.4%). In contrast, terminals and owner/carriers across bulk and container sectors lead the pack, boasting adoption rates above 73.0%. Larger firms—particularly those with more than 250 employees—are adopting eBLs at higher rates. However, the data confirms that industry type remains the most significant factor influencing eBL uptake.