We think three big themes will govern the next 18 months. Recovery – the settled shape of many supply chains as we exit COVID is uncertain. Online buying and B2C activity has accelerated but also traditional high-street focused B2B distribution channels will recover. Operators are focused on how to respond to a changing and more fluid demand mix; and managing higher costs. Technology – much of the logistics world is still labour intensive and we think there is plenty of scope for efficiency gains and customer service improvements through application of technology. Resilience – disruption, shortages and geopolitics have been weighing on global supply chains. We think trends to more dual sourcing and regional manufacturing will accelerate. This will provide opportunities for market share gain by more agile and capable operators. Conversely, consolidation of sub-scale firms will continue; with sector balance sheets in surprisingly good shape, expect more M&A.