After a long period of disruption in supply chains and markets, distributors have sharpened their strategies for digital commerce, adapting new ecommerce requirements within the world of manufacturing and distribution. They are working hard to offer more value, and improve the customer experience for discerning and cautious buyers.
This is one of the main digital takeaways in news and analysis from the recently published Report on Ecommerce in Manufacturing and Distribution for 2024 Digital Commerce 360
Suppliers are now able to provide reliable product flow, as markets that were once severely disrupted have returned to normal. The suppliers are allowing the buyers to make their own choices in terms of products and prices. The return to normal means that distributors on the middle ground will upgrade their digital commerce to attract and keep loyal customers.
Distributors need to understand the importance of ecommerce
Customers have more inventory than a few years ago, but they are now more focused on the price than ever before, says Barry Litwin. Global Industrial Co., which conducts more than 50% of its $1 billion annual revenue through digital commerce.
The buyer’s demand for value prices coincides with the expectation that they will have a positive online experience and an omnichannel purchase.
He says that companies need to focus on price management and price intelligence. If you are like us, then you have to ensure your pricing online is competitive.
Global Industrial ended the year last year by a surge of 22.9% in sales over the previous year. This total amount reached $320,1 million. Chief financial officer Tex Clark stated on an earnings conference that “ecommerce” and broader digital purchases were responsible for the increase. This milestone meant that total 2023 sales increased by 9.3%, to $1.27billion.
Ecommerce is growing in importance
Litwin stated in an interview, that the percentage of ecommerce transactions continues to grow. The company takes several measures to ensure digital growth.
He said that “we’re continuing to grow our ecommerce platforms” and added, “We are investing a lot in site navigation, online product experiences, etc.”
He explained that this means looking at “all the data on the site to see where conversions occur, where the customers enter and land on your website, and making adjustments in order to optimize customer experience.”
The distributor also plans to expand its online product line, which includes new ride-on scrubbers from Caterpillar Global Industrial, and other brands, priced between $6,400 and $50,000.
Other distributors across all industries and sizes are expanding their digital capabilities.
Click here to find out more Report on Ecommerce in Manufacturing and Distribution for 2024 For more information and data on AI’s impact on digital commerce, B2B transformation and all other aspects.
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