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After a slow 2023, manufacturers are now back at a faster pace of production and sales.
According to the data and analyses from the recently published Report on Ecommerce in Manufacturing and Distribution for 2024 Digital Commerce 360
Digital Commerce 360, using data collected by the U.S. Department of Commerce monthly, found that manufacturing sales increased 3.6% last year to $6.829 billion from $6.591 in 2022.
How manufacturers expect to sell in 2024
The year 2024 has started off similarly slowly. Total manufacturing sales in January dropped 1.6% from January 2023 to $572.32 Billion.
A recent National Association of Manufacturers survey of 266 manufacturing companies on their outlook for 2024 revealed that the majority of the respondents (66%) expect sales to increase by around 2% in 2025.
The manufacturing industry’s sales will be sluggish, as it battles a variety of challenges including geopolitical instability, slow economic growth in the global economy and cost pressures. The National Association of Manufacturers says that they could also face a labor issue and a possible recession.
Even if the total growth of sales is slow in 2024 there are signs that things could improve. Digital commerce and digital transformation are the two key areas in which manufacturers can accelerate their growth.
Take a look at these metrics.
- According to a recent report by Copperberg and Valtech, a digital commerce firm that develops digital and off-line platforms for manufacturers, 66 percent of manufacturers plan to increase their investment in customer portals. This is up from 50 percent last year.
- Copperberg says that manufacturers are moving up the maturity curve of ecommerce, as 30% of respondents now rank themselves higher than their competitors. This is an increase from just 16% of respondents in 2022.
AI manufacturers’ plans
Artificial intelligence is a big topic for manufacturers. 70% of manufacturers intend to invest in AI operations, compared to sales (60%), robot process automation (48%), reporting financial data (47%), front and back office systems (36%).
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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Register for an account Digital Commerce 360 B2B News is available for free subscriptionIt is published four times a week. The magazine covers the latest technology trends and business developments in B2B Ecommerce. Mark Brohan is the senior vice president for B2B and Market Research. [email protected]. Follow him on twitter @markbrohan Follow us on You can find us on LinkedIn., Twitter, Facebook You can also find out more about the following: You can watch videos on YouTube.