Executives are looking to fourth-quarter earnings reports as a litmus test for consumer spending habits amid persistent macroeconomic pressures and declines in household savings. Certain pandemic-era spending trends, such as home improvement purchases, have slowed, and retailers such as Best Buy, Costco and Home Depot are diligently monitoring consumer trends. Spending on furniture, vehicles and other durable goods is still higher than before the coronavirus pandemic, while spending on nondurable goods is back to pre-pandemic levels.
US shipping customers, including retailers such as Macy's and Rent the Runway, are negotiating discounts from UPS and FedEx for the first time in years as the shippers fight to fill trucks amid depleting demand, according to experts and Reuters analysis. Experts say shippers are realizing 8% to 12% savings on list rates and UPS pricing negotiator Kenneth Moyer says his firm recently negotiated $6.8 million in savings for a customer.
SRS Distribution acquired Florida-based roofing and fertilizer distributor Sunniland Corporation, which operates a 22-branch network across Florida and south Georgia. Financial terms of the deal were not disclosed. Sunniland locations are expected to continue operating under the Sunniland brand.
United Natural Foods Inc. highlighted hundreds of new products at its Natural Winter Show in Las Vegas and named Ruby Hibiscus Water as the winner of its latest pitch slam contest. Steve Dietz, chief customer officer, said the show "showcased the innovation and passion from our natural and organic manufacturing partners and enabled retailers to discover new items that deliver the differentiated value proposition consumers expect," and the company is planning to feature both natural and conventional products at its shows in 2024.
Maximizing E-commerce potential 99% of apparel retailers expect customer demand to require same day delivery by 2025. To stay ahead, some online retailers are optimizing their DC ops beyond traditional automation with AI- driven smart software. See how one retailer doubled picking productivity and realized a dramatic reduction in training and onboarding time for workers. Read about it now.
Finance executives are shifting into "defense mode" with a focus on cost-cutting and efficiency improvements, according to a report from US Bank. Cost-cutting, deploying technology and risk identification and mitigation were the top priorities among the 1,400 senior finance leaders surveyed for the remainder of 2023 and 2024, while mergers, acquisitions and partnerships are taking a backseat. Executives were more concerned about risks such as talent shortage, technological change and high inflation than they were a year ago.
The Ports of Los Angeles, Long Beach and Shanghai have agreed to work together to launch the first Trans-Pacific green shipping corridor by 2025, which supports zero-carbon emissions vessels and emissions-reducing programs. "This trans-Pacific green corridor will be a model for the global cooperation needed to accelerate change throughout the maritime industry," says Port of Los Angeles Executive Director Gene Seroka.
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Jay Acunzo, author and host of the "Unthinkable" podcast, talks about what makes effective business-to-business storytelling -- the ability to understand problems and inspire prospects to make a change in the way they deal with them. "Ask questions Google can't answer, embark on a journey to answer them, and then invite your audience along with you," Acunzo advises.
Selecting the right key performance indicators and "deeply understanding your ideal customer" are the underpinnings to a "robust sales process [that] can help your business survive even the toughest of times ... no matter the economy," writes Lewis Schenk, director of Boost Media Agency. Diversifying beyond a single sales channel, offering incentives to boost sales volume and making the most of automation and other technology also lead to what Schenk calls a bulletproof strategy.
US companies are slashing budgets for merit raises next year, with average raises expected to fall from 3.9% this year to 3.5-3.7% next year, according to a pair of surveys from Aon and Mercer. Slowing the pace of wage hikes aligns with companies' efforts to rein in labor budgets, but the expected wage gains would still be higher than pre-pandemic levels.
Cultivating a sense of curiosity is not only an essential skill for professional success, but also a vital aspect of how you can find meaning in your work, writes author John Coleman. A strong sense of curiosity underlies each action that you can take to find more purpose in your career, including tailoring your job to your interests, honing a sense of craftsmanship, finding ways to serve others and investing in positive relationships, Coleman writes.
Attending the Innovators Summit lets you stay updated with the latest industry developments and remain ahead of your competitors. By being aware of emerging trends and disruptive technologies, you can proactively adapt your business strategies, identify new revenue streams, and gain a competitive edge in the market. Learn more.
