Big retailers raise doubts about consumers' resilience | Amazon expects exports from India to surge | SRS acquires Texas-bases stone and masonry supplier
Large retailers such as Walmart, Target, Macy's and Home Depot have noted declines in consumers' spending on big-ticket discretionary items in recent months, with Walmart forecasting moderation in top-line growth through the holiday season. "The consumer has been resilient, but we are starting to see a little bit of stretching. Trends are starting to become a little bit more concerning," says Jeffries analyst Corey Tarlowe.
Amazon has been working to enlist small sellers from India to join its Amazon Global Trade platform and now expects them to account for $20 billion in exports by 2025, says Bhupen Wakankar, director of global trade. The retailer has slashed international selling program subscription fees from $120 to $1 for the first three months for exporters who sign up before March 31 and has added more than 100,000 small manufacturers.
Texas-based SRS Distribution is acquiring Worldwide Rock Enterprises, also known as Rock Materials, a Texas-based distributor of natural and architectural cut stone, manufactured stone, cast stone and masonry supplies. SRS' fourth acquisition of the year, the deal will expand the company's natural stone and masonry supply business in its home state.
The elusive nature of double-digit growth Most industrial businesses aim for double-digit growth. But because of a simple design flaw, they end up settling for single digits. This problem is easy to fix—in theory. (It's more complicated in practice.) The Machine shows how to redesign your sales organization for double-digit growth. Read now.
Simon Jelley of Veritas Technologies looks at how data management plays an important role in the success of AI. Making sure datasets are capturing all valuable data and that data is classified and stored properly sometimes runs up against the 3 Vs of volume, velocity and variety, Jelley writes.
Budgets are increasing in 2024 for 53% of procurement professionals and 98% will be investing in analytics and insights tools, automation and AI primarily to boost efficiencies and overcome job complexities, according to an Amazon Business survey. "Heading into 2024, the procurement function is now cross-disciplinary, spanning both functional and strategic purviews as buyers are planning to invest more in technology and optimization while future-proofing their companies and organizations," said Amazon Business Worldwide Vice President Alexandre Gagnon in a release.
State of the Wholesale Supply Chain Industry As complex customer demand patterns and increasing volatility persist, supply chain organizations are recognizing they may require cutting-edge technologies like machine learning to achieve their goals. Blue Ridge's solution helps businesses improve forecast accuracy, reduce costs, increase profitability, lower transportation costs and eliminate obsolescence. Find out how
As AI makes its way into every industry, Jeremy Korst, president of GBK Collective and Stefano Puntoni, co-director of AI at the Wharton School, share tips on how to best embrace the technology, like investing in training for sales and marketing staff that show both its power, as well as its flaws. Also, sales leaders should spend time testing the capabilities to avoid quality control issues and ensure there are boundaries to protect customer and company data, they write.
Benefits like improved purchasing journeys and enhanced personalization have gotten 97% of consumer marketers to use artificial intelligence, Movable Ink reports. Marketers say some of the most significant challenges include managing data, keeping personalization consistent across channels and ensuring they don't invade consumers' privacy.
New York lawmakers approved a bill earlier this year that would ban noncompete agreements for workers, but Gov. Kathy Hochul has yet to sign the legislation, which has vocal support and opposition. Business groups largely oppose the bill, saying it should not apply to certain industries and job levels, while proponents of the legislation argue it would boost innovation. Roughly 20% of American workers, or nearly 30 million people, are subject to noncompete agreements, according to the Federal Trade Commission.
Global leaders meeting at at CEO summit during the Asia-Pacific Economic Cooperation conference discussed the future of AI and how it is expected to change the world. Investors are also getting in on the game, even as the technology's critics voice their concerns.
The key to increasing productivity is not better time management or other techniques -- instead a two-way trust between team members and leaders is the main ingredient, writes Brian Elliott. Build trust by being transparent, sharing knowledge, encouraging team members to ask for help and setting clear goals and outcomes, Elliot recommends.
Experience three days of excellent networking opportunities, cutting-edge content, and educational programming for leaders in the wholesale-distribution industry at NAW's Executive Summit Jan. 30 - Feb. 1. Hear from world-class speakers and explore issues critical to the industry. Be prepared for what's next and learn new strategies to get there first. View agenda and registration information here.
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