Distributors not reaping full benefits of volume rebates | Specialty Building Products, ToolBX partner to boost ecommerce | Increasing share of workforce is over age 65
Most distributors say volume rebates are crucial to profitability, allowing them to maximize revenue streams, reduce disputes, stem revenue leakage and maintain relationships with manufacturers. However, more than half say they don't receive all earned rebates, according to a survey by rebate-management platform Enable, and nearly half of respondents said only purchasing and senior management are aware of supplier rebate programs. Distributors need to improve internal and external communications and use better tools to track rebate performance, the report concluded.
Specialty Building Products is partnering with ecommerce platform ToolBX and offering access to the digital lumber and building materials platform to its network of dealers. The SBP-ToolBX partnership aims to improve dealers' online presence and customer service, boosting the historically low ecommerce penetration of LBM dealers.
A report released Thursday by the Pew Research Center finds the share of older adults who are working in the US has doubled in the past 35 years, with workers ages 65 and older making a median hourly wage of $22 last year. "In some ways, this isn't surprising: We're an aging society," said Richard Fry, a senior researcher at Pew Research Center and lead author of the study. "But it isn't just that there are more older adults in the workforce, it's that a larger share of them are working."
Responding to port closures and pandemic-driven lockdowns, venture capitalists put a record $62.2 billion into supply chain startups in 2021, but things have changed since then, according to PitchBook. "[T]wo years later, the flood has slowed to a trickle as founders are challenged by legacy systems and an erosion in shipping demand: In the first three quarters of 2023, logistics startups logged just $7.9 billion in VC funding," writes PitchBook's Rosie Bradbury.
The operators of the Panama Canal say they plan to raise the number of booking slots available at two of their locks from 18 to 24 per day, starting next month. The move is part of an effort to increase traffic and activity, as a recent drought slowed passage through the Canal.
Businesses that produce cardboard used for shipping boxes are raising prices for the first time since the Federal Reserve began boosting interest rates early in 2022, which they attribute to increased demand and costs. Experts say the move is a sign that inventory hoarding is ending but warn it's too soon to tell whether it's a single market adjustment or a new trend.
New research from Accenture found that by 2026, about 65% of companies will look to regionally source their products and 85% will sell those products in that same region. This trend surfaced from the fallout of COVID-19 disruptions and will be further mitigated by new technologies, like AI and digital twins.
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
Livestream shopping and shoppable videos will take off in 2024 as the time between awareness and purchase shrinks, Bread Agency co-founder Amaury Treguer predicts. Treguer also expects growth in fake out-of-home ads and CGI, influencers focused on business-to-business advertising, niche social platforms and marketing partnerships between aligned companies.
The top concerns marketers have with AI are the potential for job replacement, followed by quality output, accuracy, the usefulness of generative AI tools and the potential for over-reliance, per Hubspot research. Marketing leaders offer suggestions and examples of ways to overcome these fears, including involving the team in the decision-making process and maintaining human control of the end result with content creation and other aspects.
Rate cuts aren't expected to be the Federal Reserve's next move, New York Fed President John Williams recently told CNBC, while Chicago Fed President Austan Goolsbee says the Central Bank may have to consider trimming rates sooner than expected. Federal Reserve officials are differing in their estimations on when the Central Bank may begin reducing interest rates in 2024.
Pausing to take stock of your company's progress and resources and evaluating if you're prepared to face the next year's challenges, uncertainties and opportunities is an excellent way to deter end-of-year fatigue, writes Tara Rethore, CEO of Strategy for Real. Taking that review to a personal level -- listing out this year's accomplishments and strengths and next year's goals for yourself and with your peers -- can also bring new energy, write Helen Tupper and Sarah Ellis, co-founders and CEOs of Amazing If.
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.
