Revisions to the US government's inflation report were broadly in line with what was initially reported. Consumer prices excluding food and energy increased at a 3.3% annualized rate in the final quarter of 2023, the same as the original reading. The yield on 10-year Treasurys dropped after the news but quickly rebounded, while the S&P 500 surpassed 5,000. Markets will now wait for January's consumer price index reading on Tuesday. Inflation is forecast to have dropped to 2.9% in January, which would be its lowest reading since early 2021.

Chinese fast-fashion ecommerce platform Shein and TikTok, which operates TikTok Shop, where creators often sell pieces from Shein, are ramping up competitive efforts against Amazon in the US. Both companies are building a presence in Seattle to take advantage of the deep pool of logistics and tech talent that has grown up around Amazon's success.

Technological advancements are altering traditional distribution models, and successfully shifting to omnichannel requires distributors to apply their deep understanding of market dynamics and technology to address changing buyer preferences, writes SPARXiQ CEO David Bauders. Distributors must invest in technology, understand buyer needs and adapt sales roles and strategies, ensuring they can offer personalized service and leverage analytics for comprehensive customer insights, Bauders writes.

AI solutions are best suited for the complicated distribution industry, which requires advanced process and project management skills to bring value-added services, offer customized products and carry out complex transactions and relationships. AI applications are emerging that address areas including demand generation, inventory forecasting and customer relationship management, but distributors will need to have technical experts on their teams, build processes for identifying how they can use AI and be on the lookout for new and emerging AI systems.

The retail industry and Barcode standards organization GS1 US are encouraging businesses to employ 2D barcodes by 2027 that have a smaller footprint and hold more data than today's 1D barcodes. GS1 believes the new barcodes will help boost supply chain visibility and efficiency, and two new reports produced by a working group of brands, retailers and tech firms offer practical advice for making the shift.

Predictive and prescriptive analytics can streamline warehouse operations, reduce costs and boost productivity by looking ahead to not only what could happen, but to also foster solutions for any scenario, writes Rob Mitchell, a data scientist with Lucas Systems. Four areas where such analytics is most helpful are slotting optimization for ideal space utilization, planning appropriate inventory levels, improving flow of materials and information, and predicting pick errors, Mitchell writes.

Compensation structures for your sales team should factor in the external challenges they face such as delays in decision-making and market fluctuations, writes Steven Rubenstein, the founder of Arrow Partners. Similarly, leaders can compensate salespeople with both quantitative bonuses for sales closed and qualitative bonuses that celebrate shortlist achievements, Rubenstein suggests.

If turnover or disengagement becomes an issue, it might be time to review company leadership practices with an eye on boosting retention. It's important to optimize communication efforts, take time to learn more about employees and their goals, and be willing to accept feedback, writes Kristel Bauer, founder of Live Greatly.

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NAW's sold-out Executive Summit 2024 featured a long list of industry leaders and provided attendees with valuable insights on the evolving wholesale distribution landscape, including cutting-edge technologies like AI. Be sure to check out upcoming NAW events, including the Distribution Leadership Program in April and Executive Roundtables in May.

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