US retail sales growth is expected to slow to between 2.5% and 3.5% in 2024, down from the 3.6% growth last year, according to the National Retail Federation. The NRF forecast aligns with conservative expectations from major retailers like Walmart and Target, as lingering inflation and elevated rates affect consumer spending.dd "We are confident there will be moderate but steady growth through the end of the year," said NRF president and CEO Matthew Shay.

Distributors are investing heavily in data capabilities to enhance decision-making, improve supply chain partnerships and reduce costs, as the most data-savvy distributors report significant advantages, according to a recent MDM report. Transitioning from data collection to strategic utilization requires identifying problems, building trust in data and making better-educated decisions based on directional data. Companies like ADI Global and Genuine Parts leverage data for predictability, resiliency, revenue growth and operational efficiency, aiming for continuous evolution in their data-driven strategies.

Supplier relationship management organizes the procurement process by streamlining vendor information and communication to the buyer while decreasing supply chain risk and overall cost. For the most effective use of a SRM system, buyers should proactively plan how to engage suppliers to develop personal relationships, cultivate trust and comply with different regulations.

Ocean spot rates have been falling for six consecutive weeks and the $2,500 spread between those rates and the long-term contract market for goods traveling from Asia to the US West Coast is the highest seen since September 2021, writes Lori Ann LaRocco. Experts say shippers are waiting for steeper declines before signing contracts, and ocean carriers that rely on March and April contracts aren't budging on higher rates initially fueled by necessary Red Sea diversions.

AI can help both marketing and procurement teams harness real-time data to make decisions about sales forecasting, which vendors to buy from, risk analysis in the supply chain and where the most profitable product margin lies, writes Al Girardi, the global VP, marketing & CMO at GEP. AI also gives decision-makers transparency into the supply chain in order to respond to disruptions, Girardi notes.

The Panama Canal Authority is increasing capacity later this month after drought conditions forced it to reduce the number of transit slots on the waterway, resulting in an almost 40% drop in daily traffic during late 2023 and early 2024. Adding these slots, with more to come later if possible, should help ease costs for shipping operators heavily affected by the drop in transit capacity.

Business-to-business customers expect a seamless online buying experience, and platforms should offer them information on the brand and the products to make informed purchasing decisions on their first visit, with incentives to make them repeat customers, writes Michael Vax, founder of CommerceIsDigital consulting firm. Many B2B businesses don't display prices online because of competition or price fluctuations, but organizations should find a middle ground by displaying examples, default prices or prices for commonly available products while encouraging buyers to register to receive discounts or place special orders, Vax writes.

AI can't replace human writers for internal communications but can be a useful assistant, writes Michael DesRochers of Polite Mail. "For example, internal comms could ask an AI tool to take a Teams meeting transcript and produce a bullet list summary for broadcast distribution," writes DesRochers.

Generative AI will help employers automate candidate screenings, speed up the interviewing and onboarding process and reduce repetitive tasks, says WorkFusion CEO Adam Famularo, who recommends defining AI goals and preparing employees by showing them how AI will open up new opportunities and help them do their jobs. "Innovative companies are exploring their options with technology, such as how to better empower and grow existing employees and how to automate lower value work to improve the employee experience, uplevel job skills and training, and reduce burnout -- since AI can do the more mundane and painful parts of a job that no one wants to do," Famularo says.

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