Small business confidence fell to an 11-year low in March amid continued inflation fears. One-fourth of proprietors surveyed by the National Federation of Independent Business reported rising costs as their biggest challenge, with higher input and labor costs leading the way. More than one-third of businesses reported increasing worker compensation, but hiring plans were the lowest since May 2020, with only 11% of companies planning to add jobs.

To deliver on its mantra "next day - complete," Grainger relies on scope and scale with 26 distribution centers and 250 branches to provide 600,000 products. To stay ahead of the curve, the company uses data analysis to track growth and demand trends. Industrial Distribution examined the data science and machine learning used to power and optimize Grainger's distribution network.

Beacon, which has more than 530 locations in the US and Canada, is opening new locations in Spring Lake Park, Minn., and Dieppe, New Brunswick, Canada. The company, which serves residential and commercial roofing contractors, is seeking to capitalize on solid growth in the area. In 2024, Beacon has so far opened five new locations, completed two acquisitions and agreed to a third acquisition.

Customer service has multiple touchpoints, and keeping information consistent and accurate can be challenging. Technology like AI can help streamline, track and personalize information to ensure customers have an efficient and productive experience, making doing business with suppliers easy.

Shippers and carriers identify climate change issues and their ability to affect supply chains as their top concern in the 2024 State of Transportation Report compiled by technology provider Breakthrough. Almost all shippers contacted say they have sustainability goals in place, with about two-thirds planning to fulfill specific certifications or standards. The report's authors, however, note that current concerns could shift: "Most transportation leaders expect linehaul rates to begin climbing before the end of 2024."

Cord Himelstein, vice president of digital marketing at HALO, explains how business-to-business marketers can win over Generation X, including being authentic, using straightforward messaging, delivering value and focusing on meaningful relationships. "In a world filled with exaggeration and empty promises, being genuine is a competitive advantage," Himelstein writes.

Despite the meteoric rise of generative AI tools, many businesses remain hesitant to implement the technology across core operations. Recent survey data suggests only around 5% of producers in the goods and services sector are fully utilizing AI. One example is tobacco products manufacturer Reynolds American, which has experimented with AI for data analysis but has avoided its use in riskier applications like finance.

US consumers' expectations of inflation over the next year remained steady at 3%, according to a Federal Reserve Bank of New York survey. Concerns about debt repayment are on the rise, however, with the perceived likelihood of missing minimum debt payments in the next three months reaching 12.9%, the highest level in four years.

Research shows the benefits are clear: Companies that invest in their employees' professional development experience increased employee retention, improved performance and enhanced innovation. Join a select group of high-caliber professionals for an exclusive program designed to accelerate your career in wholesale distribution. This intensive, 5-day certificate program, led by seven expert faculty members from The Ohio State University, will equip students with the strategic skills and knowledge to navigate industry challenges, drive growth and lead with confidence. The Spring Session is April 29 - May 3, 2024. Learn More.

The NAW Company Roundtables are an exclusive community of thought leaders from Billion Dollar and Large Company distribution enterprises who congregate to network with non-competing peers in multiple lines of trade on key issues. Learn more about the many Roundtable event opportunities we offer, and how your leaders can get involved. Learn more.

Join us on May 22 at 1 pm ET for the next webinar in our "How-to with NAW" series. Each episode is a micro-revolution for your distribution business, delivering practical takeaways and actionable steps you can implement immediately.