J.D. Ewing, an active member of NAW and chairman and CEO of office furnishing distributor COE Distributing, testified in front of the House Committee on Small Business on Wednesday during a hearing aimed at examining the current economic landscape in the US. Ewing provided perspective on a range of challenges facing US small businesses, including rising costs, supply chain disruption, taxes and burdensome regulations. NAW Chief Government Affairs Officer Brian Wild said family-owned distributors like COE "have been disproportionately hit by the growing anti-business attitude in Washington."

Orgill prepares for the summer air conditioning season by stocking inventory at distribution centers in winter and having products in stock to meet urgent replacement needs, says senior category manager Alex Burcham. Burcham details the firm's marketing strategies, which include visible product placement and pre-season promotions like the company's spring buying event.

Core & Main, a St. Louis-based distributor of waterworks and industrial supplies, is expanding in Canada by acquiring distributor HM Pipe Products. The deal is expected to enhance Core & Main's ability to address Canada's water and wastewater infrastructure needs and provide growth opportunities in a multibillion-dollar market. Core & Main also announced several promotions and appointments.

Incorporating sustainable procurement practices leads to benefits including more effective risk management and reduced costs, writes Neil D'Souza of Makersite, noting that consumers want sustainable products, regulations are getting more stringent and rapidly changing geopolitical conditions factor in. D'Souza recommends doing materiality assessments to evaluate a business' current status and determine a long-term sustainability strategy.

Alibaba is focusing on generative AI tools to support cross-border merchants with tasks like translation and content creation, according to senior executive Kaifu Zhang. Alibaba International Digital Commerce Group has grown, reaching 300 million consumers annually and achieving a 44% earnings increase in the last quarter of 2023, Zhang said.

US ports handled 2.08 million 20-foot equivalent units in May, up 7.5% year over year, according to the Global Port Tracker from NRF and Hackett Associates. That was the highest level since 2.26 million in August 2022 as inbound cargo volumes continue to increase despite numerous supply chain disruptions, The report estimates that June's volume rose to 2.1 million TEU, July is forecast at 2.21 million, and August should see 2.22 million. "We're experiencing the strongest surge in volume we've seen in two years, and that's a good sign for what retailers expect in sales," said Jonathan Gold, NRF's vice president for supply chain and customs policy.

Salespeople should be open to talking to anyone, not just high-ranking members of an organization, advises sales expert Colleen Francis. "Every conversation with everybody inside an organization that you're trying to sell to, or who is already a customer, can provide you valuable information if you ask the right questions," Francis writes.

Federal Reserve Chair Jerome Powell has suggested that the central bank is moving closer to cutting interest rates because of a cooling labor market. "Elevated inflation is not the only risk we face. ... For a long time, the risks were more that we would fail to hit our inflation target," Powell said in testimony to the Senate banking committee. However, the risks of letting inflation stay too high and letting the labor market slow too much "are coming much more into balance," Powell said. "We're very much aware that we have two-sided risks now."

Have some employees use generative AI and some not, then compare productivity on similar tasks, write Babson College professor Thomas Davenport and GAI Insights co-founder John Sviokla, who suggest employers adopt several disciplines regarding the technology. "Among the skills and knowledge that employees need to master are the fundamentals of how gen AI works, prompt engineering, when and how to confirm facts, how to create the highest-quality content, and how to integrate the technology into their jobs," they write.

Attending the Innovators Summit lets you stay updated with the latest industry developments and remain ahead of your competitors. By being aware of emerging trends and disruptive technologies, you can proactively adapt your business strategies, identify new revenue streams, and gain a competitive edge in the market. Learn more here.

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