Fastenal reported $1.51 billion in second-quarter revenue, up 10.3% from the same period last year, along with profit of $238.9 million. Daily-basis sales of safety products jumped 116.3% compared with a year earlier, offsetting a 16.4% drop in fastener product sales.

Distributors need to increase the value they already provide to customers and suppliers to successfully compete with Fulfillment by Amazon and manufacturers that sell directly to buyers, write Jonathan Bein and Ian Heller of Distribution Strategy Group. Distributors should also sell via marketplaces other than Amazon, such as Alibaba, that are not competing with their business, they write.

Integrating new technology is a five-step process of "identification, selection, implementation, education and adoption," writes Jason Bader, principal of The Distribution Team. Distributors should examine each phase to determine whether a particular technology investment is worth the money, he writes.

The pandemic has accelerated adoption of automation and digital processes, leading lawmakers and groups to call for nationwide investment in training to ensure Americans have the right skills. Digitization is most rapid in retail, health care and warehouses, according to the Markle Foundation, but labor experts say it's imperative that companies start seriously investing in training to remain competitive.

Seven fundamental factors are key for a successful e-commerce store, writes Hannah Kingston. Among other things, it's critical to be responsive to customers, test every aspect of the store and remember to account for mobile users, she writes.

Sales conversations too often focus on product features and functions instead of how a product can specifically benefit a particular customer, writes David Brock. "It's not my job to figure out how I get the results I want from something a sales person is trying to sell me," Brock writes.

Major changes can be made much more rapidly than many businesses thought before the pandemic, experts say. "[U]nderinvesting in change management is the biggest and most prevalent mistake a business can make," says Bill Kirst of West Monroe.

Distributors have made progress in navigating through this unprecedented disruption, but much more is needed. In this live webinar, we will follow up with Michael DeCata, President and CEO of Lawson Products, to hear how he is navigating through COVID-19 and how it has accelerated his plans around innovation. Mark Dancer, author of NAW's "Innovate to Dominate," and Richard Blatcher of PROS will explore with Mike how distributors must implement an "innovation ecosystem" to compete in the new normal. Register today! Sponsored by PROS.

Are you well-informed about different best practices and knowledge in our industry? If not, NAW's Top 10 E-book List can help get you up-to-speed quickly so you and your business can stay competitive in these challenging times.