Top IT distributors weigh in on economic outlook | Podcast: Distributors feel positive about demand | Fastenal leads way as distributors embrace e-commerce
Executives from three major IT distributors -- Ingram Micro, TD Synnex and D&H Distributing -- provided insights on their industry and the overall economy at the Global Technology Distribution Council summit and agreed on one thing: Nobody is sure whether a recession is coming. "[If there is a recession], the first thing you have to have an appreciation for is that, regardless of the economic cycle, within IT there's always value and there are always categories of areas that are in demand under any circumstance," TD Synnex CEO Rich Hume said.
Executives at the recent National Association of Wholesaler-Distributors Executive Summit spoke with Modern Distribution Management about the challenges and opportunities facing distributors, and overall they were optimistic about demand. "[W]e continue to see strong demand from our customers, and as far as we can tell, they continue to see strong demand in their markets," ORS Nasco and MEDCO Tool Chief Operating Officer Shane McCarthy says on an episode of the MDM Podcast.
Industrial supplies distributor Fastenal is an example of a company following the broad pattern of growth in business-to-business digital sales, benefiting from what President and CEO Dan Florness says is "incredible traction." Florness says building out the company's "digital footprint" will be a priority in 2023.
The Port of Long Beach reported overall imports in January were down 32.3% year over year, and container volume was down 28.4% to total 573,772 20-foot equivalent units. Port officials attribute the decreases to waning consumer demand and shifting trade routes and say they're making investments to become more eco-friendly and efficient.
Communications experts offer advice on writing copy that converts potential customers. "In a [business-to-business] capacity, think deeply about the customer experience and how the offering (product or service) will enrich their lives, make their work more convenient or add value to their business," says Advertas' Laura Cuttill. Quest Media Training's Zakiya Larry advises avoiding salesy copy to focus instead on "a goal emotion or thought that would lead to action."
The Federal Trade Commission's reluctance to approve mergers of hospital systems could prevent Amazon's deal with health care provider One Medical from going through, experts predict. The FTC is putting together a possible antitrust lawsuit against Amazon and has reportedly hired economists to review the merger with One Medical.
You may be reticent to speak out if you feel your team is moving in the wrong direction for fear of rejection or retaliation, but speaking about the possibilities and alternate options and talking privately with others to garner allies can help bolster your view, says George Mason University professor Todd Kashdan. "Try to find someone who has good social stature in the group, who is willing to amplify your voice because you know that if it comes from them, it's more likely to get a hearing," Kashdan says.