It’s been almost three years since COVID-19 reached the shores of the United States in early 2020. Back then, the economy shut down practically overnight, forcing millions out of their jobs in a matter of weeks.
Fast forward a few years, and things are definitely looking better! The economy has made a big comeback, especially in terms of jobs. Even though the Fed wanted to put the brakes on the market to bring down inflation, hiring remained strong throughout all 2022, and will likely continue.
Although there’s still concern about inflation in 2023, the strong economy, good investment climate, and robust consumer spending mean that even high inflation is unlikely to lead to a recession.
Image courtesy of Statista
On the other hand, Microsoft and Alphabet are the latest companies to announce some of the biggest job cuts the tech sector has ever seen. Microsoft will be reducing the workforce by 10,000 employees, while Alphabet (Googe) will be letting 12,000 workers go – by far the largest layoff in the company’s history.
Interestingly, CEOs at both companies – Satya Nadella and Sundar Pichai – referenced the shift to AI as a catalyst for the layoffs. Indeed, the technology sector grew immediately after the COVID-19 pandemic, but the future looks a lot more uncertain this time around. The tech industry is anticipating additional job cuts to occur throughout the year.
Image courtesy of Statista
B2B eCommerce News
OroCommerce secures $13 million funding
Oro Inc., which offers open-source software for B2B eCommerce and CRM applications, recently received $13 million in funding for strategic growth. Its objectives include increasing its presence in the United States and further enhancing its products.
This news comes as the company celebrates its 10-year anniversary, a decade of sustained growth and expansion. Over the years, Oro Inc. has established a people-first culture and ecosystem, while building products that serve the diverse and demanding needs of the B2B world.
Read more about this announcement from Oro, Inc.
Walmart Business to take on Amazon Business
Even though Walmart became the largest retailer by serving consumers, it’s now joining the ranks of Amazon, Staples, and Costco to target small businesses. According to financial analysts, Walmart is finding it challenging to continue growing in the B2C sector, while the B2B market is ripe with opportunities. The company made a soft launch of its business.walmart.com website in September 2022 but is now rapidly evolving the website and expanding its product offerings based on customer feedback.
Learn more about Walmart’s move into B2B eCommerce.
The 5 B2B eCommerce predictions in the retail industry
Ever since the start of the pandemic, the B2B eCommerce industry has evolved dramatically, and this year will be no exception. As the world enters the new year, businesses in the B2B eCommerce space are keeping a close watch on new technologies and opportunities. This article from The Retail Bulletin explores the trends and predictions B2B eCommerce retail that brands should track.
Find out more in The Retail Bulletin article.
Industries in the built environment are embracing B2B eCommerce
The B2B eCommerce market is picking up steam! In a survey of more than 500 sellers, Billtrust revealed that B2B eCommerce now accounts for at least one-half of all sales in five key industries. These include sellers in general contracting, janitorial/sanitation, electrical, plumbing, and HVAC. The vast majority of these sellers have employed digital commerce ordering capabilities.
See the full infographic and others like it here.
B2B Manufacturing News
How manufacturers can benefit from tech industry overreach
These are turbulent times in the tech industry – from large valuations all the way down to layoffs. The shockwaves are reaching tens of thousands and rippling throughout Silicon Valley and beyond. Stephan Lizou worked with numerous SaaS companies and offers some insights on what industrial companies can learn to improve their digital strategy and succeed in digital transformation.
Learn more about the benefits for manufacturers.
5 ways technology can improve manufacturing safety
One area that could always benefit from improved health and safety in the workplace is manufacturing. We’ve seen many promising trends over 2022 that could significantly impact manufacturers. But are any of them materializing? This article takes a look at the trends, their probability of them gaining traction, and how they can change the industry for the better.
Discover the ways technology is introducing new ideas.
B2B Distribution News
Shortages 2023: 4 goods facing tight supplies this year
While the majority of economic challenges that we’ve seen in 2021 and 2022 have been reversed, the shortages? Not so much. The big reason is geopolitical – the war in Ukraine and the standoff with China show no signs of letting up.
Macroeconomic issues, environmental factors, and global supply chain challenges persist, but consumer demand remains strong.
Discover what 2023 supply shortages to anticipate.
Can distributors compete with B2B eCommerce giants?
Small distributors can feel overwhelmed by larger, more established B2B eCommerce players in the market. With greater size comes bigger budgets, stronger buying power, and more impactful marketing strategies. So how can smaller players compete?
Being small does come with a number of benefits, as this article from Industrial Distribution shows. Bob Destefano uncovers numerous ways that small distributors can even the playing field in this competitive environment.
Are you a mid-market distributor looking for more actionable advice?
Download Case Study: How Midmarket Distributors Compete With The Goliaths.
B2B eCommerce Success Stories
B2B alcohol distributor reaches record $3 billion in digital sales
Miami-based Southern Glazer’s Wine & Spirits LLC adds new features to its eCommerce platform – making it easier for B2B buyers to buy what they want.
As the distributor grew and expanded to over 44 states, the company invested into B2B eCommerce to streamline the ordering process for retail partners. The investment paid off, leading to some impressive numbers. What’s more impressive is that digital tools didn’t replace sales professionals – but enabled sales professionals to contribute to these figures.
Read the Souther Glazer success story here.
A steel distributor reaches new heights with B2B eCommerce
Recently, the Grand Rapids-based steel distributor has evolved its digital commerce offering. With its updated eCommerce website and app, Mill Steel enables buyers to view order history, place orders for delivery or pickup, and bid on excess products from inventories.
Mill Steel launched its eCommerce platform in 2021, and today is on track to surpass over $100 million in digital sales – that is a small fraction of the company’s $1.6 billion in annual sales.
Read the Mill Steel Success story here.
Paya, a B2B payment processor, acquired by Nuvei, a fintech company
Nuvei, a Montreal, Canada-based global payments technology firm, acquired B2B eCommerce fintech firm Paya for $1.3 billion. This deal will accelerate the company’s growth and expansion into new markets, according to Philip Fayer, CEO and Chairman of Nuvei.
Paya’s integrations with over 300 B2B-focused vendor platforms and solutions position Nuvei to take advantage of the incredible B2B eCommerce potential.