The Digitally Driven Industrial Distributor:
Watch Now on YouTube Channel for FastenerTV: (19:48)
My name is Cris Young and I’m here to talk to you about digital transformation but before I do, I’d like to share some statistics for online sales.
• The market size, measured by revenue, of the Online Industrial Supplies Sales industry is $15.9bn in 2020.
• The market size of the Online Industrial Supplies Sales industry is expected to increase 1.8% in 2020.
• The market size of the Online Industrial Supplies Sales industry in the US has grown 2.1% per year on average between 2015 and 2020.
• The market size of the Online Industrial Supplies Sales industry in the US increased faster than the economy overall. Why is all this so important for the industrial distributor & manufacturers?
• Because a large percentage of distributors are not online with eCommerce capabilities today
• They are competing with not only the BIG industrial suppliers but marketplaces! • The competition is spending millions of dollars on technology and taking market share
• Many B2b businesses are making a key mistake approaching the same buyer from 10 or 20 years ago. The reality is that digital native millennials are changing the nature of b2b buying. According to recent data 72% of b2b are now millennials.
• Distributors must either evolve or risk irrelevance in the digital supply chain
Faster innovation, disruption and industry transformation, all trends that have accelerated because companies are being forced into the future. Whether we like it or not. The future of our business’s distribution channels depends on how quickly we adapt to change. So, are you transforming? Because B2B is experiencing a super-fast growth rate and even more so since COVID hit. Customers are going online at records numbers. 85% of B2B Buyers would much rather use your online store than contact a sales representative. Your clients are looking for exceptional online experiences that allow them to research, source and buy your products online. Your online presence is the customer relationship tool of the future. There is no better time to make changes in our business or organization then right now.
SPEAKER:
Cris Young | CEO of Product Genius Technology: My history in the fastener industry started many years ago and since a lady never reveals her true age let’s just stick to the last few years. While I had been previously employed in a fortune 500 logistics company and a small industrial product company when I started at Hudson Fasteners it was the first time as a specialty distributor. I remember waking up in the middle of the night with thread pitch and metric sizes in my head for quite some time. While at Hudson Fasteners my role was to direct the digital beginnings of our company transformation. This led us to several key developments. Our progression into media and technology.
Media: We founded Fastener News Desk which provides the online industry news and events. We cover what’s going on in the industry and what affects it such as 3D and additive manufacturing, workforce, technology, and economic articles and reports. It has given me the opportunity to meet with and learn from industry leaders and peers. We will miss seeing our industry friends and checking out all the booths to find the Best Booth this year.
Technology: I am the co-creator of PGT which was awarded two patents for its eCommerce application. Product Genius Technology™ simplifies the search, sort and display of complex product categories, specializing in fasteners and industrial products.
I was a founding member of WIFI and served as president for two years. I have also served on the Fastener Industry Coalition board.
ABOUT PRODUCT GENIUS TECHNOLOGY:
Distributors and Manufacturers Is your product data ready for a great user experience, investors, marketplaces, or eCommerce?
TEST DRIVE: Product Genius Technology™ at 1800Fasteners.com
Product Genius Technology™ is an application that simplifies the search, sort, and display of complex product categories like fasteners and industrial products. PGT can fully integrate with any eCommerce platform on the market today.
Product Genius Technology™ enhances customer experience with the new view for industrial product search.
Turn your sales team into product genius’s when selling complex product categories online.
Product Genius Technology™ services also include data cleaning and preparation.
Contact me Cris@ProductGeniusTechnology.com or call 1-800-fasteners to get started today.
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