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.
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.
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.
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.
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.
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.
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.
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.