NetPlus Alliance members are mostly optimistic for the second half of 2024, though some distributors are cautious due to election uncertainty, high interest rates and inflation, according to the group’s latest Industry Outlook report.
The industrial and contractor supplies buying group said that 26% of member distributors reported significant gains (+8% or more) in 2024’s second quarter, with an additional 28% reporting moderate gains (+3%-7%).
Distributors said that new customers, NetPlus Alliance membership, hiring more effective sales reps and expanded product offerings contributed to this growth.
About two-thirds of respondents expect sales growth for the full-year of 2024. Members identified their top three opportunities for the next 12 months as product diversification (38%), new talent (32%) and operational improvements (32%).
“The future is always uncertain,” NetPlus Alliance President and CEO Jennifer Murphy said in a Sept. 24 news release. “However, our members are hard at work growing their businesses, reorganizing sales teams, improving operations and expanding geographically.”
In its latest quarterly survey, NetPlus Alliance reported a 13.1% increase in distributors’ purchases from NetPlus suppliers, while purchases rose more than 10% year-over-year.
The NetPlus Alliance Industry Outlook tracks business results and trends in the industrial and contractor supply markets. The latest quarterly survey was completed in July 2024, and the outlook was based on second-quarter results.
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