Albert Nahmad, founder, chairman and CEO, Watsco Inc.

The company said quarterly revenue rose 6.8% year over year. That’s up to a record $2.139 billion for the second quarter ended June 30. And ecommerce grew at nearly twice that rate, at 13%, to $770.16 million.

In Q2, Watsco ecommerce sales accounted for 38% of total sales. Watsco is well-known as a prominent online distributor in the highly fragmented, $64 billion North American HVAC and refrigeration products industry.

“A cornerstone of Watsco’s growth strategy is the acquisition of long-standing, family-owned businesses,” Nahmad said on the Q2 earnings call. He noted that, since its founding in 1989, Watsco has completed 69 acquisitions, “achieving industry-leading scale and preserving many wonderful business legacies into future generations.”

Nahmad added, “Over the last five years, Watsco has acquired eight businesses that today generate approximately $1 billion in annual sales.”

Watsco’s entrepreneurial spirit and ecommerce sales focus

The company’s growth strategy relies heavily on continuing the entrepreneurial spirit of acquired companies, whose executives typically remain to lead their operations.

“Simply put, Watsco’s entrepreneurial culture, which empowers local leaders to make local decisions, continues to perform well,” Nahmad said on the earnings call today.

He noted that Watsco’s long-running strategy of investing in digital commerce technology “continues to have an impact” on financial performance.

“Greater adoption and use of our platforms by a growing number of contractors has produced growth and market share gain,” he added.

Watsco is a Miami-based company that other HVAC suppliers have said they emulate for its digital commerce strategy. It also noted other developments related to its “digital ecosystem of technologies” configured to “transform the customer experience and transform how our industry operates.”

Watsco’s digital ecosystem

The digital ecosystem includes:

• OnCallAir
• Watsco’s HVAC Pro+ Mobile Apps
• Watsco’s product information management (PIM) system

OnCallAir is Watsco’s ecommerce sales platform that lets HVAC contractors digitally engage with homeowners and sell them products and services. It compiled approximately $1.4 billion in gross merchandise value for the 12-month period that ended June 30.

For the six months ended June 30, contractors used OnCallAir to present quotes to about 160,000 households. That’s an 18% year-over-year increase. It also generated a 27% increase in GMV to $743 million.

Watsco’s HVAC Pro+ Mobile Apps provide contractors and their customers with real-time access to ecommerce activity. They also include such information as product specifications, inventory availability, systemwide product matchups, and technical support. For the 12 months until June 30, the number of HVAC Pro+ Mobile Apps users grew 12% to approximately 60,000.

Watsco’s product information management (PIM) system is a repository of rich product data. It provides data on over 1.5 million SKUs to more than 375,000 contractors and technicians who visit or connect digitally with one of its nearly 700 physical locations across the United States, Canada and Latin America.

Watsco is updating its technology systems to “optimize the launch of new GWP (Global Warming Potential) A2L” refrigeration systems designed to be more efficient and sustainable to reduce the adverse effect of refrigerants on climate change.

Though it accounted for 38% of total Q2 sales companywide, Watsco ecommerce sales exceeded 60% in some regions.

Watsco’s pitch to would-be partners: ‘Come to Miami to see us’

In his earnings call remarks, Nahmad, forever on the lookout for acquisitions, said, “Our proven culture, customer-focused technologies, scale and access to capital provide unique advantages and opportunities.” He added to anyone listening: “If you have an interest in learning more, please come to Miami and see us. We are transforming an industry, and we would enjoy telling you about it.”

Here’s last quarter’s update on Watsco ecommerce sales.

Paul Demery is a Digital Commerce 360 contributing editor covering B2B digital commerce technology and strategy. paul@digitalcommerce360.com.

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Klaus Staubitzer, chief procurement officer and head of supply chain, Siemens AG

“Recent events, like the Covid-19 pandemic and focus on sustainability, have given us the opportunity to establish procurement and supply chain as a key value function instead of a simple support function,” Klaus Staubitzer, the chief procurement officer and head of supply chain at technology and engineering giant Siemens AG, says in a new report on procurement industry trends from Economist Impact and business software company SAP SE.

But the report notes that living up to that “key value” provider role isn’t easy and requires more coordination among procurement and other business departments as companies deal with ongoing supply chain threats, such as the armed conflicts in sea lanes that arose after the pandemic.

The report, “Across the procurement-verse: changing trends in the procurement function,” is based on a first-quarter 2024 global survey of 2,307 senior executives across various business operations, including supply chains, financial management and human resources as well as procurement.

The report asserts that while most executives recognize that procurement departments have made notable strides in collaboration with other departments, “procurement teams have considerable room to improve collaboration skills.”

“While 75% of executives agree that procurement collaborates effectively with the business on issues of strategic importance (up from 53% last year), only a fraction of these (18%) have high confidence in procurement doing so, and only 14% have high confidence in the application of procurement insights across the organization,” the report says. “Procurement has yet to gain the full trust of stakeholders in this area.”

The report, citing crucial trends in AI and supply chain diversification, also asserts:

• Procurement’s success in digitalization increasingly rests on its ability to adopt and master emerging technologies.

“Accelerating digitalization is the highest procurement priority for the majority of respondent organizations over the next 12-18 months, and AI adoption is a centerpiece of these efforts, cited by 44% as a top technology priority,” the report says. “The respondents make clear AI should play a key role in improving procurement process automation.”

• Procurement teams are seeking a balance between centralized and decentralized operating models.

Asked about procurement operating model changes in the next 12-18 months, survey respondents said their intentions were roughly evenly split between two directions: “One is increasing the role of centers of excellence (CoEs), which support best practices in strategic sourcing, knowledge management, performance tracking and other areas. The other is adopting a center-led model, in which the central procurement team makes decisions in key areas while leaving business units to decide on unit-specific procurement matters. CoEs complement and support a center-led approach.”

• Businesses look to reduce supply chain risk in the long term by prioritizing supplier diversification — a priority cited by 40% of surveyed executives.

“In the shorter term, meanwhile, companies are putting stronger emphasis on supply-base consolidation (26% in 2024 v. 10% in 2023) given the push to build trusted relationships to overcome supply-chain challenges,” the report says.

Procurement and supply chain teams are also using new technology applications to improve how they ensure getting the right products for their organizations.

Pushing procurement’s more valuable role

For example, the report notes that Siemens uses “a digital twin (a digital model of a real-world product, object or process) to analyze, with precision, the material cost of the parts it purchases and how they are produced.”

The report adds that Staubitzer’s  team at Siemens now also uses the tool to determine the CO2 emissions of those parts as well as the carbon footprint of the supplier’s entire operations. The survey uncovered a similar trend, noting that 46% of CPOs “prioritize carbon footprint mitigation, more than any of their counterparts.”

“Our suppliers are sometimes surprised that we have a better breakdown of these details than they have from their own calculations,” Staubitzer says.

Roman Belotserkovskiy, a partner in the Austin, Texas, office of the global management consulting firm McKinsey & Co., says the inflation trends in recent years have provided an opportunity for procurement teams to demonstrate their value and increase their prominence.

“CPOs who did well are those who went and found new sources of supply or who focused on protecting revenues or margin, rather than focusing exclusively on cost,” he says in the report.

Belotserkovskiy has also observed an increase in the number of CPOs presenting to their board of directors — another sign of increased prominence.

“That was very rare two or three years ago,” he says.

Paul Demery is a Digital Commerce 360 contributing editor covering B2B digital commerce technology and strategy. paul@digitalcommerce360.com.

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Emily Newton

Automated guided vehicles (AGVs) have become more common at supply chain locations worldwide, transporting containers and other loads between ships, trucks, rail cars and warehouses. Why are more leaders using them? Most use cases relate to relieving congestion and improving operations when ports experience record-setting traffic levels. Decision-makers recognize how AGVs can streamline their supply chains, keeping containers moving and preventing costly delays.

Accelerating the Movement of Goods

The supply chain’s persistent labor shortage can cause staffing crises that are particularly impactful during peak periods. Some leaders have deployed AGVs for material handling tasks, finding that such efforts help them maintain high productivity.

One example came from China’s Ganqimaodu land port. Each AGV moved between this port and a Mongolian coal stockyard, carrying two standard containers of imported products along a 1.86-kilometer route. An AGV takes 50 minutes per round trip and travels up to 25 kilometers per hour.

The AGV operator using them in China has 30 in its fleet, using 24 each weekday. They move 10,400 tons of coal daily during 160 total round trips. Additionally, there are 30 AGVs in Mongolia. Supply chain managers believe that using all 60 simultaneously will allow for achieving a 15-million-ton transport capacity.

To provide perspective on the overall coal-related activity at the port, leaders said each arriving truck holds up to four standard containers and makes four to six round trips per month. This initiative was the first instance of AGVs used at a land port for cross-border transportation, showing the potential of such applications.

Examples such as this show how AGVs can minimize supply chain staffing shortages, keeping each port as productive as possible during those challenging times. Moreover, AGVs can support other automation projects to relieve labor needs.

Japanese officials plan to address the labor shortage with a conveyor belt from Osaka to Tokyo. The so-called Autoflow-Road project would include infrastructure above and on the sides of roads, as well as tunnels underneath major highways. Estimates suggest this system could move loads equal to that of 25,000 trucks daily, and that each container placed on the conveyor belt would hold up to 1 metric ton of goods.

Facilitating Improved Forecasting

Multiple partners often handle goods moving through supply chains, especially when those loads require multimodal transport solutions. Clients understandably want progress updates on their container loads so they can plan associated operations accordingly. Managers frequently deploy connected technologies to meet those needs.

For example, the United Kingdom’s Port of Dover has an advanced digital twin that predicts the associated tidal flows and weather conditions, supporting safe arrivals and departures. That tool complements a landside digital twin that optimizes traffic flows and port operations while supporting decarbonization and energy efficiency efforts. Such visibility enhances predictions and reduces the reliance on guesswork. Supply chain clients benefit by passing on more accurate information to their customers, increasing the likelihood of repeat business.

People worldwide have warmly embraced online purchasing, appreciating its convenience and efficiency. In 2023, U.S. B2B ecommerce sales surpassed $2 trillion and U.S. retail ecommerce sales topped $1.1 trillion. And analyses suggest global retail ecommerce sales will surpass $8 trillion by 2027. Shoppers who receive correct estimates of incoming parcels can adjust their schedules accordingly, remaining available when they arrive.

Improving Resilience

Supply chain experts frequently assess their business models, identifying new ways to protect their networks from shocks that could severely disrupt their operations. Many search for process improvement options, knowing that even small tweaks can significantly improve outcomes.

These professionals must focus on the things within their control to minimize the effects of those that are not. Then, they remain better equipped to handle the various fluctuations common to their industries.

Freight indexes are nearly 10 times higher than pre-COVID-19 levels. However, leaders who use AGVs and other automated tools to strengthen their supply chains have more oversight and influence over the impact of supply chain fluctuations. Improvements could free up money in the budget for aspects outside their control.

Decision-makers may implement AGVs as part of more-extensive automation strategies, knowing targeted improvements will keep them competitive and profitable. A logistics company did that to prepare for Singles Day, which has become one of China’s most notable online shopping days. Business leaders created a robust, end-to-end system to support the supply chain from first-mile pickups to last-mile deliveries.

That all-encompassing effort allowed the enterprise to deliver more than 200 million parcels to customers who shopped for the occasion. AGVs played a significant role in the success. A single Thailand warehouse has 100 of the machines, which collectively reduce employees’ walking time by 90%. This example shows that AGVs can support higher efficiencies along the supply chain.

Planning AGV Utilization

Today’s supply chains pose increasing challenges, but automated guided vehicles can overcome many of them. However, any AGV-related plans must carefully consider worker training, traffic flow, tech infrastructure and other necessities.

Addressing those matters early in the process boosts the chance of success and provides a strong return on investment. Getting inspired by supply chain partners currently using AGVs in their processes is an excellent way to explore what is possible.

About the author:

Emily Newton reports on how technology disrupts industrial sectors. She’s also the editor-in-chief of Revolutionized, covering innovations in industry, construction, and more.

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“You see the pictures online, you like the location, but oftentimes we show up to terrible beds and missing pots and pans,” she says.

Ashley Ching, founder and CEO, Inhaven

Ching, a veteran of product sourcing, merchandising and ecommerce, figured there must be a better way to manage the growing U.S. vacation rental business, which, according to research firm AirDNA, totals approximately 1.5 million rental units in the U.S. market.

In September 2022, she founded and became CEO of Inhaven, an online B2B company she launched to raise the operational standards of the short-term vacation rental industry. Ching brought to Inhaven her experience in product sourcing, merchandising and managing brand standards at Tiffany & Co. and in ecommerce at The Home Depot housewares brand The Company Store.

Inhaven deployed a customized a B2B ecommerce site at Inhaven.com on the BigCommerce platform, which it designed to make it easier for property managers and their buyers in the complex vacation rental industry to find and purchase quality products ranging from beds, linens and pillows to bathroom supplies, kitchen utensils and tableware.

Inhaven also has deployed the Zoho CRM application to manage things such as customer application forms and Klaviyo for email marketing.

One of Inhaven’s primary goals is also to establish product standards among the thousands of vacation rental property management companies, who handle about 40% of the U.S. vacation rental market of 1.5 million units, Ching says.

“The challenge that we have in the vacation rental industry today is that there are 25,000 property management companies … 25,000 companies doing things in different ways.”

She asserts that, just as the hospitality industry set higher bed standards decades ago for economy as well luxury hotels, the vacation rental industry needs to follow suit.

Working with suppliers to furnish “Masterpieces”

Ching says Inhaven works with suppliers to provide products that meet quality standards in four levels, from basic (or “Canvas”) to high-end (or “Masterpiece”). It organizes them with images, pricing and other product details on Inhaven.com to simplify how buyers can choose the ones that fit their market and pricing strategy. Buyers for property managers can see which products meet their companies’ purchasing policies.

Inhaven.com has API connections to suppliers to update product details in real time and forward custom orders to vendors for drop-shipping. It works with about 200 brands, including Gibson Home and Martha Stewart.

Ching says Inhaven also uses the Flxpoint drop-ship platform, which “helps us maintain current inventory and supports our order workflows to and from our manufacturers.” It also uses Aftership to track order fulfillment once a manufacturer ships to a customer.

Inhaven is privately funded and doesn’t release revenue figures. But Ching notes that it has been growing steadily since launching in 2022 and now serves buyers for about 55,000 rental units.

“We’ve been doubling sales every quarter since then,” she says.

Going forward, Ching says she hopes to expand on Inhaven’s product standards strategy by working with online travel agencies and rental listing services to identify vacation properties that meet particular Inhaven standards.

“We’re focused on people looking for vacation homes managed by teams committed to these standards, and making it easy for them to find these homes,” she says, adding, “There’s nothing like that in the vacation rental industry.”

Paul Demery is a Digital Commerce 360 contributing editor covering B2B digital commerce technology and strategy. paul@digitalcommerce360.com.

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But that boom in how consumers and businesses go online to purchase goods and services — at work and home — is taking a huge strain on the global resources and the environment, says a new report from the United Nations Conference on Trade and Development.

The digital economy is booming. Annual smartphone shipments have more than doubled since 2010, hitting 1.2 billion in 2023. And Internet of Things (IoT) devices are projected to surge 2.5 times to 39 billion by 2029, from 2023. New data from 43 countries shows business ecommerce sales grew 60% from 2016 to 2022, to reach $27 trillion. The data represents about three-quarters of global gross domestic product (GDP).

This growth is taking an increasingly heavy toll on the environment, according to the UN report.

Ecommerce role in the environment

The digital economy is resource-intensive. A four-pound computer requires 1.7 pounds of raw materials.

While the production phase is the most impactful — generating some 80% of smartphone greenhouse gas (GHG) emissions — environmental harm occurs throughout the lifecycle of devices and information and communications technology (ICT) infrastructure, including through ecommerce, according to the report.

Digital waste is growing faster than collection rates. Waste from screens and small IT equipment rose 30% between 2010 and 2022, reaching 10.5 million tons. Improper disposal leads to pollution and other health and environmental hazards.

Increasing demand for data transmission, processing, and storage for recent technologies like blockchain, artificial intelligence (AI), fifth-generation (5G) mobile networks and IoT is boosting emissions. For example, the ICT sector emitted an estimated 0.69 to 1.6 gigatons of CO2 equivalents in 2020, corresponding to 1.5% to 3.2% of global GHG emissions.

As digital devices become more complex, they require more mineral resources. Phones used 10 elements from the periodic table in 1960, 27 in 1990 and 63 in 2021.

As a result, demand for critical minerals critical for both digital and low-carbon technologies is soaring. For instance, demand for cobalt, graphite and lithium is expected to increase by 500% by 2050, according to the World Bank.

A pressing concern is digitalization’s increasing energy and water needs. In 2022, Google’s data centers and offices consumed more than 21 million cubic meters of water. Newer technologies, such as generative AI, also require more potable water for cooling servers.

In the U.S., one-fifth of data center servers’ direct water footprint comes from watersheds that are moderately to highly water-stressed, according to the report.

“The digital economy currently generates excessive waste, reinforced by programmed obsolescence – the built-in reduction of a product’s lifespan due to technical, functional or psychological reasons – in modes of production,” the report says. “A circular economy minimizes waste and maximizes resource use through reusing, refurbishing, recycling, and extending product lifespans.”

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But supply chain management is a wide area for lots of activity — including pilot initiatives and full-scale rollouts, says a new survey of 1,700 supply chain management executives from Epicor, a developer of enterprise resource planning (ERP) applications.

Supply chain managers benefit from generative AI

The survey found that a higher percentage of businesses (63%) that identify as high-growth have already integrated generative AI into their respective supply chain operations to manage cost and operational challenges. It defines high-growth businesses as those with revenue growth of 20% or more over the past three years.

Supply chain managers are integrating generative AI into digital supply chain operations across various function. According to the survey, those include:

• Product descriptions
• Customer service chatbots
• Natural language querying
• Reporting
• In-application assistance

At this point, 72% of organizations are using generative AI in customer service chatbots, survey data shows.

“This widespread implementation is attributed to the technology’s ability to streamline customer interactions across various sectors,” Epicor says.

Meanwhile, 67% of organizations currently employ generative AI for crafting product descriptions, leveraging the technology’s capacity to analyze customer sentiment and forecast market demand.

“This enables a more informed approach to product design and feature development,” according to the survey.

Additionally, businesses are also implementing machine learning most frequently in inventory optimization (45%) and demand forecasting (40%).

A big priority for the impact of automation technologies lies in increased efficiency and productivity (32%). Priorities also lie in cost savings (26%) and improved supply chain automation (23%).

“This reflects a strong belief in the potential of these technologies to drive significant improvements in supply chain management,” Epicor says.

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While the search for a new CEO begins, executive chair Richard Leeds has been appointed as interim CEO. The transition will be effective as of Aug. 9, says Global Industrial.

New Global Industrial CEO

Leeds joined Global Industrial in 1982 and served as its chair and CEO from 1995 until becoming executive chair in 2016. He also previously served as president of the Company’s Industrial Products Group until 2011.

Global Industrial didn’t provide a specific reason for Litwin’s departure, but he is leaving on good terms.

“Mr. Litwin’s resignation is not the result of any disagreement with the Company on any matter relating to the company’s operations, policies, or practices,” according to a filing with the U.S. Securities and Exchange Commission.

Litwin was appointed CEO of the company in 2019 and has served as director since 2017. He was previously the CEO of Adorama, Inc., a retailer of professional camera, audio, and video equipment. He has also served in executive roles overseeing the ecommerce businesses and digital strategy for Sears Holdings, Inc., Office Depot, and Newark Electronics Inc.

In 2023, Litwin received total compensation of $2.775 million, including a base salary of $983,700, according to Global Industrial’s proxy filing. As executive chair, Leeds was paid a salary of $950,000 and received total compensation of $980,000, according to the filing.

Global Industrial Co. started its 2024 fiscal year on a positive note, growing net sales year over year.

Global Industrial revenue was $323.4 million for the first quarter ended March 31. That’s an 18.1% increase over $237.8 million in Q1 2023. More than 60% of sales take place online.

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For 69% of B2B organizations, scaling revenue and operations is the top priority. The next priority is, which 53% cited, is prioritizing shifting revenue from in-person channels to ecommerce.

Despite the focus on ecommerce, manufacturers and distributors reported that 74% of revenue continues to come from offline channels and only 26% from online channels. This indicates a huge revenue opportunity to gain experience not only ecommerce revenue, but also the business overall, according to the survey.

B2B manufacturers, distributors want to scale revenue through ecommerce

“While these organizations currently earn less revenue from online channels, those investments are intended to reverse this trend and maximize potential online revenue. B2B companies that already have well-established ecommerce experiences currently generate more revenue through online interactions,” Algolia says.

Other findings include:

• When customers place orders online, 61% of those orders are a mix of large and small value products.
• 58% of B2B buyers made purchases once a week or more through ecommerce portals and 33% made ecommerce purchases a few times per month. Only 9% made a single monthly purchase.
• 32% of manufacturers and distributors recognize that their customers have difficulty finding products due to poor search functionality.
• 23% of respondents want to use search to consolidate data and information from various sources.
• 28% of manufacturers and distributors see search as a fundamental way to level up to advanced technology at their organizations.

“Responses across the board indicate that a top strategy for B2B organizations during 2024 is to scale revenue by shifting it to ecommerce channels,” according to the survey. “Many are already building toward those aims, with 48% either recently invested in ecommerce or prioritizing it for the year ahead. Building on those investments, B2B organizations aim to stand out in a competitive marketplace, reduce costs by simplifying and automating business processes, and drive profitability.”

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Check back soon for more Charts & Data articles, like our weekly B2B infographics. Here’s last week’s. We add new content regularly. 

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EG America has named Whitney Johnson as the new vice president of loyalty and digital commerce. In her new role, she will lead the organization’s loyalty program, digital marketing, brand management and retail marketing functions.

Before joining EG America, she worked as president of retail, convenience store, and ecommerce consulting firm Capstone Growth Advisors and as general manager of merchandising for Gopuff, an American consumer goods and food delivery company headquartered in Philadelphia. The company operates in more than 650 U.S. cities through approximately 500 micro-fulfillment centers, as of October 2021.

Based in Westborough, Massachusetts, EG America owns and operates over 1,600 convenience stores and fuel retailers in the U.S. The company operates 10 banners in 30 states including:

• Cumberland Farms
• Certified Oil
• Fastrac
• Kwik Shop
• Loaf N’ Jug
• Minit Mart
• Quik Stop
• Sprint
• Tom Thumb
• Turkey Hill

EG America generates annual revenue of $10.2 billion. EG Group launched in the U.S. in 2018 when it acquired Kroger‘s 762-site convenience store business, the company says.

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Omnia calls itself the largest and most experienced purchasing organization for public and private sector procurement. Now, it has some of the biggest distributors of maintenance, repair and operations (MRO) selling on its platform, Opus.

Public procurement suppliers appearing on the Opus ecommerce platform

Now, distributors selling on Opus include:

• ODP Business Solutions (formerly Office Depot Business Solutions), a distributor of office supplies, furniture, technology, cleaning and breakroom products and services.
• Global Industrial Co., national distributor of industrial and MRO products.
• Grainger, a broad-line distributor of MRO products and services including technical support and inventory management.
• Lawson, a distributor of industrial, commercial, institutional and government MRO products and services.
• MSC Industrial Supply, a distributor of a broad range of metalworking and MRO solutions.
• Pocket Nurse, a supplier of medical education supplies. It serves customers in nursing programs, emergency medical system (EMS) training, pharmacy technology and physical therapy.
• Quill, an online retailer of office supplies for organizations. Its products include paper, ink, toner, cleaning and breakroom supplies, furniture, technology and custom printing.
• Safeware, a distributor of specialty products for the protection of law enforcement agencies, fire departments, rescue operators, hazmat teams and government entities.

“Nearly 5,000 government agencies and nonprofits are using Opus to modernize their procurement process and more easily access the benefits of cooperative contracts,” said Todd Abner, CEO at Omnia Partners. “The user-friendly experience and functionality of our platform is solving the staffing constraints and high demands being placed on buying organizations. They are able to get the products and services they need at industry-leading prices quickly, while still adhering to their compliance requirements.”

What the new distributors will bring to Opus

As a result, the new additions will bring more than 4 million SKUs in more than 90 categories for Opus. For the ecommerce platform and its public procurement customers, those categories include:

• Maintenance, repair and operations.
• Protective safety equipment for law enforcement and first responders.
• Office supplies and medical education supplies.

In total, Opus users have access to products from approximately 300 suppliers, according to Omnia Partners.

“Adding these category-leading suppliers is a major step forward in the value Opus delivers to customers,” says Denise Woodside, executive vice president of operations and digital strategy at Omnia Partners. “Our world-class supplier partners are committed to helping us move the industry forward with the same modern technology and buying experience that we all enjoy in our personal lives.”

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