NetPlus Data: Distributors Plan for Continued Growth in 2024 - Modern Distribution Management

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NetPlus Data: Distributors Plan for Continued Growth in 2024

The buying group's quarterly membership survey showed considerable optimism among distributors despite potential headwinds later this year.
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Industrial and contractor supplies buying group NetPlus Alliance shared results of its quarterly membership survey on March 21, which showed considerable revenue optimism among the group’s distribution members.

NetPlus’ latest Industry Outlook report — completed in February 2024 and based on 2023 fourth quarter results — showed that nearly 49% of member distributors reported significant gains (+8% or more) in 2023 sales vs. 2022, with an additional 20% reporting moderate gains (+3-7%).

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The group noted that a favorable economy, end-of-year spending, bigger orders and diversified product lines were cited as the main drivers of growth. Other drivers included new customers, new vendors and better marketing, among others. These tailwinds were despite concerns over the upcoming U.S. general election, inventory challenges and talent constraints.

Perhaps most notably from the report was that nearly 37% of NetPlus distributor members indicated that they anticipate significant growth, and another 38% forecast moderate sales gains in 2024.

“2023 was another record year for NetPlus as our member purchases were up 18% over 2022,” NetPlus Founder Dan Judge said in a news release. “Additionally, nearly three-fourths of respondents expect business to continue to grow in 2024. This shows me our distributors are planning for success though employee development, investing in technology and enhanced efficiencies, while continuing to lead with purpose and values.” 

NetPlus negotiates improved pricing, rebates and terms with more than 200 manufacturers on behalf of 415 industrial and contractor supplies distributor members.

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