On Nov. 7, Winona, Minnesota-based Fastenal Company announced it has reached $1 billion in eCommerce revenue within a calendar year for the first time.
After reaching the $1 billion threshold in October, Fastenal’s eCommerce sales represent 17.4% of total company year-to-date sales and 19.9% of its October 2022 sales, the company said.
“It’s amazing to see how far we’ve come, especially over the past five years as we positioned eCommerce to strengthen our strategic partnerships,” said Kirk Talmontas, Fastenal’s Vice President of eCommerce. “It’s a testament to the innovation and dedication of all the team members who have made this happen.”
Along with its $1 billion eCommerce announcement, the company touted other major milestones related to its FAST Solutions program: surpassing 100,000 active FMI Technology devices within customer sites and 1,000 Onsite partnership programs.
Fastenal’s launched its eCommerce platform more than 20 years ago, thought it often represented “a relatively small share of the overall business,” the company said. Fastenal said that changed about five years ago, brought on by a new strategy positioning eCommerce as a critical component of the company’s “high-tech, high-touch service model.”
“We don’t often think of eCommerce as our primary go-to-market strategy, but it’s become a vital part of our ‘digital footprint’ — the technology we provide to streamline and illuminate the supply chain,” added Dan Florness, President and CEO of Fastenal. “Thanks to the hard work of the entire Blue Team, we’re taking eCommerce in new directions in our industry and finding new ways to create value for our customers.”