Manufacturers are back to a rather faster production and sales pace after a sluggish 2023.
Product makers are also putting digital commerce — and transformation — on a faster development track, in response to data and evaluation from the newly published 2024 Ecommerce in Manufacturing and Distribution Report from Digital Commerce 360.
Last 12 months’s total manufacturing sales grew 3.6% to $6.829 trillion from $6.591 trillion in 2022, based on Digital Commerce 360 evaluation using monthly data from the U.S. Department of Commerce.
What manufacturers’ sales outlooks mean for 2024
2024 is off to a similarly slow start. In January, total manufacturing sales dropped by 1.6% to $572.32 billion, from $581.72 billion in January 2023.
But a recent survey of 266 manufacturers on the outlook for 2024, from the National Association of Manufacturers, reveals the bulk (66%) of respondents expect to grow sales by around 2% and, in 2025, by 3%.
Manufacturing corporations’ sales will remain sluggish as they battle a spread of issues from geopolitical turmoil, slow global economic growth and value pressures. As well as, they might grapple with a recession and labor issues, amongst other challenges, says the National Association of Manufacturers.
Assuming total sales growth will probably be slow to rebound in 2024, there are still signs of hope. The 2 areas where manufacturers will pick up the pace for growth and development are digital commerce and transformation.
Consider these metrics.
- A recent survey of nearly 100 manufacturers found that 66% of them plan to take a position in customer portals this 12 months, up from 50% last 12 months, in response to the report, The Voice of Digital Leaders in Manufacturing 2024, by digital commerce technology and services firm Valtech and Copperberg, which develops content for manufacturers’ digital and offline platforms.
- Manufacturers are moving ahead within the ecommerce maturity curve, with 30% of respondents rating themselves ahead of their competitors, up from 16% in 2022, says Copperberg.
Manufacturers plans for AI
Manufacturers have big plans in store for artificial intelligence. 70% of manufacturers plan to take a position in AI for operations compared with sales (60%), robotic process automation (48%), financial reporting (47%), and front- and back-office systems (36%).
Take a look at the 2024 Ecommerce in Manufacturing and Distribution Report for more data and evaluation on the impact AI is having on all points of digital B2B commerce and transformation.
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