“Ecommerce continues to grow nicely,” Fastenal Co. president and CEO Dan Florness said on an earnings call today. But by “nicely,” he quickly clarified he meant that second-quarter ecommerce sales increased by more than half from a year earlier.
“It rose 53% in the second quarter” ended June 30, he said. Fastenal defines ecommerce as sales through Fastenal.com and other ecommerce sites, electronic data interchange and “other types of technical integrations.”
Fastenal also breaks out sales for what it calls its total digital footprint. That includes ecommerce sales along with customer transactions processed through its FMI inventory management programs, including FASTtock, FASTbin and its FASTVend internet-connected vending machines. The digital footprint accounted for $852.6 million, or 47.9% of total second-quarter sales. That’s up from $628.4 million and 41.7% a year earlier. FMI stands for Fastenal Managed Inventory.
“We believe the data that is created through our digital capabilities enhances product visibility, traceability, and control that reduces risk in operations and creates ordering and fulfillment efficiencies for both ourselves and our customers,” Fastenal said in announcing its Q2 results. “As a result, we believe our opportunity to grow our business will be enhanced through the continued development and expansion of our digital capabilities.”
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