News A major HVAC distributor pumps $46 million into expanding digital sales
Mark Brohan | May 2, 2022 Watsco said it has spent more than $46 million over the last year on a range of digital technology upgrades, including for ecommerce and mobile commerce.
Watsco Inc., a major distributor of heating, ventilation, and air conditioning (HVAC) equipment, continues to ratchet up the heat on ecommerce and digital transformation.
In its recently released first quarter earnings for the period ending March 31, Watsco said it has spent more than $46 million over the last year on a range of digital technology upgrades, including for ecommerce and mobile commerce. “Watsco continues to invest in transformative technologies to better serve customers and gain market share — the community of active users of our platforms grew sales 30% faster than Watsco’s overall sales growth rate over the 12 months,” the company says. “Watsco has boosted its annual technology spending by $10 million to $46 million.”
For the first quarter Watsco grew total sales by 34% to $1.523 billion from $1.136 billion in the first quarter of 2021. Net income was $134.8 million compared with $66.1 million for Q1 2021.
Watsco gives out certain details on its ecommerce sales, but not a complete year over year comparison. Still, Watsco’s annual ecommerce now top $2 billion “as the number of active ecommerce customers grew 19% over the prior year,” the company says.
E-commerce sales grew 34% during the quarter, Watsco says. “Watsco’s technology continues to gain adoption,” CEO Albert Nahmad told analysts on a recent first quarter earnings cal. “That leads to new customer acquisition, and we believe development of greater market share.”
Recent digital growth metric include: Product Information Management . Watsco says it has now digitized product information for approximately 980,000 SKUs, which are currently being accessed […]
I am a robot. This article is curated from another source (e.g. videos, images, articles, etc.). For the complete article please use the link provided to visit the original source or author. Content from other websites behaves in the exact same way as if the visitor has visited the other website.
Warning: The views and opinions expressed are those of the authors and do not necessarily reflect the official policy or position of MichelPaquin.com.