Hardware Retailing The Industry's Source for Insights and Information
In the 2024 Market Measure Report, published by the North American Hardware and Paint Association, industry partners offered insights into 2023 operations and their goals for 2024.
Read the insights from Do it Best’s Dan Starr below and download the complete report from NHPA here.
How did business change for Do it Best in 2023 compared to 2022?
Change is the only constant, and in 2023, we embraced and leveraged it. We witnessed a stabilization of markets as consumer buying patterns shifted and the supply chain improved. The results were smoother operations and outperforming the industry in terms of reliability and fill rate.
We introduced a powerful, new e-commerce strategy and platform to generate and capture as much online activity as possible—increasing both digital and in-store transactions. In fact, the best way for us to drive growth is to help our members’ stores capture a greater share of online sales and drive more of those customers into their stores through same-day pickup. Our platform is much more than a digital database of static content. It’s a selling tool. And our members are experiencing the benefits.
What were some challenges in 2023 and how did Do it Best address them?
After two years of record member growth, we onboarded hundreds of new members for the third year in a row and processed a record number of conversions and store projects. We continue to invest tens of millions of dollars in member growth initiatives to ensure our members are capturing market share and winning at retail.
Supporting this level of growth makes our investment in infrastructure extremely important. We’ve been on a mission to drive efficiencies and amp up productivity across our network. In 2023, we worked to expand our warehouse capacity and improve automation. We completed the roll out of an enhanced warehouse management system (WMS) at all our warehouses. The deployment of WMS networkwide was executed with meticulous planning, ensuring a seamless transition without missing a single order. That’s an incredible accomplishment and speaks to the commitment of the Do it Best team to deliver exceptional service to our members, even when we’re undergoing a large system upgrade to sustain our projected growth.
What are some critical areas of focus for Do it Best going into 2024?
Heading into 2024, we’re laser focused on several critical areas to ensure the sustained competitiveness of our members. We’re closely monitoring deflationary signals to proactively support our members in navigating challenging economic trends. Specifically with product pricing, we’re committed to optimizing strategies to align with market dynamics and deliver value to our members and their customers.
Our focus on pricing, paired with our annual member growth plans, sets our members up for success at retail, but also to secure more market share. This approach reflects our dedication to driving growth for both our organization and our members.
With our focus on growth, we’re doubling down on our commitment to the continued excellence in the execution of infrastructure upgrades. By staying at the forefront of technological advancements, we’re enhancing the overall efficiency of our operations, which translates into improved costs and services for our members.
What are your projections for 2024 for the home improvement industry at large and the independent channel specifically?
Our business is strong. We anticipate another year of strong Do it Best member growth. We’re optimistic and so are our members. They’re positioned for growth.
At the end of the day, we believe in the independent entrepreneur and we know they can win. In fact, independents have been especially successful over the last few years—leveraging opportunities to continue to pull shares from the big boxes. The independent entrepreneur is alive and well—and with Do it Best as a partner—an unstoppable force.
“We’ve been on a mission to drive efficiencies and amp up productivity across our network.”
