Fastenal, Winona, MN, distributor of industrial supplies, reached a new milestone for their business in October when they hit $1 billion in ecommerce revenue.
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Fastenal launched its ecommerce platform 20 years ago and has seen drastic changes over the past five years. Fastenal has focused its efforts on migrating customer spend from a transactional online purchase to a more strategic and efficient method anchored by Fastenal’s Onsite and Fastenal Managed Inventory programs.
As a result, Fastenal’s ecommerce revenue has experienced rapid growth from $245 million (5.5% of total revenue) in 2017 to $1 billion (17.4% of total revenue) so far in 2022.
“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,” said 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.”
