The million-billion dollar construction material industry comprises thousands of building and construction material distribution businesses supplying raw materials, semi-finished and finished products. These products are used by construction contractor firms while building residential or commercial buildings. The COVID-19 crisis has slowed down the pace of growth of the industry. The global construction material market is projected to reach USD 476.1 billion driven by a CAGR (Compound Annual Growth Rate) of 5.6%.
- Staying on Top of Surfacing and Sinking Market Trends and Markets
The construction material distribution businesses can keep abreast of all the opportunities and threats in the markets by connecting with the market leaders. These leaders work at different levels in the trade using well-established discussion forums. Establishing connections can also be an effective means for sales leads generation for material suppliers.
Businesses can, therefore, devise their strategies around the current trends and emphasize less on the fading growth areas.
- Leverage Real-time Data to Stay Ahead of the Competition
Businesses can embrace construction management software solutions to analyze previous sales records, purchasing habits of customers, and other crucial domains. This would help businesses to devise suitable strategies eyeing the future, current, and historical trends.
Many digital construction and building material selling models are easy to track online via various tools. Construction material supplier businesses that stay up-to-date with the market demand and seasonality swings. They can also adopt profitable selling models rather than sticking to traditional practices.
Construction material businesses are likely to experience slow growth due to the Coronavirus crisis. As mentioned in the above two points, building and construction material distribution businesses can prosper if they keep track of current challenges and devise appropriate strategies to combat unprecedented situations.
Find Building Material.com (also known as FBM) is a global ecosystem of construction material buyers, suppliers, and consultants. FBM digitalizes the construction material procurement process, helping construction material buyers, suppliers, and consultants to benefit from an accelerated, transparent, and cost-efficient process. FBM’s business model also offers a stream for leads generation for contractors that is immune to market turbulences.
Sign up as a material buyer, supplier, contractor, or consultant and leverage the benefits of the first of its kind digital marketplace for the construction industry.