Wholesale distribution can be a tough business to be in these days. Lately, the $7 trillion industry has been hit by a series of severe disruptions, not least of which is the mega-crisis that dominated the headlines for most of the year: COVID-19.

More than anything, the health crisis served as an amplifier and accelerator of a cluster of trends that have been shaking up the wholesale distribution industry for some time and whose cumulative effect has been to reduce returns on operating capital by more than 10% since 2011, according to a 2020 Deloitte Consulting financial analysis of 38 publicly traded Wholesale Distribution companies.