The last few years have been a challenge in the precision farming industry. Precision Farming Dealer reports that dealers all over the country have been navigating the instability in commodity prices and cautious buying habits of their customers.
The fifth annual Precision Dealers Benchmark Study has a more optimistic tone to it than recent years. Retailers are more optimistic about revenue expectations and business objectives. Dealer responses from 28 states and Canada showed 23 percent of dealers showing growth of eight percent or more, more than doubling the 10 percent of dealers projected a year earlier.
On the other end of the spectrum, eight percent of dealers reported revenue dips of eight percent or more. It’s the first time in three years that the percentage of dealers experiencing revenue drops was in single digits. Looking ahead, 59 percent of all dealers forecast at least a two percent gain in revenues this year.
Only 11 percent of dealers in the study are predicting a revenue drop of at least two percent, the lowest number of dealers in the study’s history.