| Source: Facts & Factors
NEW YORK, United States, Sept. 14, 2022 (GLOBE NEWSWIRE) — Facts and Factors has published a new research report titled “Business-to-Business E-commerce Market By Deployment Model (Intermediary-oriented, Supplier-oriented, Buyer-Oriented), By Application (Home & Kitchen, Consumer Electronics, Industrial & Science, Healthcare, Clothing, Beauty & Personal Care, Sports Apparels, Books & Stationary, Automotive, Others), and By Region: Global & Regional Industry Perspective, Comprehensive Analysis, and Forecast 2021 – 2026” in its research database.
“According to the latest research study, the demand of global Business-to-Business E-commerce Market size & share was valued at approximately USD 7.35 trillion in 2020. The market is expected to grow above a CAGR of 18.70% and is anticipated to reach over USD 18.57 trillion by 2026.”
The report analyses the Business-to-Business E-commerce market’s drivers and restraints, as well as the impact they have on-demand throughout the projection period. In addition, the report examines global opportunities in the global Business-to-Business E-commerce market.
While many of us shop online as consumers, many of us are unaware that the worldwide B2B digital commerce market is worth six times as much as the B2C market. As local and international corporate shoppers flock to the internet in search of speed, convenience, and simple purchase experiences, these figures are expected to rise. This will drive demand for B2B E-commerce platforms by encouraging historically offline B2B sellers to put up an E-commerce site.
B2B gateways play a critical role in facilitating large-scale and SMEs firms in reaching out to remote locations and have evolved into a global way of doing business. These portals aid in the formation of new commercial partnerships between organizations as well as the maintenance of current ones. Furthermore, B2B E-commerce platforms support companies to cut marketing expenses, improve customer/supplier management, and increase sales engagement.
A B2B transaction occurs when one company sells a set of products or services to another company. Typically, the vendor’s products and services are used by a group or department. On occasion, a single buyer user completes a transaction in support of the company’s business objectives. Furthermore, some B2B transactions entail the usage of products by the entire organization, such as office furniture, computers, and productivity software.
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One of the principal reasons propelling the market’s growth is population increase around the world. Additionally, rising internet penetration and the use of devices such as smartphones, laptops, and tablets to access e-commerce websites are boosting market growth. E-commerce allows businesses to conduct business without having to maintain a physical presence, saving money on infrastructure, communication, and overhead. The market is also being fueled by an increased preference for online shopping, particularly among women, as well as the growing influence of social media platforms on purchasing behaviors. Consumers can enjoy a hassle-free shopping experience while viewing a large range of products at reasonable prices through online retail platforms. In addition, the emergence of private-label and direct-to-consumer business models is boosting the market’s growth prospects. This allows businesses to collect and use consumer data to give customers customized products and experiences.
Brands should focus on optimizing internal procedures and increasing consumer experience, comfort, and ease of use as a result of booming online sales. Technology will play an increasingly important role in business-to-business transactions as it becomes smarter and more complex. Here are a few E-Commerce trends to look out for over the next 5 to 10 years.
B2B E-Commerce accomplishes more than simply allowing businesses to go online and sell their products to a bigger audience. It helps open doors to new markets, boost employee productivity, and encourage existing clients to buy more. B2B brands with E-Commerce skills are also more efficient, demand more from their suppliers, and use actual data to make business decisions that keep them competitive. Merchants can use B2B E-Commerce to automate document processing, agreements, and checkout processes for each customer. This ensures a consistent B2B customer experience while avoiding human errors that could lead to lost business.
The concept of B2B e-commerce allows suppliers and customers to be better managed. When you go digital, you can use business management software. This will offer you information about your consumers’ shopping habits. Anyone can utilize this information to provide consumers with great, more customized purchase behavior. In essence, the idea is a win-win situation for both sides.
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COVID-19 Impact Analysis
The COVID-19 epidemic shifted consumer preferences toward online buying, opening up new opportunities. The B2B e-commerce business outlook has been impacted by a growth in the number of orders, changes in customer behavior, supply chain disruptions, and the closure of physical storefronts.
While retail sales fell in 2020, e-commerce sales grew significantly. Several B2B companies are increasingly concentrating on bringing their customers online.
The market is marked by fierce competition amongst the leading companies in the B2B e-commerce market. To maintain a competitive position in the market, these companies are focused on mergers and acquisitions as part of their growth strategy. In addition, market players are making significant modifications to their online business strategies to create better customer experiences for buyers and providers.
Some of the main players in the global Business-to-Business E-commerce market include;
Browse the full “Business-to-Business E-commerce Market By Deployment Model (Intermediary-oriented, Supplier-oriented, Buyer-Oriented), By Application (Home & Kitchen, Consumer Electronics, Industrial & Science, Healthcare, Clothing, Beauty & Personal Care, Sports Apparels, Books & Stationary, Automotive, Others), and By Region: Global & Regional Industry Perspective, Comprehensive Analysis, and Forecast 2021 – 2026” Report at https://www.fnfresearch.com/business-to-business-e-commerce-market
The Business-to-Business E-commerce Market is segmented based on deployment type and application:
As per deployment type (supplier-oriented, buyer-oriented, intermediary-oriented and application (home & kitchen, consumer electronics, industrial & science, healthcare, clothing, beauty & personal care, sports apparel, books & stationary, automotive, others).
North America is projected to Dominate Global Business-to-Business E-commerce Market Growth
North America is expected to grow substantially during the projection timeframe. The existence of major multinationals which including eBay Inc. and Amazon.com Inc., among several others, has established strong B2B marketing and sales channels in the regions. Furthermore, the contagion has prompted a variety of other businesses to embrace an online business strategy to acquire and serve a larger audience. B2B vendors on online marketplaces will benefit from the very same-day delivery and a much more comprehensive customer experience. and Cloud technology advancements and Artificial Intelligence (AI) will help improve customer experience even further, opening up new opportunities in the e-commerce market.
As technology proliferates, the market will witness a surge over the forecast period. Furthermore, the continuous epidemic has compelled some firms to go online to serve customers all over the world. Based on the industry, geography, and competition, businesses are still looking for suitable internet channels. Run-of-the-mill purchases including basic transactions with clients requiring no value-added services or the purchase being a simple reorder accounted for a substantial share of B2B sales in North America. However, the complexity of B2B suppliers’ products or services works as a substantial impediment to B2B-commerce adoption.
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The global Business-to-Business E-commerce market is segmented as follows:
By Deployment Type
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