With advancements in technology, changes in buyer behavior, and a post-pandemic world, the B2B ecommerce landscape is poised for remarkable developments in 2023. Let’s explore important data points about B2B ecommerce and have a clear understanding of the current B2B ecommerce statistics and its prospects.
Latest B2B Ecommerce Trends: A Statistical Overview
Market Size
As the digital landscape evolves, the global B2B ecommerce market is poised to reach a staggering $20.9 trillion by 2024. This forecast underscores the immense growth potential for businesses engaged in the B2B online realm.
These companies can capture a large share of this multi-trillion-dollar opportunity. This has been done through the use of relevant ecommerce tactics. This demonstrates the shift taking place in the business transaction landscape.
Mobile Shopping
A massive 80% of B2B buyers use their mobile devices during their working hours for both research and buying purposes. When researching a product or service, B2B buyers currently employ around 10 sales channels. Although this figure has remained relatively consistent over the past seven years, there’s a notable shift towards channels that are increasingly centered around mobile platforms.
This not only portrays the tech-savvy nature of modern buyers. It also underscores the necessity for businesses to focus on the creation of a seamless mobile app experience.
Companies can access a vast market of professionals seeking solutions at their fingertips. They are doing it by fine-tuning their ecommerce platforms to cater to this mobile-savvy majority,
Read Also: Ecommerce Mobile App Development
Buyer Growth
The number of B2B buyers is growing. According to Forrester, 77% of B2B buyers will buy through digital channels by 2023.
It’s crucial to grasp the factors steering online purchasing decisions for decision-makers.
The compelling ecommerce statistic indicates that 89% of B2B buyers are swayed by the insights gleaned from their online research.
It emphasizes the importance of a robust online presence for B2B providers. In a digital world, where the journey for information is principal, buyers can be affected by the plenty of data they find on the web.
Top B2B businesses are presented with a golden opportunity to shape the narrative. And steering their prospects toward a good purchasing decision. They are doing this by harnessing the impact of buyers’ online research.
Product Categories
It’s difficult to disregard the gigantic effect of manufacturing and wholesaling while submerging oneself in the domain of B2B ecommerce. Together, they represent an amazing 80% of the all-out B2B web-based business deals in the U.S. in 2019.
This large percentage underscores the influence that these sectors hold in the landscape of B2B ecommerce. It establishes them as the dominant forces propelling the digital marketplaces forward.
For exploring B2B ecommerce statistics, recognizing the prominence of the B2B ecommerce industry is imperative.
It offers valuable insights into potential markets that are ripe for investment.
One can gain insight into market trends, future projections, and lucrative B2B marketplace strategies for success in the B2B arena. It can done by comprehending the sheer size of the contributions made by manufacturing and wholesaling.
B2B Marketplace
B2B sellers leverage third-party ecommerce marketplaces to broaden their reach, evaluate competition, and enhance convenience for buyers utilizing platforms such as Amazon Business and Alibaba.com.
According to a recent McKinsey survey of 3700 B2B executives, marketplaces emerge as a top channel for B2B purchases, with nearly half of the surveyed companies attributing their success in B2B ecommerce to these platforms.
B2B marketplaces provide buyers with tools like product reviews, customer ratings, and comparison shopping. More than 80% of B2B buyers express a preference for ordering or paying through digital commerce channels.
A strategic approach to B2B marketplaces complements traditional rep-driven selling by enabling customers to finalize orders online through trusted commerce platforms. Amazon, the most favored business marketplace for both buyers and sellers in 2021, facilitates the sale of goods and services.
To tailor their selling strategies for marketplaces, B2B sellers are actively:
- Integrating marketplace accounts with existing commerce operations (inventory, order fulfillment, customer service).
- Utilizing third-party marketplace analytics and marketing capabilities to shape selling strategies.
- Expanding presence across multiple marketplaces to tap into a broader audience.
- Enhancing customer value by bundling products and services in marketplace offerings, reaching new geographic regions, and customizing offerings for different customer segments.
Online Spending
Online spending by B2B buyers is growing at a rapid pace.
As per Statista, B2B online business deals are supposed to represent 17% of all B2B deals in 2023, up from only 10% in 2019.
Various variables are driving this growth, including the accommodation of online B2B shopping.
Comparing prices from different suppliers and the growing use of digital tech by businesses of all sizes.
The significant impact on the business landscape is a result of the remarkable growth in online spending by B2B buyers.
B2B sellers are actively making substantial investments in their online presence and actively developing new ecommerce capabilities to keep pace with this transformation.
B2B buyers are using a variety of ecommerce channels to shop online and also to sell their brands through online selling. As per Forrester, 70% of B2B purchasers use many channels to shop on the internet.
B2B buyers are spending more money on subscriptions. Rising subscriptions for programming, SaaS, and various types of products and services are driving the growth rates.
Here are some B2B ecommerce statistics that give experiences into purchaser conduct and patterns:
- According to McKinsey survey, 35% of B2B buyers said they’d spend half a million or more in a single transaction.
- Two-thirds of B2B companies across industries offer ecommerce capabilities.
- One-third of 200 B2B buyers and sellers surveyed said they started their product search on Amazon.
- About half of sellers in the same study said they’ve lost online sales because they couldn’t compete with Amazon on price.
- 83% of B2B buyers prefer placing orders or paying for goods through online channels.
- Gartner predicts that by 2025, 80% of B2B sales interactions between suppliers and buyers will occur in online channels.
- According to ecommerce statistics from Statista, the B2B ecommerce market in North America is projected to exceed $4,600 billion by 2025.
- In 2021, B2B ecommerce sales in the United States amounted to 1.7 trillion U.S. dollars. With a projected compound annual growth rate of 10.7%, the U.S. B2B ecommerce sector is expected to achieve in-person sales exceeding three billion U.S. dollars by the coming years in 2027.
Key B2B Ecommerce Statistics
Here are some key B2B ecommerce statistics
Mobile Commerce in B2B
An important component of B2B ecommerce is mobile commerce or m-commerce. In 2020, 87% of B2B purchases connected to their jobs using mobile apps, according to an Episerver study. Optimizing B2B ecommerce for mobile is essential for today’s buyers.
Personalization
B2B buyers expect a more personalized experience, much like their B2C counterparts. A study by Salesforce found that 69% of B2B customers expect an Amazon-like buying experience. This includes personalized product recommendations, tailored pricing, and an intuitive interface.
Customer Expectations
B2B customers want a B2C-like experience with user-friendliness, transparency, and self-service options.
B2B preferences are shifting towards self-service buying, prompting a transformation in the role of sales reps. Recent data from McKinsey, supported by Forrester, reveals a surge in self-service buying among B2B buyers and buying groups. Self-directed interactions now surpass human interactions, with a ratio of 15 to 12, respectively.
According to Forrester, a noteworthy two-thirds of B2B buyers are ready to make purchases exceeding $50,000 without the need for direct engagement with a salesperson. Additionally, a significant one-third of buyers are willing to invest over $500,000 without a direct sales interaction.
The Explosive Growth of B2B Ecommerce
B2B Ecommerce Market Share
The predicted market size of the global B2B ecommerce industry in 2022 was a startling USD 7,907.07 billion.
A Grand View Research poll has recorded a projected Compound Annual Growth Rate (CAGR) of 20.2% from 2023 to 2030 focusing on a solid development direction.
B2B Vs. B2C Ecommerce
B2C ecommerce, which is more conspicuous, has eclipsed B2B ecommerce. B2B ecommerce, however, is a large force in and of itself. They are not quite the same as each other as far as size as well as how they run.
B2B ecommerce platforms offer capabilities like bulk ordering and customized catalogs. They also negotiate pricing to respond to the diverse demands of organizations.
B2B ecommerce has fewer customers, but higher-value transactions, and more profit.
Growth Drivers
Several factors have contributed to the rapid growth of B2B ecommerce. Some of the key drivers include:
Digital Transformation
Businesses are embracing digital technologies to streamline their operations. Ecommerce offers a seamless solution for businesses to source products and online services.
Millennials in Decision-Making Roles
Millennials in B2B roles drive the need for digital and mobile-friendly buying options.
COVID-19 Pandemic:
The pandemic accelerated the shift towards online business interactions. Social distancing and lockdowns pushed businesses to embrace ecommerce for survival.
Cost Savings
B2B ecommerce saves costs by cutting admin expenses and enhancing inventory control.
B2B Ecommerce Adoption Across Industries
Healthcare and Pharmaceuticals
B2C ecommerce, which is more conspicuous, has much of the time eclipsed B2B ecommerce. B2B ecommerce, nonetheless, is a significant power all by itself.
B2B ecommerce platforms offer capabilities like bulk ordering and customized catalogs. It also negotiates pricing to respond to the diverse demands of organizations.
Manufacturing
Manufacturers enjoy streamlined procurement business process automation, reduced lead times, and greater transparency. It has done with complex supply chain disruption and a multitude of components,
An Acquity Group study report shows that 81% of U.S. manufacturers have or plan to launch an ecommerce platform.
Wholesale and Distribution
Wholesale and distribution are natural fits for B2B ecommerce.
Serving diverse customers has fueled adoption in this sector. Managing large quantities and automating recurring orders, is also happening with this.
According to Statista, B2B ecommerce in wholesale and distribution generated around $1.1 trillion in the U.S. in 2021.
B2B Ecommerce Challenges
Digital Transformation Hurdles
Fully adopting B2B ecommerce can be tricky due to digital changes. Big companies often struggle to connect old systems with new online needs, which means investing in modern technology.
It’s also important to teach employees new skills and change how things are done, which can be tough but is necessary to make B2B e-commerce work smoothly.
Security and Trust
One of the challenges in B2B ecommerce is ensuring the security of sensitive data. Also handling large ecommerce transactions, and managing intricate supplier networks.
B2B ecommerce companies need to assure clients of data safety while offering the flexibility and ease expected by modern new customers. This balance requires continuous investment in security infrastructure and transparent data protection practices.
Platform Selection
Selecting the right digital platform is super important for B2B ecommerce success. It should match a company’s needs, grow as the business does, and handle complex transactions.
Picking the wrong one can lead to problems and missed chances. So, it’s crucial to carefully check for customization, integration, and future growth potential.
Competition
Business customers face the challenge of distinguishing themselves in crowded ecommerce marketplaces.
This can involve offering exceptional customer service and introducing groundbreaking innovations. Or it can present unique value propositions that set them apart from competitors.
The ability to carve a niche and provide a unique offering is essential in this dynamic and competitive environment.
Recommended Read: Ecommerce Challenges in 2023
B2B Ecommerce Latest Trends
Here are some B2B ecommerce trends:
Artificial Intelligence (AI)
GenAI is a tranding topic of conversation lately, but only a small percentage of businesses are capitalizing on its advantages. Forrester reports that in 2024, approximately a quarter of businesses will experience a return on investment (ROI) from GenAI technology.
AI is changing the way we shop online. It suggests things you might like, making your shopping experience better. AI chatbots provide instant help, making shopping easier. AI analytics predict what people will buy and help stores manage their stuff better.
These AI applications streamline operations and elevate customer experience. It is making them a pivotal trend in B2B ecommerce. Besides AI, Machine learning (ML) and virtual reality (VR) are also influencing B2B ecommerce.
Marketplaces
B2B marketplaces are gaining traction, mirroring the success of B2C online platforms like Amazon and eBay. These marketplaces connect buyers and sellers.
This makes it easier for businesses to access a wide array of products and services from various suppliers. The result is simplified procurement processes and expanded product choices.
B2B marketplaces centralize options, price comparisons, and transactions, simplifying B purchases. This trend offers businesses a one-stop solution, boosting efficiency and choice in procurement.
Sustainability
Buyers are seeking eco-friendly products and suppliers who adhere to environmentally responsible practices.
B2B ecommerce companies are integrating sustainability into operations, from sourcing to packaging. This aligns with ethics and meets a growing demand. For eco-friendly products, positioning these businesses as market leaders.
Blockchain Technology
Blockchain offers improved transparency, traceability, and security throughout the supply chain. Blockchain records every transaction and goods movement in a secure ledger, reducing fraud and errors.
It builds trust between partners, streamlines record-keeping, and enables real-time product tracking. This makes a more efficient and reliable B2B supply chain.
Businesses are turning to blockchain to enhance security in their supply chain operations. This trend signifies a step towards more efficient and trustworthy B2B ecommerce processes.
Social Media
According to Gartner, around 46% of B2B buyers use social media to discover solutions, with 40% comparing different options. Additionally, 35% of B2B buyers turn to social media to gather essential relevant information before finalizing a purchase.
Notably, Gartner’s research found that 54% of B2B businesses have used social commerce to create online stores.
If handling B2B ecommerce sales and checkouts on social media seems daunting, you can still begin with B2B digital marketing on these platforms.
B2B Ecommerce and the Future
Customer-Centric Approach
A more customer-centric ecommerce strategy is becoming prevalent in B e-commerce. B companies in this market will focus on understanding and meeting the unique needs of B2B customers.
Global Expansion
Global ecommerce has removed geographic borders, no longer restricting B2B transactions. Organizations are hoping to extend their client base internationally.
Sustainability and Responsibility
The emphasis on sustainability and social responsibility will continue to grow.
Firms embracing green practices and transparent supply chains could gain a competitive edge.
Further Integration of Technology
Technological advancements will continue to shape the digital commerce landscape. The integration of AI, blockchain, and data analytics will play an even more pivotal role in enhancing operations.
Wrapping Up
B2B ecommerce is a dynamic and evolving sector with immense potential. As the stats and trends show, it’s already changing how businesses handle transactions and supply chains. The future of B2B ecommerce is marked by customer-centricity, technological innovation, and sustainability.
Organizations should embrace advanced change, and fabricate trust. And adjust to the changing requirements and predict their clients to prevail in this always developing scene.
The stats in this article show B2B ecommerce’s growth and importance. Challenges exist, but opportunities await those who embrace this digital revolution. B2B ecommerce will continue reshaping industries and creating global market opportunities.
