B2B e-commerce has been quickly expanding in recent years, and this trend is projected to continue. The COVID-19 pandemic has sped the transition of enterprises to online purchasing and selling, and as a result, many businesses are now striving to build a strong online presence.
A report by Equinet Media states that prior to COVID-19, 38% of B2B purchases were made online, which increased to 48% during the pandemic. Furthermore, Gartner predicts that by 2025, 80% of B2B sales interactions between sales reps and buyers will be done through digital platforms.
Going beyond the pandemic that created a huge migration of b2b companies online, let’s take a look at what B2B e commerce is like today.
The current state of business to business (B2B) e commerce
According to a recent McKinsey & Company report, B2B e-commerce has expanded at a quicker rate than B2C e-commerce, growing at a rate of 12% per year vs 9% per year. According to the survey, the growing number of buyers and suppliers in the industry, the increasing popularity of online marketplaces, and the advancement of online tools and technology are all driving growth in B2B e-commerce.
Key Factors Driving B2B e commerce Growth
Increasing number of buyers and suppliers in the market: As e-commerce has grown, so has the number of buyers and suppliers in the market, resulting in a bigger demand for B2B ecommerce platforms.
Online marketplaces: Online selling platforms are becoming increasingly popular as a quick and effective way for b2b companies and B2B buyers to conduct their sales. B2B marketplaces have grown in popularity in recent years because they give a platform for businesses to access a bigger audience and boost their visibility.
Advancement of online tools and technologies: As online tools and technologies have advanced, it has been easier for businesses to establish an online presence and manage their online sales. These tools and technologies have also enabled sales reps to offer better customer service towards maintaining multiple buyers.
Latest Trends in B2B E-Commerce
Mobile-Friendly Platforms: As mobile devices become more prevalent, businesses are increasingly focusing on establishing mobile-friendly e commerce systems. This is especially significant for B2B e commerce, as many buyers make purchases on their mobile devices.
Personalization: Customization is becoming increasingly significant in B2B e commerce, as it enables businesses to tailor their online experiences and provide buyers with more relevant and targeted recommendations.
User-Friendly Interfaces: Businesses are prioritizing customer satisfaction as they recognize the value of providing buyers with a convenient online buying experience. This trend is promoting the creation of more user-friendly and intuitive ecommerce platforms.
Subscription-Based Business Models: Because they give companies a reliable and regular revenue stream, subscription-based business models are gaining popularity in B2B e commerce. Convenience is now a rising demand, and online selling platforms are becoming more common.
In conclusion, B2B e commerce is a quickly expanding industry, driven by a rise in the number of buyers and sellers, the popularity of online markets, and the development of digital tools and technology. To stay ahead of the competition and satisfy the expectations of their customers, businesses need to be aware of the latest developments in the B2B e commerce sector.
The MyAtOnce B2B ecommerce platform provides an all-inclusive solution to support businesses in this rapidly evolving environment. MyAtOnce is the best option for businesses wishing to build a strong online presence and stay on top of the B2B e commerce game. From its user-friendly design, empowering tools, and emphasis on creating a better B2B sales experience, MyAtOnce has you covered!
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By : John Bostwick
