yStats.com, Germany-based desk research specialist, has released a new report “Global B2B E-Commerce Market 2020”. The publication points to the growth of business-to-business digital transactions worldwide, driven by the rise of B2B E-Commerce marketplaces.
The growth of B2B E-Commerce sales worldwide
Global business-to-business E-Commerce has evolved into a multi-trillion dollar market and is projected to expand still further over the next four years. This growth is driven by B2B buyers’ shift from traditional channels like phone and in-person ordering towards digital channels including websites, marketplaces and apps. According to a 2019 survey cited in the yStats.com report, close to two-thirds of corporate buyers preferred to purchase digitally. China was the world’s largest B2B E-Commerce market, followed by the USA.
B2B buyers expect more from E-Commerce
Despite this upward trend, B2B E-Commerce offerings are not yet fully matching buyers’ expectations. Recent surveys referenced in the yStats.com report indicate that there is room for improvement in terms of quicker and easier checkout, better repeat ordering protocols, and faster delivery with tracking capabilities. Moreover, B2B customers want an improved omnichannel experience, as they are more likely to use multiple devices and channels in a single transaction than B2C buyers.
B2B E-Commerce marketplaces’ share rises
One further trend facilitating the rise of B2B E-Commerce is the growing importance of online marketplaces. The popularity of platforms such as Alibaba, Amazon Business, Global Sources, Mercateo, and the like among B2B buyers worldwide is driven by the ability to source at lower prices, have better return policies and get a more efficient shopping experience. As a result, the share of global B2B E-Commerce sales stemming from online marketplaces is projected to quadruple between 2018 and 2024.