You’re probably well aware that eCommerce is on the rise. But what does that mean for the future of B2B? According to recent studies, the B2B eCommerce market is expected to grow at a rate of 19.4% each year through the 2020s. That’s a lot of growth! And it’s not just limited to small businesses. In fact, 71% of large companies (over 1,000 employees) have already implemented or plan to implement an eCommerce strategy in the next year.
So, what does this mean for your business? If you’re not already selling products or services online, it’s time to start thinking about how you can get in on the action. And if you are selling online, it’s time to start thinking about expanding your reach and growing your business even more.
The future of B2B eCommerce is looking bright, and it’s time to capitalize on your opportunities.
What Is B2B eCommerce?
When most people think of eCommerce, they think of buying things like clothes, cosmetics, or vacation packages online. But did you know that B2B eCommerce is a thing? That’s right; businesses can buy and sell products and services to other businesses through online channels.
In case you’re wondering why these matters, just think about the growth of B2B eCommerce over the past few years. Statista says it grew at a Compound Annual Growth Rate (CAGR) of 9.7% between 2012 and 2016. And that number will only keep growing as more businesses adopt this business mode.
Benefits of B2B eCommerce
The benefits of B2B eCommerce are clear. For starters, it allows businesses to reach new markets and sell to new customers. In addition, it offers a more efficient way to do business—enabling buyers and sellers to connect and conduct transactions quickly and easily.
What’s more, B2B eCommerce provides a platform for businesses to showcase their products and services, improving brand visibility. And automating many of the business processes helps businesses save time and money.
Are you convinced of the power of B2B eCommerce? If not, the stats below might change your mind.
Stats to Consider for B2B eCommerce Growth
When it comes to the future of B2B eCommerce, there are a few key stats you should keep in mind:
- By 2021, B2B eCommerce will account for more than $1 trillion in sales.
- That represents a compound annual growth rate of over 7%.
- B2B eCommerce is growing at more than twice the rate of retail eCommerce.
These numbers clearly indicate that businesses are moving their operations online and that B2B eCommerce will only continue to grow in popularity. Now is the time to start if you’re not already selling your products or services through an online portal.
How to Make the Most of the Future of B2B eCommerce
With all of this potential and opportunity, it’s crucial that you make the most of the future of B2B eCommerce. The best way to do that is to start by understanding all the new technologies and trends that are popping up in the space. Once you have a solid understanding of these concepts, you can develop strategies and tactics around them to take advantage of their potential.
There are also a few key things to consider when planning your future B2B eCommerce strategy. First, ensure you have a clear vision and focus on where your business will be in the next five years. Second, develop an understanding of customer needs and preferences and your competitors’ strategy, pricing, products, and more. Finally, invest in marketing tools such as search engine optimization (SEO), analytics platforms, and automation tools to maximize your sales performance. Doing these three things will put you on track to make the most out of this exciting new space. You should know these are just a few of the future stats of B2B eCommerce, and you can go through more in the infographics below.
So, it’s time to start switching to eCommerce if you’re in the business world. And, if you’re not in the business world, it’s time to start thinking about what businesses you can partner with to sell your products online. Stay ahead of the curve and make the switch to eCommerce today!