The B2B e-commerce market is an area of the global digital economy that is currently heavily impacted, allowing businesses to perform transactions and partnerships and streamline operations through online platforms. The use of technology allows for a wider list of supplier options for businesses to choose from, further resulting in reduced procurement costs and improved operational efficiencies. As businesses undergo their digital transformation, B2B e-commerce has become increasingly crucial in augmenting the global supply chain.
According to an article from Reuters, the estimated global B2B e-commerce market size hit roughly $7.9 trillion by 2024, and the market's growth is expected to fluctuate between 17.5% and 20%. With headlines soaring by the day, internet penetration continues to expand, leading to a decline in traditional economies.
The B2B e-commerce market is an area of the global digital economy that is currently heavily impacted, allowing businesses to perform transactions and partnerships and streamline operations through online platforms. The use of technology allows for a wider list of supplier options for businesses to choose from, further resulting in reduced procurement costs and improved operational efficiencies. As businesses undergo their digital transformation, B2B e-commerce has become increasingly crucial in augmenting the global supply chain.
According to an article from Reuters, the estimated global B2B e-commerce market size hit roughly $7.9 trillion by 2024, and the market's growth is expected to fluctuate between 17.5% and 20%. With headlines soaring by the day, internet penetration continues to expand, leading to a decline in traditional economies.
The term B2B e-commerce refers to the electronic exchange of goods, services, or information between businesses rather than between businesses and consumers, thus including online marketplaces, business websites, and other digital platforms that allow transactions, partnerships, and supply chain optimization.
1. Supplier-Oriented Platforms: They have more of a supplier focus, offering items to many buyers.
2. Buyer-Oriented Platforms: Buyers invite bids or proposals from suppliers.
3. Intermediary Platforms: Marketplaces connecting buyers and sellers.
4. Direct Sale Platforms: Sales delivered through manufacturer-to-business-owned sites.
5. Distribution Networks: Wholesalers and distributors selling to retailers.
6. Service Platforms: Online delivery of IT, legal, and consulting services.
1. Digital Transformation: Businesses inimical to e-commerce have to come to see how holding back can cause them to lose the battle.
2. AI & Automation: The likes of chatbots, predictive analytics, and workflow automation.
3. Blockchain: Helping strip supply chains of some hairs of obfuscation and some sliver of assurance.
4. Cloud Integration: Scalable, centralized data- and service-procurement solutions.
5. Omnichannel Strategies: The distinction between online and offline sales is becoming increasingly blurred.
6. Customization: Touching on field-specific details intended to become customized.
- Mobile Commerce: More usage of mobile gadgets to medicate B2B transactions.
- Personalization: Making announcements via AI in response to buyer behavior.
- Digital Payment Solutions: Secure payments and e-wallets continue to grow.
- Cross-Border Trade: International business-to-business e-commerce transactions are expanding.
- Sustainability: Platforms projecting eco-friendly sourcing and products.
- Data-Driven Decisions: Metrics also help in decision-making that applies predictive models for demand forecasts and asset management.
1. By Platform Type: Supplier-oriented, buyer-oriented, and intermediary
2. By Deployment Model: Cloud-based and on-premise
3. By End-User Industry: Manufacturing, healthcare, retail, and more
4. By Region: North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
1. Alibaba Group: The largest B2B e-commerce marketplace worldwide.
2. Amazon Business: One of the leading platforms for clean services and supplies.
3. eWorldTrade: Growing faster and bridging markets across the globe.
4. Global Sources: You can trust Stride 's global sourcing.
5. ThomasNet: Deals specifically in industrial and manufacturing items.
6. Made-in-China: The focus is primarily on connecting global buyers with Chinese suppliers.