Asia Pacific B2B E-commerce Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

APAC B2B E-commerce Market Analysis

The Asia Pacific B2B E-commerce Market is anticipated to grow with a CAGR of 15.2 % during the forecast period (2022 - 2027). B2B E-commerce enables businesses to customize each customer's checkout, document management, and agreement processes. This improves the B2B client experience while lowering human error rates that may otherwise result in lost business.

• According to Indian Brand Equity Foundation(IBEF), E-commerce has changed the way people do business in India. The Indian e-commerce sector is predicted to increase from USD 46.2 billion in 2020 to USD 188 billion by 2025. It is estimated to reach USD 350 billion by 2030. The Indian e-commerce market is expected to grow by 21.5% by 2022, reaching USD 74.8 billion. Such huge increase in the revenue is expected to created an opportunity for the B2B E-commerce to grow.
• Where immersive experiences matter in B2B E-commerce marketing, VR (virtual reality experiences) and AR (augmented reality) may reclaim some of their former prominence. Some B2B vendors may need to enable virtual testing and confirmation of complicated products, including replacement parts or custom designs, for customers.
• IoT and AI technical advancements are still impacting B2B E-commerce. From suppliers, managers, marketers, sales representatives, and customers, everyone participating in the process can gain from a more accurate prediction of their desired outcomes and advice on the best course of action. Mobile-only contributes to little more than half of the purchases.
• The shift from physical to virtual shopping accelerated during the pandemic, compelling most businesses to switch from on-premise operations to the cloud. COVID-19 has broadened the consumer base using e-commerce beyond millennials and digital natives to include older age groups. Many will continue to use this sales channel even when lockdown (shelter-in-place) orders are withdrawn, fundamentally reshaping the retail landscape.
• In E-commerce, electronic payment systems play a critical role. Electronic payment systems, often known as paperless monetary transactions, are used by e-commerce businesses. Decreasing paperwork, transaction expenses, and labor costs changed commercial processing. E-commerce processing is easier to use and takes less time than manual processing. Electronic commerce allows a company to broaden its market reach. The electronic payment mechanism carries a particular risk.

APAC B2B E-commerce Industry Segments

Business-to-business or B2B e-Commerce platforms allow buyers and suppliers to interact and arrange the deliverables leveraging the services offered by the platform. The scope of the report includes sales made through B2B e-commerce sites and e-procurement channels. However, EDI sales are not included as part of the scope.

The Asia Pacific B2B E-commerce market is segmented by Channel (Direct sales and Marketplace sales) and Country.

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APAC B2B E-commerce Market Trends

This section covers the major market trends shaping the APAC B2B E-commerce Market according to our research experts:

Advancement in Technologies Plays a Significant Role in Market Growth

• Dependence on data and analytics will drive the total future shopping experience, loyalty programs, and payment systems. The use of demographic, geographic, and situational data will increase as consumer expectations evolve to make the greatest marketing choices. The importance of cloud computing and storage technology, network optimization, and predictive analytics is swiftly rising from a nice-to-have to a need. Implementing cutting-edge technology is accelerating digital transformation, necessitating new procedures and abilities from managers and executives in the industry.
• IoT gives businesses a greater understanding of the order fulfillment process so they may better serve customers who make more online purchases. IoT technology enables online businesses to track consumer orders from when they are placed until they are delivered to their doorsteps. Due to management systems, retailers can track every inventory item, no matter where it is. Using cloud-based technologies like GPS and RFID, it is possible to access information like traffic conditions, weather, location, and employee IDs (Radio-Frequency Identification).
• Online merchants can use artificially intelligent technologies called E-commerce chatbots to interact with clients at every stage of the buying process. These E-commerce chatbots are used for conversational marketing and addressing customers' concerns regarding the product before they make the purchase. E-commerce stores can use these chatbots to answer questions about their products directly on the website or even on other messaging platforms like WhatsApp, Instagram, Facebook Messenger, etc. These bots are utilized for conversational commerce and intelligently and immediately offer post-sale support without involving a live customer service representative.
• According to GSMA Intelligence, China had over 939.8 million internet users as of January 2021, while India came in second with 624 million subscribers. In addition to dominating the Asia Pacific region, China and India had the most internet users worldwide.Such huge internet users will provide a significant opportunity for the studied market to grow.
• E-commerce companies are increasingly seeking distribution and inventory management systems that are self-learning, predictive, adaptive, and intelligent, which are known as cognitive supply chains. They result in improved, personalized customer service and decreased inventory. These systems can also mitigate risk, improve insight and performance, and increase transparency.

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