Market Size of Asia Pacific B2B E-commerce Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 15.20 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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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 Many will continue to use this sales channel even when lockdown (shelter-in-place) orders are withdrawn, fundamentally reshaping the retail landscape.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.
