Market Trends of Global B2B E-commerce Industry
Increase in Digitalization across the B2B e-commerce is driving growth
- Efficient information exchange is needed to ensure enhanced customer experience by businesses to meet customer expectations. Companies are increasingly adopting digital solutions and are integrating systems supporting E-commerce such as CMS, ERP, CRM, PIM, and many more. These solutions enable various departments to share valuable data and boost online sales.
- With the increase in the adoption of digital technologies, B2B E-commerce companies have become increasingly aware of order fulfillment operations by integrating order fulfillment software to gain insights and understand the status of order confirmations, on-time delivery performance, and various aspects of order management.
- Further, with technological advancements, businesses and their customers can track end-to-end delivery of orders while operating with multiple partners such as logistics providers, forwarders, and express companies.
- Tracking of order fulfillment generates comprehensive and insightful data on the company's performance. The analysis of the generated data enables companies to analyze and track inefficiencies in areas where the company incurs high and unnecessary costs and rectify them.
- Technologies such as machine learning and artificial intelligence are implemented by businesses to optimize supply chains to transcend geographical barriers. With the implementation of such technologies, B2B E-commerce companies aim to optomise all touchpoints in the supplychain and achieve automation to increase customer satisfaction and brand loyalty.
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North America to Account for a Significant Share
- North America is expected to have a significant revenue share compared to other regional markets. Due to the region's financial status, significant investments in cutting-edge technology. The United States is one of the largest regions in North America for B2B e-commerce adoption.
- The use of sophisticated technologies such as cloud computing, AI, big data and analytics, mobility/social media, cybersecurity, and IoT, among others, resulted in innovation and change, supporting development in the North American B2B e-commerce.
- Because of lower communication and infrastructure expenses, enterprises in B2B segment are shifting their operations to e-commerce by digitalization. The B2B E-commerce channel enables the company to reach out to additional clients, resulting in essential firm exposure.
- Marketing is a bigger prospect for various B2B businesses. E-commerce provides a better platform to market the product or services and increase the brand's reach. B2B e-commerce companies in the region also exhibit various marketing techniques to increase their reach.
- United States is home to several key players of the market including Amazon and World Trade. Amazon Business, which started in 2015, is the largest B2B eCommerce marketplace in the U.S., serves nearly 45 states and 80 of the Fortune 100 firms, including Citigroup, Intel, Cisco, and ExxonMobil, to name a few
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