Market Size of North America B2B E-commerce Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 10.20 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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North America B2B E-commerce Market Analysis
North America B2B e-commerce market is expected to register a CAGR of 10.2% for the forecast period 2022-2027. The market is heavily influenced by digitalization and Industry 4.0 trends, with businesses of all sizes switching to digital modes of operations, digitalizing the majority of the aspects of the supply chain.
- According to Payments Canada, around 25% of the payments are conducted by debit or credit cards, with about 63% of transactions from POS credit and debit, and 4.2% of the payments from cheque and paper media in 2021. The shift in the preferable mode of payments supports the online payment modes offered by the e-commerce platform and also signifies the favorability of digital platforms for financial purposes.
- Modern buyers looking for customized solutions and suppliers avail the e-commerce platforms to approach different suppliers, popularizing the platforms. Hence, specialized B2B marketplaces are witnessing a significant boost in demand to cope with new technological advancements. This also boosts the competition and opportunities among the suppliers due to added reach and convenience through the e-commerce platforms.
- However, cybersecurity and data breaches constantly threaten the B2B e-commerce platforms and require stringent measures to ensure data security. For instance, according to The Daily Swig, in January 2022, the US e-commerce website, PulseTV detected a data breach, suspecting the exposure of more than 200,000 customer credit card records. The incident was detected by the end of December 2021, as the breach persisted between August 2021 and November 2021.
- Unlike most industries, the COVID-19 pandemic has benefitted North America's B2B e-commerce industry, motivating businesses to shift operations online and secure their function from the limited movement and availability of resources. B2B e-commerce platforms provided the perfect media to communicate with suppliers and wholesalers, aiding in the situation hit adversely by the limited movement across lockdowns. In the post-pandemic era, the companies benefit from the cost benefits and flexibility to greater availability of suppliers, with overall supply chain efficiency added.
