The Rapid Growth of B2B eCommerce

 

Forrester Research has recently conducted a study in B2B eCommerce resulting in the discovery that B2B eCommerce is more than twice the size of B2C in the United States ($780 billion vs $325 billion). Forrester also reports that B2B eCommerce will top $1.1 trillion in the US by 2020, mobile will represent 26% of B2B traffic by 2016, all while the growth in 2011 was just 4% -explaining why many businesses are beginning to see the importance of a mobile strategy.

So what are the catalysts that are accelerating this change in the B2B eCommerce sector? Here are the factors that have been driving growth and making this industry one to watch:

  • Competition for both direct selling and online

  • Mobile platform

  • Cost efficiency

  • Development of globalization

While B2B eCommerce is growing, its growth comes with a lot of friction from various entities. These being:

  • Digital strategy being confusing for more traditional advertisers and marketers

  • Focus on heavy back-end integration (not being able to see the whole picture of technology)

  • C-level support stagnant because of digital ideas being “too new”

Forrester’s research also concluded that in order to become a world class B2B eCommerce company, a business needs to focus on culture, organization, technology and metrics. Below are metrics that may come as a surprise to many business leaders:

  • 74% of B2B buyers believe that buying from a website is more convenient than buying from a sales representative.

  • 93% of B2B buyers prefer to buy online when they have already decided on what product or service to buy.

Since it is only a matter of time before B2B eCommerce will become part of everyday business, it’s incredibly important to stay ahead of competition by learning what your organization can do to win the eCommerce space. We at Verenia understand this can be intimidating, which is why we are here to help. Schedule a quick demo to see what our specialists can do for you.