With the ability to support any product or solution, no matter how complex, it is no surprise that eCommerce technology has become not only a game changer for B2C companies but for B2B companies as well. In fact, B2B eCommerce is outpacing B2C, and will soon outperform it. Forrester Research predicts, the US B2B eCommerce market will reach $1.2 trillion over the next five years, more than twice the size of the US B2C market. Frost & Sullivan also estimates that the global B2B eCommerce market will reach $6.7 trillion by 2020.
eCommerce has quickly evolved as the buying method of choice for business customers. Instead of picking up the phone to engage with a vendor, B2B buyers increasingly prefer the online, self-serve option for research, buying, and managing their accounts. Although major shifts in buyer behavior are driving the adoption of B2B ecommerce, we can pinpoint three trends that are shaping the future of B2B eCommerce.
- B2B eCommerce is riding the wave of mobile eCommerce
- Demand is Increasing for Amazon-Like Experiences
- Online Procurement is Driving Infrastructure Improvements B2B
Savvy B2B companies are jumping on the eCommerce train because they realize that buyers understand the benefits of eCommerce and expect seamless online purchasing experiences. The availability of advanced technology and the growth of business buyer expectations has forced B2B companies out of their comfort zone, and into a realm of automation, cost reductions, and omnichannel sales.
Yet B2B eCommerce is still an emerging and readily-evolving segment, set for continued rapid growth and improvement. Despite the many benefits of leveraging eCommerce, most B2B businesses are not capitalizing on the channel.
Is your existing eCommerce platform or strategy equipped to capitalize on this opportunity? Or will you lose out as customers abandon you for more powerful, feature rich, and user-friendly B2B eCommerce websites?
In a recent eBook put out by Magento, a leading provider of cloud commerce, they detail where most companies fall short in their B2B ecommerce efforts and ways to improve the B2B eCommerce buying experience. You can access this eBook here.