PUBLISHER: Inkwood Research | PRODUCT CODE: 1348068
PUBLISHER: Inkwood Research | PRODUCT CODE: 1348068
The Japan B2B eCommerce market is predicted to grow at a CAGR of 23.21% during the forecast period, 2023-2030. Investments and funding to open up the expansion of business-to-business eCommerce, marketplaces, portals, and market players, and other strategic initiatives taken by the market players are estimated to Japan's B2B eCommerce market's growth.
The Japan business-to-business (B2B) eCommerce market is undergoing rapid transformation, driven by technological advancements, changing business dynamics, and a shift in buyer preferences. Japanese businesses are embracing digital transformation to streamline operations, reduce costs, and enhance customer experiences. This includes the adoption of eCommerce platforms, electronic procurement systems, and digital payment solutions.
Further, the proliferation of smartphones has led to a significant increase in mobile-based B2B transactions. Businesses are now seeking mobile-friendly platforms that allow for convenient purchasing and decision-making on the go. In addition, AI-powered technologies are being integrated into B2B eCommerce platforms to provide personalized product recommendations, optimize inventory management, and enhance customer engagement.
Moreover, In the year 2020, 'hey,' the Japanese eCommerce platform, successfully obtained a Series E investment. This investment was spearheaded by Bain Capital Tech Opportunities, along with contributions from Goldman Sachs, PayPal Ventures, YJ Capital, Anatole, and World Innovation Lab. The provided funds were strategically utilized to expedite growth and facilitate the establishment of online retail operations, as well as to enable cashless transactions for businesses throughout Japan.
As businesses persist in adopting digital avenues and harnessing technology, the B2B eCommerce sector in Japan is projected to expand even more. This expansion will open up novel prospects for businesses to grow and innovate.
Some of the leading firms in the market are: eBay Inc, eWorldTrade, Amazon Inc, etc.