PUBLISHER: Inkwood Research | PRODUCT CODE: 1348069
PUBLISHER: Inkwood Research | PRODUCT CODE: 1348069
The global B2B eCommerce market is estimated to rise with a CAGR of 22.50% during the forecast period, 2023-2032. The expanding usage and adoption of diverse payment methods, technological innovations, and the increasing number of digital orders.
B2B eCommerce sells or exchanges services or goods between businesses through an online sales portal. The transaction is between two companies, which include online retailers and wholesalers. Through eCommerce, organizations and businesses can easily measure and evaluate marketing campaigns, product mix, sales effectiveness, customer sales effectiveness, inventory turns, and customer engagement. Therefore, increasing the number of digital buyers and online orders is expected to propel market growth.
Furthermore, the global spread of COVID-19 has expedited the need for eCommerce amidst a phase of sluggish economic conditions. Throughout the initial half of 2020, multiple businesses worldwide felt the effects of COVID-19. In light of stay-at-home mandates, numerous enterprises and individuals transitioned to the digital realm for the purpose of conducting online transactions of products and services. Additionally, purchasers are seeking enhanced convenience, customization, a revitalized emphasis on service, and engagement in business-to-business online marketplaces.
The B2B eCommerce market growth evaluation entails an analysis of North America, Europe, Asia-Pacific, and Rest of World. Asia-Pacific is expected to capture the highest market share during the forecast period owing to the increased penetration of the internet and a surge in the adoption of online marketplaces and websites.
The intensity of competitive rivalry in the global B2B eCommerce market is expected to remain high over the forecast period. The established market players compete on the basis of technological innovations, customer service, delivery speed, and the range of products. Some of the leading market players are Alibaba Group Holding Ltd, Amazon Inc, Thomasnet, Quill Lincolnshire Inc, etc.