The scope of the B2B e-commerce industry is undoubtedly promising due to many factors, such as changing choices of consumers, beneficial offers, and the convenience of the business. According to a study by Astute Analytica, the global B2B e-commerce market will grow at a compound annual growth rate (CAGR) of 14.1% during the forecast period from 2021 to 2027. Here are a few factors that are shaping the future of the B2B e-commerce industry.
Benefits of B2B e-commerce
B2B e-commerce is a method of marketing and selling products. The deal is done between two businesses through online platforms. B2B eCommerce offers innumerable benefits to the consumers. The rising number of platforms like amazon are helping businesses grow their reach without the need to worry about 4 walls to carry out the operations. It allows businesses to reach a wider audience and open doors to new markets. In addition, it also boosts the productivity of the businesses.
Convenience and Accuracy
B2B eCommerce website allows clients to have accurate information. Moreover, it helps businesses fulfill the demands of their clients simply and accurately. It allows consumers to self-serve, order, and reorder as per their negotiated terms. Apart from that, the growing trend of online shopping and favorable offers at the platforms will all potentially strengthen the future of the B2B e-commerce industry.
The cost of the product and services is one of the most essential factors for businesses. However, businesses can save the money spent on input and customer support by automating the procedures.
Reach more customers
For every business, its geographic reach is the essential factor that outlines its success. Online platforms offer the convenience of delivering goods at places where the business has no physical reach. With e-commerce platforms, international trades have become easier. Moreover, the innumerable benefits of search engines and SEO-friendly sites can help businesses gain traction within a short time. Additionally, businesses put their web catalogs online and also maintain well-organized websites to reach out to the audience and spread information about their services.
B2B e-commerce industry considerably increases the productivity of the businesses. It allows firms to focus more on maintaining healthy relations with the consumers. The self-service portal works 24/7 and offers hundreds of varieties with varied prices, which enhances the satisfaction level of the consumers. Furthermore, it also reduces the potential for mistakes and misunderstandings, which enables teams to focus on other respective tasks, such as advising, consulting, and assisting leads and clients. Powerful B2B e-commerce software help businesses streamline and automate various processes and develop a unique insight into the data.
Considering the potential scope of the B2B industry, industry players are also working on innovative growth strategies with the aim to outperform. Recently, Bosch acquired a 26 pc stake in B2B e-commerce firm Autozilla Solutions. Moreover, Amazon also made headlines as its B2B arm announced the ‘Anniversary Sale’ to celebrate partnerships with MSMEs in India. In addition to that, Buyhive unveiled its Expert Sourcing Network platform with the aim to offer services to B2B buyers globally. The company said that this platform will offer a trustworthy and quality sourcing experience to the consumer via locally-based sourcing experts.