Business-to-Business E-commerce Market to Gain Substantial Growth During the Forecast Period 2022-2030
- by marketherald
Business-to-Business E-commerce Industry Overview
The global business-to-business e-commerce market size was valued at USD 6,883.47 billion in 2021 and is projected to expand at a compound annual growth rate (CAGR) of 19.7% from 2022 to 2030.
The COVID-19 pandemic has brought about a shift in consumer preference for online shopping, creating avenues for market growth. The closure of physical stores, coupled with an increase in the number of online orders, has also positively impacted the B2B business outlook.
B2B marketplaces offer various benefits, such as digital capabilities, scalability, accuracy in analytics, and a customer-centric approach. Moreover, technological proliferation, such as the application of artificial intelligence and cloud technology, has enabled the B2B e-commerce market to offer an improved customer experience. The internet has emerged as a powerful tool for connecting sellers and buyers more efficiently. Internet capabilities have a profound impact on an organization’s value chain.
Gather more insights about the market drivers, restrains and growth of the Global Business-to-Business E-commerce Market
The COVID-19 pandemic has accelerated the demand for e-commerce during a period of slow economic activity. In the first half of 2020, the pandemic impacted several businesses across the globe. With stay-at-home restrictions, numerous consumers and businesses went digital to buy and sell goods and services online. Moreover, the proliferation of cloud services and web applications has boosted the demand for B2B e-commerce businesses. Manufacturers, wholesalers, and distributors have been undergoing digital transformation gradually over the years to create a sustainable future for their respective businesses. In December 2020, Amazon.com, Inc. announced that Nationwide Mutual Insurance Company, a British mutual financial institution, has expanded its partnership with AWS by selecting it as its cloud provider for the company-wide digital transformation.
Flexible payment options favor business owners. The changing B2B buyer behavior and a strong emphasis on streamlining purchasing processes are prompting B2B e-commerce companies. This, in turn, offers payment methods, such as third-party payments and mobile wallets, as part of their efforts to make B2B transactions more convenient. For instance, in December 2021, Newegg Commerce, Inc. partnered with Affirm, Inc., a payment network, to provide flexible payment options such as pay-over-time to customers shopping from Newegg.com. Paying with Affirm incurs no hidden costs or late fees and allows customers to split the purchase into simple payments over time. Affirm, Inc. provides its customers with transparency, flexibility, and control at checkout.
Businesses are expected to find account-based transfers more appealing during the forecast period, owing to their improved speed and security. Further, improvements in real-time payment technologies are likely to foster their adoption, creating a favorable environment for online business transactions. Several companies are making significant investments in automated payables and real-time payment technologies, which is expected to contribute to the segment growth during the forecast period. Factors such as favorable regulations supporting consumer protection and cross-border trade regulations are expected to boost e-commerce sales. Various government bodies worldwide are also amending and strengthening data security and privacy protection laws as part of their efforts to build consumers’ trust in B2B e-commerce platforms.
However, concerns around payment security and data privacy, coupled with the need for ongoing investments, such as technological upgrades, cap-ex investments, software licenses, implementation costs, infrastructure costs, and server provisioning costs, are expected to pose a challenge for the market growth. B2B e-commerce enhances supply chain efficiency by providing real-time data for components, such as product availability, inventory, shipment status, and production requirements. Moreover, it helps to improve communication within the supply chain, allowing OEMs to organize inventory deliveries, logistics, and other activities to ensure improved efficiency and reliability.
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Business-to-Business E-commerce Market Segmentation
Grand View Research has segmented the business-to-business e-commerce market based on deployment type, application, and region:
- Business-to-Business E-commerce Deployment Type Outlook (Revenue; USD Billion; 2018-2030)
- Business-to-Business E-commerce Application Outlook (Revenue; USD Billion; 2018-2030)
- Home & Kitchen
- Consumer Electronics
- Industrial & Science
- Beauty & Personal Care
- Sports Apparel
- Books & Stationery
- Business-to-Business E-commerce Regional Outlook (Revenue, USD Billion, 2018- 2030)
- North America
- Asia Pacific
- Latin America
Market Share Insights
- December 2021: Newegg Commerce, Inc. partnered with Affirm, Inc., a payment network, to provide flexible payment options such as pay-over-time to customers shopping from Newegg.com. Paying with Affirm incurs no hidden or late fees and allows customers to split the purchase into simple payments over time.
Key Companies profiled:
Some prominent players in the Business-to-Business E-commerce market include
- Amazon.com, Inc.
- eBay Inc.
- Flexfire LEDs
- IndiaMART InterMESH Ltd.
- Quill Lincolnshire, Inc.
Order a free sample PDF of the Business-to-Business E-commerce Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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Grand View Research, Inc.
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Business-to-Business E-commerce Industry Overview The global business-to-business e-commerce market size was valued at USD 6,883.47 billion in 2021 and is projected to expand at a compound annual growth rate (CAGR) of 19.7% from 2022 to 2030. The COVID-19 pandemic has brought about a shift in consumer preference for online shopping, creating avenues for market growth. The…
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