With the ever-growing increase in market opportunities comes the demand to adapt to new times in order to boost your sales opportunities. And as the B2B market continues to grow, so do client expectations.
E-commerce is now the second most important B2B buying channel. B2B buyers have started to give preference to vendors who offer online sales functionalities. B2B eCommerce, when compared to the B2C industry, is projected to be two times bigger than B2C in 2020. In fact, it’s anticipated to be the area of largest eCommerce growth from 2020 to 2025. Frost & Sullivan predicts that B2B eCommerce will hit as much as $6.6 trillion by 2020 alone.
Therefore, it goes without saying that eCommerce plays an important and deep-seated role in the B2B buying process. Suppliers, wholesalers and manufacturers are not meeting their customers’ growing demand for buying online whilst buyers purchase an average of 75% of products online (Sapio Research, 2019).
It’s important to keep in mind that the majority of current and new B2B buyers and purchasers have grown up in the digital age, with the efficiency of the Internet found right at the tip of their fingers. In fact, Merit claims that 73% of B2B buyers today are Millennials, who prefer buying online. This is a large part of why B2B eCommerce growth has occurred at such lightning speed.
The spread of mobile Internet-driven technologies, improved shipping and payment options, the rise in disposable incomes and technological advancements in eCommerce are just some factors that have contributed to its upturn.
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