In this booming eCommerce industry, Millennials have taken over B2B purchasing. Also, the Covid-19 pandemic had a huge impact on B2B eCommerce. In 2021, Digital Commerce 360 published a 2021 B2B marketplace 250 report that highlights the majority of the changes that happened in the eCommerce marketplace.
Even before the pandemic hit, the US B2B marketplace was booming. However, after the pandemic hit, many retailers had to digitally convert their business, manual procedures, and clients, increasing the growth of the B2B marketplace. As a result, in 2023, the total US B2B sales are expected to reach up to $1.8 trillion.
The main reason for the growth of B2B eCommerce is the numerous opportunities. Digital services can provide wholesale products, retailer goods, services, and deliveries. Studies show that B2B observes the B2C market and adapts its strategies to improve its growth. Additionally, the reason consumers and retailers are preferring B2B marketing is that they offer flexible payment options, personalized experience, and drop-shipping opportunities.
The demand for the B2B marketplace is increasing exponentially. 80% of B2B buyers expect a similar and convenient purchasing experience as the B2C websites. The giant B2C marketplaces like Amazon and Alibaba are expanding their ventures into B2B, increasing our expectations in personalization, autonomy, and website speed.
Based on the prediction, the combined digital sales on commercial trading platforms and industry market will grow up to 130% to $56 billion and be responsible for 3.5% of all the eCommerce sales. In the expansion of the US B2B market, many factors play a part, such as industry coalition, major manufacturers, distributors, and large commercial marketplaces. In addition, a report says- over one-quarter of B2B consumers prefer the marketplace as their purchasing channel, and 87% of Millennials purchase through the B2B marketplace.
62% of business owners said that they could earn half of their revenue online by 2025. That’s why they have taken the online opportunities to fulfill digital demands. But first, they need to catalog their products online. However, it is not easy. Fortunately, with the latest technology, the API-driven architecture builds a real-time multi-vendor product catalog with precise SKU and pricing information.
Dynamic pricing offers vendor automation, allowing users to create their accounts to personalize products, units, and pricing according to the organization. Automation helps traditional sellers modernize their business and improve their pricing protocols. Currently, there is three B2B marketplace working online. They are Eezee, Tajir, and Microacquire. However, Microacquire is not working right now, as its owner put it up for sale.
In a nutshell, the B2B marketplace had major changes throughout the years and is expected to grow drastically in the upcoming years. The B2B marketplace procedure has increased its standards with the depth of product comparison and usability, making purchases easier and vigorous for businesses.