The B2B eCommerce Platform Market: An Analysis of Current Industry

06/26/2020 2:12 PM

The global B2B ecommerce platform is rapidly striding forward even as the world is still dealing with a pandemic. Reports from across the globe further assures us of this fact as B2B ecommerce is estimated to grow at a CAGR of 7.6% from 2020 onwards. At this rate it is predicted to reach a turnover of $3 trillion by the year 2024. It is also predicted that within the next five years, the B2B market will outshine the B2C market in sales. It is therefore essential that one closely keeps track of the ever growing and ever expanding space of business to business ecommerce sector to stay updated and thus remain upgraded to meet the latest challenges.

Recent studies and reports on the global B2B ecommerce platform have yielded certain crucial information. According to these, the current top players in the B2B ecommerce platform are companies like:

  • GoECart
  • oOrjit
  • Insite Software
  • 3dcart
  • PrestaShop
  • BigCommerce
  • Shopify
  • Magento

Also presently, based on regions or countries, the market has been segmentated as follows:

  • North America
  • Europe
  • China
  • Japan
  • Southeast Asia
  • India
  • Central & South America

Among these, Southeast Asia region is emerging as one of the fastest growing spaces of B2B ecommerce platforms. Additionally India has also been performing extremely well considering how the country is undergoing rapid urbanisation combined with zealous industrialization.

Another key development in the business to business ecommerce sector is the entry of non-banking enterprises when it comes to payments. There is an increased use of these non-banking entities that are considered hassle free compared to traditional banking systems. Therefore ease of payments and other transactions is one of the latest developments that is being focused upon by most B2B ecommerce solutions in order to emerge as the best B2B ecommerce platforms.

Based on the product type, the market has also been segmented into Native Mobile Commerce Apps and other. Furthermore, on the basis of application, the business to business ecommerce market has been categorized into:

  • Small Businesses
  • Midsized Businesses
  • Large Businesses

As we look at reports from all around the globe studying the present functioning of B2B ecommerce platforms, it is evident that B2B buyers have greater expectations from their B2B companies now than ever before. The shift in B2B customer demands and expectations are crucial pointers in providing the best B2B ecommerce solutions. It is reported that almost 74% of B2B buyers research half or more of their B2B purchases online before purchasing them. Some of the features that B2B customers look forward in their buying experience are personalization, AI (Artificial Intelligence) assistance in buying, voice enabled searches, self service options and so on.

Market reports have recorded a sudden spurt of growth in the B2B ecommerce sector across the globe, which in turn, demands powerful software platforms to take the lead. Therefore the challenge of choosing the best B2B ecommerce solution for your business is of utmost importance now as the world is struggling with an epidemic and therefore market dynamics are evolving and adapting ever quickly in order to deal with these changes.