The B2B eCommerce industry is already gaining a lot of momentum in 2018. A common trend (amongst many) is that B2B eCommerce merchants need to invest more time and money into technology in order to better manage their business and stay competitive.
In this blog, we have highlighted the key findings from Magneto IT Solutions' B2B eCommerce Trends 2018 infographic. These trends and tips will enable B2B eCommerce businesses to stay up-to-date and better prepare for the year ahead.
Start selling wholesale online with your own B2B eCommerce Platform.
B2B eCommerce market growth in the US
In a recent report, Forrester predicts that the U.S. B2B market would be worth $1.13 trillion by 2020 with a 12.1% per annum growth rate. What is behind this expected B2B growth? Well, there are several reasons, here are the top 3 which illustrates changes in B2B buyers’ preferences:
Shifting trend from B2C to B2B
The report by Statista on B2B eCommerce in 2017 has estimated $2.3 trillion B2C sales online while for B2B it is $7.7 trillion which is more than double the B2C market value. What are causing these huge shifts? Here are some reasons:
eCommerce penetration increasing globally
The eCommerce industry is a global phenomenon, with almost all countries experiencing significant growth over the last year. Here are the top 10 countries that have the largest eCommerce market share worldwide:
B2B growth rate by selling channel
Today, the B2B eCommerce industry has multiple business models, including distributors, manufacturers, retailers and wholesalers, selling online. Compared to their online sales in 2016, B2B companies have witnessed significant growth in 2017:
The average growth rate across all businesses was 7.1% in 2017 from 2016.
eCommerce add-on solution integrations
Integration is king when it comes to a B2B eCommerce platform, and standalone eCommerce platforms have been proven to be inadequate. Various performance parameters, like on-time delivery, order accuracy, inventory visibility, and time to process orders, have had great impact on third-party services. Here are some examples why:
Therefore, 96% B2B businesses believe integrations of various supporting systems are business-critical and a wise decision.
Who will be your targeted B2B eCommerce customers?
Once upon a time, B2B marketers were mostly targeting the highest level executives, considering them the most influential folk in the B2B business. However today:
B2B marketers have to target both C-Suite and non-C-Suite employees in the organization to win the sales conversion game.
B2B eCommerce delivery options
eCommerce shipping, particularly international shipping, requires a strong third-party logistics partner with warehouse and shipping technologies to provide excellent delivery experiences. In order to be successful at shipping, you must look for winning delivery options, such as:
The most effective B2B eCommerce online marketing channels
Lead acquisition is the lifeline for any business, and B2B eCommerce businesses have multiple online marketing channels to utilize . If we look at the percentage share of each channel, we can draw some useful conclusions for preparing B2B marketing strategies:
Domestic shoppers look internationally when they shop online
According to a report:
As you can now see, 2018 looks to be a great year for the B2B eCommerce industry. With that said, TradeGecko’s order and inventory management software is here to equip wholesale and distribution businesses with the right tools to be successful!
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