B2B Ecommerce : 50 Facts That You Should Know in 2021
B2B e-commerce is not only a dominant future business trend but a force to be reckoned with.
In the late 2000’s through early 2010’s, the world witnessed a wave of disruption tear through traditional B2C industries.
Netflix destroyed Blockbuster, Uber and Didi remade the taxi industry. Most notably for us, B2C e-commerce leveled brick-and-mortar chain stores that had dominated the market for decades.
We are at the dawn of the next phase of disruption. This time that will be a B2B dominated era. What's more, the scale of B2B dwarfs B2C. Prepare for industry changes on an unprecedented level.
Prominent research institutions and universities are proclaiming the end of B2B salespeople and the “traditional trade” industry as we know it.
Guess what, it’s already happening. According to the data, we are only a year away from when the real action will start to take place.
Below is a list of 50 facts about B2B e-commerce. We compiled this list for most people who still import through traditional channels.
We understand that you may have old connections with suppliers, or this is “the way things work.” I remember when going to Blockbuster to rent a movie was also the way things worked.
Besides, there is substantial evidence that indicates that you may be selling yourself short by not enjoying the benefits of B2B e-commerce platforms and marketplaces.
The abundant product selection, flexibility, and protection offered by B2B Wholesale platforms is not something to overlook. Especially since we are still in a time where using these platforms can give you a substantial advantage over your competition.
B2B E-commerce Industry Facts:
1. It was projected that in 2019, the revenue of China’s B2B e-commerce platforms for small- and medium-sized enterprises would increase by approximately 16 percent compared to the previous year.
23. “These card and digital account payments can be more than 70% more cost effective than a traditional purchase order process, particularly when you consider the downstream benefits such as better data for analytics and reporting (reported by 63% of buying organizations), improved cash flow (73%), and reduced manual work through process automation (74% reported reduced approvals and 68% experienced a reduction in administration).
28. Business-to-business customers are already demanding a better experience. In a recent McKinsey survey of 1,000 B2B decision makers, lack of speed in interactions with their suppliers emerged as the number-one “pain point,” mentioned twice as often as price.