If you often read B2B commerce business newspapers or news B2B commerce publications on a forum online/ example of b2b e-commerce websites, you are likely to come across the word “B2B”, but what is B2B commerce exactly?
1. What is B2B Commerce?
Getting to a Good B2B eCommerce Definition
Although the terminology “B2B eCommerce” has only been in use for about a decade, B2B eCommerce business processes have actually been around a lot longer, going back to as early as the 1960s and 1970s.
In 1975, the first EDI (electronic data interchange) standards were published and within a few years, manufacturers like GM and Ford, and retailers like Sears and K-Mart, had mandated that their suppliers use EDI.
EDI is now a standard B2B mobile commerce or B2B commerce business practice, used by more than 90% of Fortune 500 B2B eCommerce statistics companies. B2B eCommerce, of course, is no longer limited to EDI.
Over the last 40 years, following B2B eCommerce statistics then eCommerce options have expanded to include many different types of global B2B eCommerce market size transactions.
Other examples of b2b e-commerce websites companies are setting up their own B2B eCommerce websites, which can range from simple to complex.
How does B2B eCommerce fit into your business?
B2B eCommerce is a very broad B2B eCommerce definition concept that can be defined in a number of ways. The possibilities for companies to benefit from B2B eCommerce definitions are equally broad, allowing companies to choose from a wide range of options to support their B2B mobile commerce business objectives.
But what about your company? Can you see any ways that your bottom line might benefit from implementing B2B mobile eCommerce to enable customer orders?
So, what’s your B2B eCommerce definition?
B2B eCommerce definition simply means “ Business- to Business” electronic commerce, it can be defined as the sale of goods or services between businesses. For example of b2b e-commerce websites, B2B eCommerce platforms have been a top priority to tackle the challenges of global B2B eCommerce market size.
The global B2B eCommerce market size B2B market is growing rapidly and strong to ignore, B2B mobile commerce encompasses the online through an online sales portal or sales of products and services between companies.
If you are a retailer, distributor or manufacturer, B2B commerce is the right solution that combines an understanding of the business rules, processes, and issues to truly leverage B2B mobile commerce industry online.
B2B eCommerce statistic is likely either already part of your current business model, for sellers.
2. B2B Mobile Commerce
Following B2B eCommerce statistics, many examples of B2B e-commerce websites businesses, B2B mobile commerce sales growing faster than eCommerce overall.
B2B mobile e-commerce has become part of everyday life and most of the people engaged in the B2B mobile eCommerce industry are already using it for B2C.
So let’s explore the B2B mobile commerce opportunity:
B2B mobile eCommerce customers are emulating B2C trends and transitioning their buying into online and mobile environments.
B2B mobile eCommerce buyers are often using mobile at work, and currently, B2B commerce statistics state that more than 60% say mobile played a significant role in a recent purchase.
So, the B2B mobile commerce platform has a lot of benefits and also are several challenges resulting in the slow growth of B2B mobile e-commerce.
Here come some benefits of B2B mobile commerce:
One of the biggest benefits of B2B mobile e-commerce is a personalized experience when the buyer lands on the homepage of the app, they see products which they frequently order along with reordering options.
Technology & trends are also making life easier for examples of B2B e-commerce websites businesses like B2B sellers, that is why the B2B mobile commerce user experience feels very similar to a B2C app.
When B2B mobile commerce buyers use native mobile apps features like fingerprint scans and face recognition, they can take a complex process (e.g., finding products, customizing features, and receiving quotes – all from multiple suppliers) and make it painless with just a few taps.
These push notifications are one of the most impactful marketing tools available today in the digital world.
Next, another B2B mobile commerce advantage is GPS feature to track nearby pickup location. This function uses your B2B commerce mobile GPS to locate specific products at the branches closest to your immediate physical location.
By offering the native mobile app, a B2B mobile commerce app offers the convenience to order-on-go and similarly collect their order as the drive-through concept works in B2C.
A better shopping experience typically leads to happier B2B commerce statistics customers. To start the digital process by performing online searches on mobile devices, this is a good chance for the B2B mobile eCommerce buyer journey.
3. B2B eCommerce Statistics
Looking for B2B eCommerce statistics?
A lot of famous wholesalers for example of B2B eCommerce websites like Amazon, Alibaba, Rakuten, Mercateo, Global Sources, Walmart and IndiaMART are the major players in the global B2B eCommerce market.
Even though B2C eCommerce statistics has witnessed widespread adoption, now it is the recent revolution and growth of B2B eCommerce. B2B eCommerce is a marketplace that grabbing the attention of buyers, sellers and investors all over the world.
On the other hand, B2B mobile commerce is a platform where many companies sell their products alongside their competitors, so you can see a different scenario in the following years.
- By 2020, the B2B eCommerce market will outgrow B2C eCommerce sales with a projected $6.7 trillion global income. (eCommerce Platforms, 2018)
- By 2020, B2B eCommerce is predicted to exceed more than 12% of the overall B2B revenue. (BCG, 2017)
B2B eCommerce is changing at a rapid pace. According to the Forrester suggests that the US global B2B e-commerce market size industry will hit $1.8 trillion by 2023. Besides, with 10% for B2B eCommerce statistics over the next five years for a compound annual growth rate
Forrester experts also predict that the global B2B eCommerce market sales will hit $12 trillion by 2020. (Forrester Research, 2019).
One of the trends in B2B eCommerce statistics is the rise of digital channels or specialized marketplaces. It is no doubt that digital channels like B2B mobile eCommerce are dominating the modern business landscape with many companies integrating B2B mobile eCommerce as part of their operations.
Payment Trends From B2B Ecommerce Space
Another research by Deloitte, B2B E-commerce statistics payment industry is evolving at a faster rate and is expected to reach a valuation of $2.77 trillion in the US by 2020.
Most of the example of B2B eCommerce websites orders are placed through websites, emails and mobile phones, following a survey conducted by BigCommerce on more than 500 international merchants with B2B eCommerce statistics buyers are using website tops the list with 80% followed by email and mobile phones which stand at 77% and 72% respectively.
With the same report of B2B eCommerce statistics from BigCommerce said that credit cards top the list with 94% followed by terms, checks and purchase orders with 53%, 51%, and 50% respectively.
At the top of the list, B2B eCommerce statistics are credit cards (94%), checks (51%), purchase orders (50%). Mobile wallets (26%) are also worth considering because of their growing B2B mobile commerce popularity. (BigCommerce, 2017).
For B2B mobile eCommerce, 1 out of 4 example of B2B eCommerce websites buyers sends out their orders using a mobile device. (Frost & Sullivan, 2018).
B2B mobile eCommerce are rising rapidly with 26% of the payments done through mobile wallets such as Amazon pay due to the security and time-saving from this payment.
A research by Google says that during the B2B purchasing process, 42% of online research is done from mobile devices. Among the ways to do this is to provide them with the payment options they prefer and to make your channel mobile-ready so that they can access it even on the fly.
4. The Complexity of B2B eCommerce
Global B2B eCommerce marketplace is changing these days, a major obstacle for B2B eCommerce is the solutions of eCommerce technologies. Many B2B companies find it difficult to understand a combination of back-office software, accounting systems, inventory management systems, and more.
It a barrier for B2B eCommerce, especially when B2B companies take the first step in introducing an eCommerce environment.
In addition, the level of complexity with an intertwined web their business involves, eCommerce and B2B mobile commerce apps can control for massive growth for B2Bs, wholesalers, distributors, and manufacturers. B2B business needs to keep up everything on-trend.
5. What B2B Could Learn from B2C’s Mistakes
While B2B commerce definition defines the marketing, selling, and distribution of products from one business to another through online channels, B2C (known as business to consumer) focuses on emotion-driven purchasing decisions.
B2B eCommerce definition has a lot more in common with B2C. You may be wondering what the differences are in selling B2B or B2C. For some guidance, read on:
- A longer decision-making process: If you plan to sell B2B, you have to prepare to invest time in a relationship with your potential buyers.
- A greater number of involved stakeholders
- A lengthier relationship
- A smaller lead pool: B2B generally involves a smaller pool of prospects when compared to B2C. For instance, Amazon’s consumer-oriented website has a potential customer pool of millions – in essence, anyone with an Internet connection.
- A different type of product knowledge
- A shorter decision-making process
- A smaller number of involved stakeholders
It is clear that B2B eCommerce marketers can learn from B2C world. For years, Amazon was not always user-friendly, functional and seamless when it comes to customer experience.
We all know that B2B commerce focus on customer experience, the success of a lot of examples of B2B eCommerce websites companies would have worked hard on the customer.
B2B eCommerce has been gaining traction, so there is an opportunity to learn from the mistakes of B2C.
B2B eCommerce provides the best customer experience possible, so they can deliver a B2B eCommerce solution that integrates with other business systems, streamlines business processes to increase profitability, helps reduce costs, and provides a quality experience for your customers from start to finish.
6. Global B2B eCommerce Market Size
Global B2B E-Commerce market size has evolved into a multi-trillion dollar market and is expected to see further growth over the next several years. By 2020, B2B E-Commerce sales are projected to be more than two times higher than global online retail sales, according to B2B eCommerce statistics.
Given this potential, B2B sellers worldwide count on E-Commerce to drive revenue growth and improve customer satisfaction.
Global B2B eCommerce market size depends on online retail; to examples of B2B eCommerce websites platforms such as Alibaba.com, ThomasNet, and Amazon Business expand their reach and additional business to business sellers offer their products and services through marketplaces.
Online shopping and buying goods and services on the Internet continue to be popular worldwide. In the US, nearly 70% of adults shop online, young generations grew up with technology and use it daily in their personal lives.
Of those aged 30-49, 87% made a purchase on a mobile device. It is clear that the majority of B2B eCommerce statistics clients are online buyers. They prefer to buy online when they have decided what they want to buy.
But consumers of all ages love the convenience of modern examples of B2B eCommerce websites. B2B eCommerce needs to focus on digital marketing strategies that grew from the desire of business buyers to make business purchases as easily as they make their own personal purchases.
In 2012 B2B eCommerce statistics surpassed B2C in overall revenues. The need to revolutionize traditional B2B sales channels to maintain competitively is critical.
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7. Example of B2B eCommerce Websites
- Alibaba: Alibaba is one of the biggest examples of B2B eCommerce websites and B2C eCommerce companies in the world. The key to its success was an innovation from the very start. It started building an ecosystem with Chinese manufacturers and the global B2B eCommerce market size place.
- Just like Alibaba, Amazon Business is one of the most prominent examples of B2B eCommerce websites players in the world. Amazon started even earlier in the Western hemisphere and is a new global B2B marketsize place as a potential sales channel.
- It’s easy to sell on Amazon for business owners because of a strong customer base, the high website traffic, and refined customer experiences.
- 3DXTech: The 3D printing company 3DXTech is an excellent example of a B2B eCommerce website that’s both invasive and successful. 3DXTech offers many manufactures high-performance 3D printing filaments and accessories.
ACME: ACME is a unique example of B2B e-commerce site that provides for logistics operators and shippers. It has a minimalistic website that’s genuinely carefully designed.