Predicting The Future Of B2B E-Commerce
The inflection point e-commerce is going through today has many parallels to previous technology shifts that revolutionized web-based apps and services. Spending on B2B e-commerce platform technologies, systems, and services continue at a pace over 2X the B2C e-Commerce market. Forrester predicts that by 2019, the B2B e-Commerce market will be worth $1.1T compared to the B2C market at $480B.
Forrester found that manufacturers and wholesalers are the two industries that are generating the majority of market growth and it’s clear why. Many manufacturers are relying on existing homegrown systems that support outdated processes, limited sales channels and are not delivering the experience B2B buyers expect.
74% of B2B buyers research half or more of their work purchases online before buying according to a recent Forrester study. The same study found that 30% make half or more of their work purchases online today, and 56% expect to make half or more of their work purchases online in 3 years.
An inflection point is happening in e-Commerce today. Rapid advances in user experience, support for multi-tier distribution selling, advanced pricing, and order workflows enabled with born-in-the-cloud B2B e-Commerce systems are leading the revolution. Look for this inflection point to drive double-digit growth in digital commerce platforms through 2020.
Excerpted from Forbes Sep 2016 Article by Louis Columbus. All Rights Reserved.