Over the past decade, the e-commerce industry has evolved like no other industry. With revolutionary changes happening every day, global retail e-commerce sales were around USD 5.9 trillion in 2022. Today almost more than two-thirds (65%) of B2B companies across the industry sector and recent data suggest that the North American B2B e-commerce market will surpass USD 4600 billion by 2025.
Latest trends in B2B e-commerce
1. Social Commerce
Social commerce is playing a key part in major B2B eCommerce companies for their business expansion. Large as well as SMEs competing in the industry are focusing on social commerce to create shoppable feeds of their products which help in increasing the conversion and sales rates. The online purchase rate of B2B goods through this channel will grow exponentially in the future with more advertisement campaigns in various marketplaces. By 2026, the value that social commerce sales are going to add to this sector would be around USD 2.9 trillion.
2. Personalization in Online Shopping Experience
Nowadays, most of the companies competing in the B2B e-commerce industry is focusing on providing personalization option for their buyers. As per recent studies, more than 50% of the buyers present in the B2B marketplace have already improved personalization as a key feature, while buying goods online. With the integration of AI and machine learning, many personalization solutions can be provided for buyers. Major tech giants are entering into the eCommerce sector with their AI models to offer customization modes to buyers.
On June 29, 2023, tech giant, Microsoft launched AI-powered tools into their Bing and Edge for online shopping. This all-in-one place for online shopping is offering some features such as Buying Guide, price match, and review summary.
3. Omnichannel Experience
B2B Ecommerce players are adopting omnichannel marketing strategies to enable digital sales and marketing strategies to cater to their buyers. Omnichannel offers a customer-centric solution for eCommerce and retail companies to make strategies aiming to provide a seamless shopping experience across all channels including store, online, and mobile. This allows buyers the purchase convenience as they can buy consumer goods from all the platforms.
4. AI and Automation
AI has taken over all industries including the eCommerce sector by helping companies to customer experience and improve work efficiency. E-commerce companies are focusing on integrating AI and automation to streamline their inventory management and customer support. According to IDC, the spending on AI is predicted to double in the next four years growing from USD 50.1 billion in 2020 to USD 110 in 2024.
5. Subscription Models
Subscription-based models are gaining popularity among B2B eCommerce companies. Companies are offering subscription services for software, products, and premium services. B2B companies are offering subscription services to build long-term consumer habits. This also helps companies reduce costs and predict their expense. Subscription model helps to improve the cash flow and steadier stream of revenue for the companies.
With the rising awareness about the B2B eCommerce market, which is expanding with a CAGR of 18%, creating new opportunities for new SMEs entering the market. Software companies catering to the eCommerce industry are launching new Saas business models for better operational management. The B2B eCommerce industry can make revolutionary changes in the eCommerce sector in the future.