Integration Tops B2B Ecommerce Trends in 2018
Systems integration has led to unprecedented growth in B2B ecommerce this year. Globally, the market is now worth over a trillion. Almost a quarter of B2B sales are online. Market indicators suggest B2B ecommerce is on course for continued long-term growth.
At the core of this success are three critical elements. They are: integration, mobile commerce and improved user experiences. Mobile commerce increased by 59 per cent last year and is set to continue growing.
Comgem has closely followed research findings. Magneto IT Solutions’ interpretation of new data suggests 74 per cent of B2B buyers check prices online before ordering. Of those, up to 93 per cent use B2B ecommerce when they have found what they want to buy. That is not all - up to 56 per cent of businesses now expect to make half of their purchases online.
B2B businesses embrace technology
Forrester predicts the B2B ecommerce market will be worth $1.13 trillion by 2020. It says B2B buyers’ preferences will see a 12.1 per cent per annum growth rate. Comgem has studied the UK, as well as the global, B2B market. We can link the success of B2B ecommerce with technologies that have made it easier for businesses to manage online platforms and grow.
B2B businesses have recognised the benefits of selling across multiple channels. They have opened up new revenue streams by including B2C sales. Technology now makes it easy for them to set different pricing rules for different customers. It can also hide B2B catalogues from B2C customers. Users are also benefitting from easier ordering experiences.
Integration delivers B2B ecommerce efficiency
Importantly, integration is driving down costs and making B2B businesses more efficient. B2B ecommerce solutions now integrate with existing systems, including stock control software. They integrate with third parties, offering huge benefits. B2B businesses can automatically update prices and link with distributors, content providers and suppliers. Integration also allows B2B businesses to sell their products across other platforms and markets.
We believe three things have driven growth in the B2B ecommerce sector. They are systems integration, mobile commerce and improved user experiences. Going forward, we expect to see an increased number of companies using artificial intelligence. AI will help them further enhance the customer experience. It will also automate critical business processes.
Find out more about innovative B2B ecommerce solutions developed by Comgem.