With consumer products selling rapidly on the internet, it is no surprise that business products are also thinking about going online. After B2C e-commerce became such a huge success, it is now the B2B markets that are benefiting from the e-commerce rage. As per a Forrester report of the B2B eCommerce forecast for 2020, the industry will grow from $ 780 billion in 2015 to $ 1.13 trillion in the next 5 years. This will contribute 12.1% of the total B2B markets of the US commerce.
What goes behind this forecast?
Buyer preferences are changing – Buyers are now researching their products online. Almost 74% of B2B buyers are now searching for at least half of their work products on the internet. 30% of buyers are known to complete their B2B purchases online itself. This percentage is predicted to almost double and reaches 57% by the year 2017. Due to this, a number of B2B sellers will shift a large volume of their business in the online space.
Reduced costs, increased customer satisfaction – A number of B2B firms are reducing their costs to serve customers online. As per the Forrester report in 2013, 56% of companies mentioned that they can only support certain customers profitably by selling online.
Building loyal customers – It is a known fact that customers tend to spend more on Omni channel than single channels and offline buyers. 60% of B2B firms have reported that their customers spend more on multiple channels. Also, Omni channel customers will become long-term and repeat customers, making it easier for B2B companies to establish a loyal customer base.
B2B e-commerce growth
In different parts of the world as well, B2B is growing at a tremendous speed. As per a study in 2014 by iResearch Data, the B2B e-commerce in China’s SMEs grew by 30%. India’s B2B industry is projected to grow to $ 700 billion in 2020 from the $ 300 billion in 2015. Online corporate and government purchases have grown by almost 40% last year in the first nine months compared to the previous year.
B2B companies are well-aware that they can save money and generate additional revenues by taking their business online. With the expected growth in the sector, wouldn’t you want to migrate your business to the digital space?
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