If you’re the owner of a B2B e-commerce business, you might think you have enough clients and don’t need to worry because e-commerce is booming and generating steady revenues. You stick to the traditional B2B model and have no plans to change.
But things aren’t as simple as they seem. First, client expectations are rising. That’s why they can choose more innovative and advanced options. Second, you might face pressure from competitors who are experimenting and innovating.
In this scenario, you risk losing clients which could lead to decreased revenues and an uncertain market position.
So, how can you stay on buyers’ radar and withstand fierce competition? The answer is simple: explore and embrace B2B e-commerce trends to fuel your business with tech advances.
From AI and advanced e-commerce platform development to datafication and personalization, these are trends you can’t ignore.
In this article, we’ll present the top 6 B2B e-commerce trends for 2024 that you should consider, to pave the way for sustained growth. Let’s dive in.
What’s Happening in the B2B E-Commerce World?
As the digital world changes, the global B2B e-commerce market is expected to reach $56, 921 trillion by 2028, growing from $26,163 trillion in 2023, highlighting huge growth opportunities for businesses in this space. The annual growth rate is projected to be 12, 9% during the forecast period.
These figures prove not only a sustained development in B2B e-commerce but also the importance of staying up-to-date with digital advancements to take full advantage of the B2B e-commerce landscape.
According to the latest report, the Asia-Pacific (APAC) region holds the largest market share of 78% in the global B2B e-commerce arena. This dominance is driven by rapid digitalization. Countries like China and India have experienced significant growth due to the increased Internet visibility over the past decade. As a result, this digital boom encourages businesses to use online platforms for trade, boosting e-commerce activities.
Buyers are also driving the growth of B2B e-commerce. Around 80% of B2B buyers use their mobile devices for research and purchasing because it allows them to shop without distracting from work. 77% of B2B buyers use digital channels to make purchases.
All these figures underline the evolving nature of the B2B e-commerce landscape and encourage investment in this area, as it offers numerous opportunities for businesses.
Contact Forbytes to discover B2B e-commerce trends and get expert insights and strategies to stay competitive and grow your business today!
Top 6 B2B E-Commerce Trends We Recommend Adopting in 2024
If you start looking for B2B e-commerce trends to fuel your business, you’ll be surprised how many offerings there are around. To avoid getting lost in them, we recommend focusing on tech trends as their effects are more long-lasting and will help you stand out from the crowds. Here are the top 6 B2B e-commerce trends our team advises you to follow:
Trend 1: Advanced e-commerce platform development technology
If you’re planning a digital transformation, a good idea for you will be to start with the development of an e-commerce platform or make an existing one more advanced. According to the latest report, 35% of US B2B businesses have defined this as a top priority for further digitalization and better responding to buyers’ needs. Even if you want to choose from existing e-commerce platforms, consider whether it is flexible and scalable. Plus, you should ensure that this platform supports B2B e-commerce functionality.
So, in this case, you have two options to choose. You can build an e-commerce solution from scratch or expand the current e-commerce solution with extra features and capabilities. Both variants can help you succeed in the B2B e-commerce market.
At Forbytes, we build e-commerce solutions that solve challenges and meet user needs. From responsive online shops to automation tools, we ensure your venture is scalable, secure, and positioned for success. Plus, we can integrate PIM, DAM, ERP, and payment systems into your current e-commerce solution.
Trend 2: AI for a personalized shopping experience
Another B2-B e-commerce trend that has already turned into the mainstream is the use of AI to personalize the shopping experience. Reasonably, 92% of businesses use AI-driven personalization tactics and get a 10-15% increase in revenue because of the delivery of tailored services.
The use of AI and machine learning contributes to better segmentation of the target audience and a better understanding of their needs. As a result, marketers can take instant action via real-time messaging, automatic optimization, and recommendations.
With Forbytes’ AI integration services, you can fuel your business with AI and make your operations more accurate and efficient. For example, we can build an AI-powered chatbot for your B2B e-commerce platform to ensure instant customer support and better respond to clients’ requests.
Trend 3: Focus on product information and its management
As one of the pain points for B2B buyers remains to find products and up-to-date information on them, B2B e-commerce businesses pay much attention to product details. Companies using PIM software report a 20-30% increase in efficiency when managing product information across multiple channels.
That’s why product information management (PIM) software has become a popular B2B e-commerce trend among businesses. PIM helps collect and distribute product information across diverse channels.
At Forbytes we develop management systems and tools, including PIM software, to handle diverse operations. Our objective is to help companies manage product data seamlessly. That’s why we deliver scalable, customizable tools that optimize processes and support business goals.
Trend 4: Payment diversity and flexibility
B2B buyers expect more flexibility not only in their shopping experience but also in how they pay for their purchases. That’s why B2B e-commerce businesses offer multiple payment options that align with clients’ financial preferences, budgeting, and cash flow. This B2B e-commerce trend is picking steam.
First, around 65% of B2B companies offer various digital payment methods. Businesses that offer multiple payment options see a 20% increase in conversion rate. Reasonably, 44% of clients prefer flexible payment terms. Plus, 86% of B2B buyers are more satisfied when they have access to flexible payment options. This clearly demonstrates the value of offering diverse and flexible payment methods to achieve desired business outcomes.
At Forbytes, we offer payment integration services to create various payment options and make online purchasing more convenient. This is an effective way to reach a broader audience and boost sales.
Trend 5: Growth of marketplaces
Another B2B e-commerce trend to consider is the growth of marketplaces. Marketplaces make it easier for businesses to access products and services from diverse suppliers, expanding product choices. In fact, 88% of global B2B buyers make at least one purchase on a B2B marketplace, and 35% make half of their purchases through these platforms.
The popularity of marketplaces encourages businesses to adopt them as a solution for boosting efficiency and achieving desired outcomes.
Marketplace development is one of the services we offer to our clients. With our help, creating a marketplace can unlock new revenue opportunities for your business. We’ll share our expertise to help you quickly enter the market.
Trend 6: Investing in composable commerce technology
Today, more and more B2-B e-commerce companies are investing in composable commerce systems. These are flexible and scalable solutions that allow for optimizing the customer experience without the need to replace the entire system. By investing in composable technology, you’ll quickly adjust your platform to market changes and efficiently integrate with other systems.
72% of retailers have already adopted a composable approach to e-commerce while 27% are planning to embrace this technology within the next two years. That’s why the composable applications market is projected to grow from $5,2 billion in 2023 to $11,08 billion by 2028.
At Forbytes, we can help you build a composable commerce architecture, ensuring scalability, stable performance, and top-notch security of your business.
To Implement or Not: How to Decide Which Trends Are Worth Pursuing?
We’ve listed the major tech trends but not every trend is worth pursuing. Some may be valuable, while others might be less important for your business. We’ll help you choose the most relevant ones for your company. Here are a few points to consider when determining which trends will be a good fit for you.
The situation in the industry
When picking relevant B2B e-commerce trends, evaluate the industry landscape and stay aware of its data to understand where e-commerce is headed. This information will help you determine which technologies to invest in and which trends are worth your effort. Plus, identify the bottlenecks the chosen technology can address and any gaps that can be spotted.
Customer behaviors
The next point to consider is customer behavior. To do this, you need to assess clients’ preferences and interests to understand their need. The strength of B2B e-commerce is that you can access customer data and use it to make more informed decisions.
Feedback from B2B customers
Review feedback from your B2B customers, as this helps you understand their pain points and find relevant solutions. Feedback from current clients will guide you to the trends you should adopt to succeed and better respond to customers’ needs.
Competition
Not less important point is competition in the market. Evaluate what your rivals are doing, what B2B e-commerce trends they’re embracing, and how those trends are working for them. The more B2B e-commerce businesses adopt a certain trend, the more successful this trend is likely to be.
Unsure which B2B e-commerce trend to pursue? Get a free consultation to help you decide which trends are worth implementing for your business success!
The Future of B2B E-Commerce
All in all, at Forbytes, we’re confident that with the tech B2B e-commerce trends mentioned above, your business won’t be the same anymore. They will open more opportunities in terms of scaling your system and fueling it with extra features and capabilities.
With AI, you’ll better respond to clients’ needs and personalize your offerings. By investing in a composable architecture, you will make your system more flexible. All these innovations help your B2B e-commerce business achieve steady growth and stay agile in the evolving landscape.
Ready to transform your business operations? Contact us today to learn how we can help you stay ahead in the evolving B2B e-commerce landscape. Let’s build your e-commerce future together!
