The Rise of B2B eCommerce

n recent years, the landscape of business-to-business (B2B) commerce has evolved as eCommerce has transformed the way businesses operate, revolutionizing the way goods and services are bought and sold. Traditionally, B2B transactions were conducted through offline channels, such as phone calls, emails, and in-person meetings. However, with the acceleration of digital technologies, B2B companies are increasingly turning to eCommerce platforms to streamline operations, reach new customers, and expand their businesses.

Here’s a look at the rise of B2B eCommerce and how businesses are adapting to the expanding B2B eCommerce industry.

As digital technologies continue to evolve, B2B buyers are increasingly turning to online channels to research products, compare prices, and make purchases. With the convenience of 24/7 access, the ability to easily compare products and suppliers, and order fast delivery, B2B eCommerce platforms are becoming essential tools for businesses across industries. A Deloitte Digital survey of B2B organizations cited an estimated 13% loss of sales tied to the absence of helpful digital commerce. 

B2B eCommerce has become a significant mainstream sales channel with digital sales taking place on eCommerce sites, password-protected sites and apps growing 17% to about $2.1 trillion in 2023, up from $1.95 trillion in 2022, according to Digital Commerce 360. B2B sellers of all sizes are adapting as business buyers want more omnichannel, digitally driven purchasing experiences. Customers prioritize companies who offer digital tools and if companies want to remain competitive and grow, they will need robust eCommerce options that provide users with smooth, simple, and seamless buying experiences.

B2B companies that implement integrated eCommerce solutions can streamline operations, improve efficiency, and attract and retain more customers. Integrating B2B eCommerce platforms with existing ERP (enterprise resource planning) and CRM (customer relationship management) systems enables real-time synchronization of data, such as inventory levels, customer information, and order status, ensuring accuracy and consistency across all systems.

Many B2B companies are integrating their customer-facing systems eCommerce solutions with their back-office applications, according to the Deloitte survey. Thirty-five percent of B2B businesses plan to upgrade their ERP systems in 2024, with nearly all businesses saying their ERP upgrades were part of broader digital transformation projects tied to front-office applications. Companies offering a consistent digital experience across channels, aided by ERP-eCommerce integration, reported a 62% increase in sales of products and services.

With the ubiquity of smartphones and tablets, B2B buyers are increasingly using their mobile devices for work-related purchases. B2B eCommerce platforms must prioritize mobile optimization to ensure that buyers can easily access product information, place orders, and manage accounts from any device, anytime, anywhere. Optimizing websites for mobile use, developing mobile apps, and ensuring that all stages of the buying process are seamless on mobile devices will enable B2B companies to expand their reach, improve the customer experience, and increase sales.

B2B marketplaces, which bring together multiple sellers in a single online platform, are becoming an increasingly popular eCommerce model. These marketplaces offer buyers a wider selection of products and competitive pricing, while sellers gain access to a larger pool of potential customers. As businesses seek more efficient and cost-effective ways to source products, the role of B2B marketplaces will continue to grow. 

Digital B2B marketplaces will play a significant role in the B2B eCommerce landscape by 2030. B2B marketplaces are expected to account for $12 trillion in sales in 2030, about 50% of all B2B sales, according to a recent study by consultancy firm Merkle. In comparison, less than 15% of global B2B purchases took place through B2B marketplaces in 2023. About 66% of business executives across B2B categories plan to build a larger ecosystem of third-party sellers, service providers, and products as they adapt to increasing customer demand.

The rise of B2B eCommerce presents numerous opportunities for businesses to grow their customer base, increase operational efficiency, and deliver exceptional customer experiences. By embracing digital technologies, optimizing mobile experiences, and integrating with existing systems, B2B companies can stay ahead of the curve, capitalize on new opportunities, and thrive in today’s growing B2B eCommerce landscape.

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