Inkwood Research estimates that the Global B2B eCommerce Market is set to record a 22.50% CAGR in terms of revenue during the forecast period, 2023-2032.
“Browse 49 Market Data Tables and 49 Figures spread over 275 Pages, along with an in-depth TOC on the Global B2B eCommerce Market Forecast 2023-2032.”
The global B2B eCommerce market is positively influenced by the popularity of specialized B2B online marketplaces, a surging interest and focus on digital experiences, and the online operations of retail businesses. B2B sellers tailor personalized products and services to tend to the buyers’ individual needs. Moreover, the specialized B2B marketplace is growing rapidly with increased demand and technological advancement. It is moving towards creating an impactful eCommerce marketplace for B2B.
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Increasing Digital Orders Drive Market Growth
B2B eCommerce offers customers a range of payment options, making transactions more convenient. This is one of the major growth promoters for the global B2B eCommerce market during the forecast period. The closure of physical stores globally, coupled with an increase in the number of digital buyers and online orders, is one of the major factors that has positively impacted the B2B outlook.
Through eCommerce, organizations and businesses can easily measure and evaluate sales effectiveness, marketing campaigns, customer engagement, customer sales effectiveness, product mix, and inventory turns. Therefore, an increase in the number of digital buyers and online orders is expected to propel market growth.
Beauty & Personal Care: Fastest-Growing Industry
The anticipated market growth during the forecast period is attributed to the expansion of the cosmetics industry and the introduction of new B2B eCommerce websites and marketplaces. Furthermore, industry participants are actively developing and unveiling their B2B eCommerce platforms and marketplaces dedicated to beauty and personal care products.
For instance, in 2021, Landing International, a B2B ecommerce platform, introduced an innovative online marketplace enabling retailers to procure cosmetics and various beauty product lines from emerging independent suppliers. Similarly, in 2021, Bonne, a South Korean-based supplier, inaugurated a B2B platform website.
Asia-Pacific Captures Largest Revenue Share
Asia-Pacific held the largest market share in 2022 owing to rising internet penetration, as smartphone use has increased the number of online suppliers and customers across the region. Asia-Pacific is one of the largest and fastest-growing eCommerce marketplaces due to populous countries like China and India, where domestic consumption is one of the key contributors to economic growth. More marketplace startups are emerging to capitalize on various business profiles, diversity of consumers, and supply chains across the region, which drive the Asia-Pacific B2B eCommerce market.
The industry rivalry in the global eCommerce market is expected to remain high due to numerous global players in a fragmented market. Some of the key players in the market include DIYTrade, EC21, Amazon Inc, eBay Inc, etc.
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About Inkwood Research
Inkwood Research specializes in syndicated & customized research reports and consulting services. Market intelligence studies with relevant fact-based research are customized across industry verticals such as technology, automotive, chemicals, materials, healthcare, and energy, with an objective comprehension that acknowledges the business environments. Our geographical analysis comprises North & South America, CEE, CIS, the Middle East, Europe, Asia, and Africa.