B2B e-commerce platform market is expected to grow from US$ 714.0 Mn in 2018 to US$ 1,909.1 Mn by the year 2027. This represents a CAGR of 11.8% from the year 2019 to 2027.
E-commerce sector has become an increasingly significant source of competitive advantage for B2B companies. It helps them enables not only to reduce transactional costs and provide wide range of additional services, but also to improve efficiency in association with their suppliers and customers. In the context of continuous increase of the services role in B2B markets and rapid development of information technologies, the B2B e-commerce platforms are witnessing high demand.
The B2B e-commerce help companies to improve operational efficiency and reduce costs, strengthen relationships with existing customers, grow the business, deliver the right information to distributors, partners, resellers, and customers. There are various characteristics that are offered by the B2B e-commerce platform to provide the benefits. These characteristics include integration, support for different business models in the demand chain, cross-channel content management, support for complex workflows and client self-management.
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The consistent advancement in technology along with periodic modification into the existing industry standard practice is anticipated, continue to offer steady market growth opportunities for the business to business e-commerce platform market players. Besides, the recent rise in emphasis towards the integration of digital technologies into the business to business e-commerce solutions are gaining significant traction and subsequently is projected to be the dominant market driving force during the coming few years. Furthermore, the continuous economic prosperity, along with growing logistic and trade investments in emerging economies, is also expected to provide attractive business growth opportunities for the market players during the coming years.
The market players present in the B2B e-commerce platform market are mainly focusing on product enhancements by implementing advanced technologies. By signing partnerships, contracts, joint ventures, funding, and inaugurating new offices across the world permit the company to maintain its brand name globally. Few of the recent developments are listed below:
2019: Insite Software Solutions, Inc. launched an e-commerce platform named InsiteCommerce 4.5.0 with additional functionality. These new functionality help enabling email list reminders provide multiple customer list share features, enhances security for commerce sites and delivers integration with inRiver cloud products.
2019: Kibo Software, Inc. launched eCommerce enhancements designed to offer B2B wholesalers, retailers, and brands a more comprehensive eCommerce platform to manage the complexity of B2B tasks while providing an intuitive user interface that business users can master. These enhanced features include key B2B account management assets and a price-quoting functionality that facilitate project and requisition lists, purchase orders, price lists, and customer sets.
2018: Shopify Inc. acquired Tictail, Inc. and all of its subsidiaries (Tictail), a Delaware corporation based in Stockholm, Sweden, which operates an e-commerce platform. This acquisition helped the company to expand its business in Europe.
The report segments the global b2b e-commerce platform market as follows:
Global B2B E-Commerce Platform Market – By Type
Global B2B E-Commerce Platform Market – By Enterprise Size
Global B2B E-Commerce Platform Market – By End-user Industry
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