In this B2B Marketplace report, insights are deep and vast. The detailed data and analysis of this report shows why the B2B Marketplace has become more popular among online buyers and sellers.
For many years, the B2B ecommerce industry has had mixed feelings about marketplaces like Amazon. The love/hate relationship extends to a broad range of online experiences.
From 1999 through 2001, B2B marketplaces went looking for love from buyable but squared business. The resulting affair was short lived.
The idea was sound, to bring together diverse groups of buyers and sellers in a particular industry or market, so they could do business en masse on an online platform.
But the technology was rudimentary and had little to no traction. The market for electronic media remained a niche, and industry relational marketing alliances also proved unsuccessful.
The big success of marketplaces is growing and they are starting to get more love.
The ongoing COVID-19 pandemic forever changed the way that buyers deal with online sellers. Younger and more online-oriented business buyers are primarily digital-first customers. And where this rapidly growing audience wants to do business is online — on marketplaces, like Amazon or Etsy.
B2B marketplaces are the fastest-growing channel in B2B ecommerce, with a projection from Digital Commerce 360.
The digital transformation of commerce:
- On 25th July, the Digital Commerce 360 has published the B2B Marketplace 400 report that includes metrics, data and analysis for 400 marketplaces in 18 industries. They were following about 75 to 100 back then.
- B2B sales in the online marketplaces shot up by 131% and are expected to continue growing to $130 billion by 2022, according to B2B Marketplace 400.
“Since the date that COVID-19 was released, companies that were off a change are now more likely to get digital,” says Tyler Ellison, CEO of ChemDirect. ChemDirect is not even three years old and is able to link buyers and sellers in 12 industries, from automotive to building materials and construction.
Millennials and Generation Z employees are entering the procurement management field, often creating expectations of the same user experience they are accustomed to at home.
Not only is the B2B marketplace industry taking off digitally, but buyers, sellers and marketplaces have formed a lasting symbiotic partnership. This time around, the tide of this technology-driven industry is turning into an accepted marketing strategy for businesses as well.