The Future of B2B eCommerce: Trends & Predictions for 2023

The growth of eCommerce has had a profound impact on the landscape of B2B distribution. In the past, businesses relied on brick-and-mortar stores and catalogs to reach their customers. Today, customers are increasingly turning to the internet to research and purchase products. This shift has led to a decline in traditional retail channels and an increase in online sales.

eCommerce has also had a major impact on the way businesses operate. In the past, businesses would typically maintain large inventories of products in order to meet customer demand. Today, however, businesses can take advantage of just-in-time inventory management practices made possible by eCommerce. This allows businesses to reduce their inventory costs and free up working capital.

Finally, eCommerce has also created new opportunities for businesses to reach international markets. In the past, selling internationally was often expensive due to the cost of shipping and customs clearance. However, with eCommerce, businesses can sell their products to customers around the world with ease.

The Rise of B2B eCommerce

50% of B2B buyers are looking for personalized B2C experiences.

It's only been in the last few years that B2B eCommerce has really taken off. In fact, according to a report by Forrester, spending on B2B eCommerce platforms is expected to grow from $1.18 trillion in 2018 to $1.52 trillion by 2023.

That's a lot of money! So, what's driving this growth? There are a few key factors:

?? The rise of the Millennial workforce: This generation is more comfortable shopping online than any other before it.

?? Greater access to technology: Thanks to the advancement of technology, businesses now have more options than ever before when it comes to B2B eCommerce platforms. Integration tools, PIM and advancement in Headless technology will automate half of the tedious tasks by replacing outdated legacy systems.???

?? The growth of online marketplaces: Sites like Amazon and eBay have made it easier than ever for businesses to find suppliers and products.

5 Predictions for B2B eCommerce in 2023

Statista research suggests that in 2023, an estimated 17% of B2B sales are expected to be generated digitally.

So, what can you expect from B2B eCommerce in 2023? Here are six predictions for trends in the making:

??Customization will be key. In the future, customers will expect to be able to personalize their shopping experiences, down to the finest details. This means businesses will need to offer more customization options than ever before.

?? The continued rise of digital transformation. More and more businesses will invest in digital transformation in order to keep up with competitors. 75% of B2B buyers preferred digital over in-person interactions in 2020 and 2021. This means a greater focus on eCommerce and the customer experience.

?? Artificial intelligence (AI) will become increasingly important. AI will help businesses automate processes, personalize customer interactions, and make better decisions about product development and marketing.

?? A move towards subscription-based models. We'll see a rise in subscription-based models for B2B eCommerce, as this type of business arrangement becomes more popular and efficient.

?? Mobile commerce will continue to grow. With the continued growth of mobile commerce, businesses will need to make sure their websites are optimized for mobile devices. This means a focus on speed, convenience, and user experience.

?? The continued fragmentation of the B2B eCommerce market. As different industries move towards B2B eCommerce, the market will become increasingly fragmented. This means that businesses will need to focus on specific niches in order to be successful."

?? Increasing social commerce. It's true that B2C business has historically dominated social media channels. But because of recent market shifts, B2B businesses are joining in the fun and being social on the platforms that matter to their target market.

Get Ready for 2023

The future of B2B distribution is shrouded in uncertainty. However, by diversifying your product portfolio, investing in technology, and building an international network, you can prepare your business for whatever the future may hold.?

Get in touch with our B2B eCommerce experts today to streamline your B2B eCommerce.?