8 Trends to watch out for in 2023 & beyond | The future of B2B marketplaces

It looks certain that the macroeconomic conditions will continue to be challenging in 2023, given concerns around energy, inflation, supply chains, geo-political tensions, and economic uncertainty.

It has 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 marketplace platforms is expected to grow from $1.7 trillion in 2021 to exceed $2 trillion in 2023 and $3 trillion by 2027. In the past, businesses relied on brick-and-mortar stores and catalogues to reach their customers. Customers increasingly turn to the internet to research and purchase products. This shift has led to a decline in traditional channels and an increase in online sales.

Online marketplaces have also had a major impact on the way businesses operate. In the past, businesses typically maintained large product inventories to meet customer demand. Today, however, businesses can take advantage of just-in-time inventory management practices made possible by online marketplaces. This allows businesses to reduce their inventory costs and free up working capital.

Finally, online marketplaces have created new opportunities for businesses to reach international markets. In the past, selling internationally would have required a physical infrastructure that was often prohibitively expensive. Online marketplaces now allow businesses to easily sell their products to customers worldwide at no added cost.

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 (Product Information Management) and advancement in headless technology will automate half of the tedious tasks by replacing outdated legacy systems.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.

Our predictions are generally based on quantitative data and experience, namely the many conversations we have with business and organisations yearly. With that in mind, let's dive into predicting next year's trends for B2B commerce.

Top 8 B2B marketplace trends to watch out for in 2023 & beyond

1. Online sales will keep growing
2. Vertical marketplaces
3. Artificial intelligence
4. Personalisation
5. Frictionless checkouts
6. Omnichannel selling
7. Increase in the subscription model for sales
8. Augmented reality and virtual reality

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The future of digital commerce has never looked?more promising. The latest online marketplace trends discussed above offer businesses multiple opportunities. However, it would be a big mistake to try and keep up with all of them. You must decide which marketplace trends in 2023 are important for your business and focus on them.

If you need assistance from a reliable online marketplace #technology company, get in touch with us. We have delivered successful marketplace platforms for over a decade and are evolving alongside market trends.

By keeping in mind some of the most popular online marketplace trends for 2023, you can implement new ideas and solutions to grow your business. This will help to impress customers, increase loyalty and remain ahead of competitors.

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