Business-to-business (B2B) commerce marketplaces serve as critical hubs connecting suppliers and buyers across diverse industries. B2B Marketplace Growth & Statistics 2024 provide the essential data-driven insights needed to make informed decisions, identify growth opportunities, and measure success. By understanding market size, customer behaviour, and competitor landscapes, businesses can tailor their offerings, optimize operations, and allocate resources effectively.
It’s essential to acknowledge the broader trends driving B2B marketplace expansion. The trend toward online B2B marketplaces is being expedited by the growing use of digital tools and platforms by enterprises. Marketplaces are essential for reducing procurement costs and increasing supply chain transparency. These platforms give companies access to a larger domestic and global consumer base. This blog explores the growth of B2B marketplaces and provides statistics for 2024. To learn more, scroll down below.
B2B Industry Overview
The industry of business-to-business marketplaces is expanding at an unparalleled rate due to the growing utilization of digital technology and the transition towards online procurement. Forrester projects that by 2024, B2B e-commerce revenues will have grown to $1.8 trillion, a substantial rise over previous years. Leading B2B marketplace adopters include the manufacturing, technology, healthcare, and automotive sectors.
Though North America and Europe continue to dominate the B2B marketplace landscape, Asia-Pacific is emerging as a major player due to its growing middle class and increasing internet penetration.
The Growing Popularity of B2B Digital Channels
According to the OroCommerce report, 71% of the respondents, at least 50% or more of their suppliers currently use a B2B eCommerce solution. This suggests that many suppliers are recognizing the importance of the digital purchasing trend and are adopting technologies to meet their buyers’ expectations. Between three and ten digitally driven channels will be used by B2B e-commerce buyers in 2024 to explore products and services and make online purchases from vendors.
Preference of B2B Mobile Orders
Forbes reports that over the previous three years, there has been a 250% growth in the number of mobile B2B orders. By 2025, it’s predicted that B2B e-commerce in the US will surpass $710 billion in sales through mobile devices. Mobile purchasing was pushed by the pandemic and is currently developing. Mobile interaction is still crucial. For instance, 62% of respondents stated that a negative mobile buying experience will make them less inclined to make a purchase from a brand.
B2B Buyer Pain Points
The top three pain points concerning the buying experience of B2Bs are lack of customization, localization, and personalization (39%), lack of real-time stock information (38%), and lengthy purchasing processes (34%). About one-third of the respondents 33%) also cite a lack of personalized prices and discount information as a pain point.
AI in B2B Marketing
“AI In B2B Marketing,” released by Demand Spring, reported the sheer volume of AI adoption, as 96% of respondents are either actively using AI or acknowledging its potential. Marketers are prioritizing AI for its ability to improve productivity (76%) and enhance customer engagement (52%); 63% of respondents said they lack internal AI expertise, particularly in data analysis and interpretation, and 43% indicated that they are establishing ethical guidelines for AI use.
B2B Social Media Practices
When selecting their ideal purchase, 46% of B2B customers currently utilize social media to research products further or evaluate prices with rivals.
Growth of B2B Online Marketplaces
The quantity and size of B2B online markets are constantly expanding, making now an ideal time to build your business! By 2024, B2B transactions will be conducted on 70% of the enterprise marketplaces that already exist, predicts Gartner. Specifically, niche marketplaces have grown to be essential to B2B sellers’ internet presence. Now is the perfect time to get on board since marketplaces have grown increasingly appealing to distributors, wholesalers, and manufacturers.
B2B Self-serving Channels
When it comes to new purchases above $50,000, 70% of B2B decision-makers are open to using self-service or online channels. More than $500,000 will be spent online by 27% of purchasers, says McKinsey. According to TrustRadius, 100% of consumers, an increase of 13% from 2021, desire self-serve options for at least some portion of the purchasing transaction.
B2B Marketplace Target Audience
Millennials, who are twice as likely as previous generations to find items online, make up 60% of B2B tech purchasers, according to TrustRadius. The demographics of B2B buyers are evolving, as they do in any industry. These days, the majority of decision-makers are digital natives who want to do their homework and consult others online before making a purchase. There has never been a more pressing demand for online self-service resources, credibility, and thought leadership.
Emerging Trends in B2B Marketplaces: 2024 Outlook
The landscape of B2B marketplaces is evolving rapidly, driven by technological advancements, changing buyer behaviours, and global economic shifts. In 2024, several key trends are shaping the industry, influencing how businesses buy and sell goods and services online. This blog explores the most significant trends in B2B marketplaces, providing insights and implications for businesses looking to navigate and capitalize on these changes.
- Digital Transformation Acceleration
Digital transformation continues to be a driving force behind the growth of B2B marketplaces. Businesses are increasingly moving away from traditional procurement methods to digital platforms that offer greater efficiency, transparency, and scalability.
- Adoption of Cloud-Based Solutions: More B2B marketplaces are leveraging cloud technology to provide a flexible, scalable, and secure infrastructure for transactions and data management.
- Integration of AI and Machine Learning: AI-powered solutions are enhancing decision-making processes, from personalized product recommendations to predictive analytics for demand forecasting and inventory management.
- Shift towards Omnichannel Experiences
B2B buyers expect seamless and integrated experiences across multiple channels, similar to their B2C counterparts. This trend is prompting marketplaces to invest in omnichannel capabilities to cater to diverse buyer preferences.
- Mobile Optimization: With an increasing number of buyers buying mobile devices for business transactions, B2B marketplaces are prioritizing mobile-friendly interfaces and apps for enhanced user experience.
- Integration with Social Selling: Marketplaces are exploring social media platforms as additional channels for lead generation, customer engagement, and brand visibility.
- Focus on Personalization and Customer Experience
Personalized experiences are becoming a cornerstone of successful B2B marketplaces, driven by the desire to cater to individual buyer needs and preferences.
- Customized Pricing and Discounts: Marketplaces are implementing dynamic pricing strategies and personalized discounts based on buyer behaviour, purchase history, and volume.
- Enhanced User Interfaces: User-centric design principles are shaping marketplace interfaces to simplify navigation, improve usability, and enhance overall customer satisfaction.
- Advanced Analytics and Data Insights
Data-driven decision-making is becoming essential for B2B marketplaces to optimize operations, enhance customer satisfaction, and drive growth.
- Predictive Analytics: Marketplaces are leveraging big data and machine learning algorithms to predict buyer behaviour, optimize inventory management, and identify market trends in real time.
- Performance Metrics and KPIs: Comprehensive analytics dashboards provide marketplace operators with insights into key performance indicators (KPIs) such as conversion rates, average order value, and customer lifetime value.
Conclusion
Looking ahead, the future of B2B marketplaces in 2024 and beyond appears promising, fueled by technological innovation, sector-specific strategies, and global expansion efforts. By embracing these trends, businesses can harness the potential of B2B marketplaces to streamline operations, expand market reach, and enhance overall efficiency in a digitally-driven economy. Businesses need to keep up with these new trends in order to be competitive and satisfy the changing expectations of their clientele as B2B marketplaces change in 2024.
