Pandemic-Related Disruptions Caused Digital Business-to-Business (B2B) Sales to Surge for All Online Channels
Mercator Advisory Group reports that COVID-19 fueled growth in B2B e-commerce, especially in marketplace platforms, creating opportunities for many companies, including banks.
BOSTON, March 29, 2021 /PRNewswire-PRWeb/ -- In a new research report, B2B E-Commerce: The Challenges and Opportunities Caused by Digital Acceleration, Mercator Advisory Group examines the pandemic's impact on B2B sales. Specifically, Mercator examines how the digital transformation in B2B commerce, which began prior to the pandemic, has been greatly accelerated. Depending on the definition of B2B e-commerce, there are multiple estimates as to its size, both globally and in the United States. Nonetheless, with COVID-19 disrupting physical sales, B2B e-commerce volumes have surged for all electronic sales channels. Now, B2B e-commerce volumes exceed consumer (B2C) e-commerce volumes, while both e-commerce types are experiencing remarkable growth. Even as the pandemic subsides, the growing importance of e-commerce in the B2B industry will persist; digitalization is here to stay.
In the report, Mercator focuses on the rise of B2B marketplaces, which are especially important as workplace demographics shift and customer expectations for seamless digital experiences continue to shape the landscape. We identify the functionality and features that will define successful B2B marketplaces as digitalization continues. Mercator then discusses where the financial services industry can find some success in the growing B2B marketplace space via specific opportunities.
"Total sales on B2B e-commerce sites grew 10% to $1.39 trillion in 2020, and when e-procurement sales are included, digital B2B sales totaled over $2.19 trillion. And that's excluding sales on EDI platforms," commented Daniel Banta, Analyst, Mercator Advisory Group and co-author of the report. "Though B2B marketplaces currently make up a modest share of all electronic sales, it appears the B2B industry is heading to an eventual marketplace-dominated distribution model."
Highlights of the report include:
- Detailed review and clarification of e-commerce methods and approaches for the B2B space
- Examination of COVID-19's impact on physical and digital B2B sales trends
- A review of the demographic factors driving marketplace preferences
- A summary of the most important features and functionality that B2B marketplaces should offer to meet digital-centric expectations
- Detailed analysis of financial services industry opportunities in payments and lending as they relate to B2B marketplace disruptors
This research report is 17 pages long and contains 4 exhibits.
Companies mentioned in this report include: Amazon, Alibaba, Capital One, Chase, Epicenter, IBM, JP Morgan, Kabbage, Kinnek, Lending Tree, Magento, Marqeta, Oracle, Predix, PunchOut2Go, Salesforce, Shopify, Spryker, Square Capital, Thomas.net, Virto Commerce, and Wells Fargo.
Members of Mercator Advisory Group's Commercial and Enterprise Payments Advisory Service and Global Payments Advisory Service have access to this report as well as upcoming research for the year ahead, presentations, analyst access, and other membership benefits.
Please visit us online at http://www.mercatoradvisorygroup.com.
For more information and media inquiries, please call Mercator Advisory Group's main line: 1-781-419-1700, send email to [email protected].
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About Mercator Advisory Group
Mercator Advisory Group is the leading independent research and advisory services firm exclusively focused on the payments and banking industries. We deliver pragmatic and timely research and advice designed to help our clients uncover the most lucrative opportunities to maximize revenue growth and contain costs. Our clients range from the world's largest payment issuers, acquirers, processors, merchants and associations to leading technology providers and investors. Mercator Advisory Group is also the publisher of the online payments and banking news and information portal PaymentsJournal.com.
Media Contact
Karen Yetter, Mercator Advisory Group, 781-419-1700, [email protected]
SOURCE Mercator Advisory Group
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