Business buyers are rushing to online channels. And while it’s not surprising that B2B eCommerce experienced a dramatic acceleration in 2020, driven by shifting behavioral patterns of homebound B2B customers, this trend is not new – and it is certainly not expected to wane.
At a global level, B2B eCommerce is expected to continue expanding at a rapid compound annual growth rate (CAGR) of 18.7% from 2021 to 2028¹, bringing with it higher buyer expectations and margin pressure as supply chains struggle to keep up. Competitive pressures are on the rise as well. For example, Amazon’s influence continues to be felt across industries, causing a shift in customer buying patterns and behaviors. While Amazon is not alone in this space (Alibaba, IndiaMart, and half a dozen others are all B2B influencers), it is a clear leader and influencer globally.