Business-to-business, or B2B, is one of the fastest-growing segments for new and established companies. Forrester Research posited in January 2019 that in the United States, B2B e-commerce “will reach $1.8 trillion and account for 17% of all B2B sales in the U.S. by 2023.”
ACCESS TO A LARGER CUSTOMER BASE: MORE B2B TRANSACTIONS ARE HAPPENING ONLINE
Many B2B companies are moving online because their customer base is there, as well. The clients want knowledge about the products and services available to find the best items or software for their business purposes. Forrester Research found that 74% of B2B buyers conduct research online before purchasing. Education and valuable copy need to go hand-in-hand, and many B2B companies deliver on knowledge.
FLEXIBLE PAYMENT OPTIONS
Thanks to the internet, e-commerce has a larger variety of payment options. In addition to bank account transfers and credit cards, office managers can often pay via PayPal, Venmo, Apple Wallet or other digital currencies. PayPal even offers credit cards so that a business can take advantage of the policy. This lowers potential barriers for inexperienced or newer entrepreneurs to enter certain fields, as well.
MANY B2B BUYERS ARE YOUNGER AND WANT A PERSONALIZED EXPERIENCE
Gen X and Gen Y are some of the top users of B2B e-commerce. Gen X is the generation that came of age in the 1980s and early '90s, followed by Gen Y, also known as millennials, with birth years between 1981 and 1996. Together, they are key players and business decision-makers.
As we enter the 2020s, grow within global B2B. With technology expanding, you have ample chances to gain a higher market share. Trust your B2B marketers and their research reports to help you reach a higher level.