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The B2B e-commerce platform market is projected to grow from $ 714.0 million in 2018 to $ 1,909.1 million in 2027. This corresponds to an annual growth rate of 11.8% between 2019 and 2027.
The e-commerce sector has become an increasingly important source of competitive advantage for B2B companies. It helps them not only lower transaction costs and provide a wide range of additional services, but also improve efficiency in working with their suppliers and customers. In connection with the continuous expansion of the role of services in B2B markets and the rapid development of information technologies, the B2B e-commerce platforms are experiencing high demand.
Which company size segment is likely to generate the highest CAGR?
In the current scenario, SMEs are seeing the benefits of adopting a new e-commerce strategy that includes a strategy to increase customer satisfaction and loyalty, as well as an international approach to brand awareness. While ecommerce is an affordable and easy way to sell and advertise, SMB owners need to make sure they regularly review and update their ecommerce strategy. . Regarding the problems associated with SMEs such as middleman intervention, poor accessibility, opaque pricing of business goods, incompetence in marketing to potential customers, there is an increase in retailers using e-commerce strategies to promote their products, Market their brand and drive sales. These loopholes are increasingly being filled with the advent of B2B e-commerce platforms around the world. Smarter technology is helping SMBs explore a wide variety of opportunities using the Internet, realizing huge benefits in terms of brand awareness and increasing their sales.
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Companies have started to invest more in the B2B e-commerce sector. For example, Alibaba.com has given small and medium-sized businesses (SMBs) in North America access to its B2B marketplace, along with new features to aid in the onboarding and marketing efforts of new sellers or suppliers on the website. In March 2019, Office Depot, Inc., an American office supplies retail company, signed a partnership with Alibaba.com, a B2B marketplace company. This partnership enables small and medium-sized businesses to sell outside of the US. This partnership helped organizations in the United States grow their businesses. This in turn encourages market participants to invest more in B2B e-commerce, which increases the demand for B2B e-commerce platforms during the reporting period.
The market players present in the B2B e-commerce platform market are mainly focused on product improvement through the implementation of advanced technologies. By signing partnerships, contracts, joint ventures, financing and opening new offices around the world, the company can maintain its brand name worldwide. Some of the most recent developments are listed below:
2019: Insite Software Solutions, Inc. launches an e-commerce platform called InsiteCommerce 4.5.0 with additional features. These new features enable email list reminders to be enabled, provide multiple customer list sharing features, improve security for commerce websites, and enable integration with inRiver cloud products.
2019: Kibo Software, Inc. introduces ecommerce enhancements designed to provide B2B wholesalers, retailers and brands with a richer ecommerce platform to manage the complexities of B2B tasks while providing an intuitive user interface that Business users can master. These advanced features include key B2B account management resources and a quote function that simplifies project and requirement lists, orders, price lists, and customer groups.
2018: Shopify Inc. acquires Tictail, Inc. and all of its subsidiaries (Tictail), a Delaware company based in Stockholm, Sweden that operates an e-commerce platform. This acquisition helped the company expand its business in Europe.
Main results of the study:
Retail in the MENA is on the verge of significant change. E-commerce is becoming a reality, creating new customer experiences, reinventing consumer buying patterns and creating growth opportunities for small and large retailers as well as for a newer generation of pure e-commerce providers. The mass adoption of the internet in MENA, particularly the GCC, took place in the mid-2000s. This is usually driven by social media and smartphones, and amplified by faster internet speeds. In 2017, Amazon acquired Souq for $ 580 million, one of the leading e-commerce companies in MENA. In the same year, Dubai billionaire Mohammed Alabbar launched the online shopping website lun.com. These initiatives have marked the emergence of a new digital phase in the region. MENA consumers, especially GCC, are some of the most connected and digitally savvy in the world. The KSA and UAE have some of the world’s highest penetrations from smartphones, internet and social media, while Egypt has one of the highest online time periods. Additionally, the supply and demand imbalance in MENA has created an opportunity for cross-border e-commerce as overseas e-commerce companies capture a significant portion of the growing consumer interest in online shopping. In the present scenario, Amazon, eBay and AliExpress dynamically market MENA customers in the general goods category.
As the world has gone digital and smart devices have become an important part of life, this is sure to inspire the hike in online shopping, whether it’s B2B or B2C. The B2B e-commerce platform is thriving and the B2B market has grown steadily over the past few years. Due to the major infrastructure development and the advancement of B2B e-commerce software, this has also had a positive effect on the Middle East and the African region. In addition, due to the oil business, the market is not only limited to plastics, plastics or chemicals, but the types of products vary and are available in a wide range in the market. The rollout of the B2B e-commerce platform spans almost every region of the Middle East from Turkey to the UAE. The leading B2B e-commerce providers in the UAE include Desert Online General Trading LLC, Dubai Traders Online and Togger. Popular B2B e-commerce websites in the Arab world include Alibab.com, Global Sources and Worldtrade, Made-in-China.com, Thomasnet and DHgate.com, among others. The B2B market sector is growing significantly in the Middle East at an exponential rate of growth that is expected to reach around $ 20 billion by 2020. In February 2019, state-owned developer Dubai South announced its plan to invest $ 545 million to build an e-commerce free trade zone wholly owned by foreign companies. This new 920,000 square foot commercial zone, also known as EZDubai, is set to attract logistics, e-commerce, and other related industries. All of the above factors therefore offer B2B e-commerce platform providers solid opportunities to offer their solutions to the large number of end users who are building business activities in this region.
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