The landscape of Business-to-Business (B2B) eCommerce has rapidly evolved in recent years, impulsed by technological advancements, changing consumer behaviors, and global economic shifts (of course, the pandemic played its part).
We’ve already talked about the evolution of B2B eCommerce, and recently, Bobby Morrison (Chief Revenue Officer at Shopify) has named B2B as the biggest opportunity of 2024, given that eCommerce B2B sales alone are worth an estimated $7.7 trillion globally. They also mentioned that the number is expected to grow by 18% annually until 2030. By 2025, 80% of all B2B sales are expected to occur online. 2025 isn’t that far ahead, so, what’s going to happen this year in the B2B field? How can you stay on top of the upcoming trends? We can help with that.
1. The Rise of Personalization
In eCommerce, personalization is no longer a luxury but a necessity. As technology continues to advance and data becomes more precise, businesses are leveraging analytics and artificial intelligence to tailor the shopping experience for each customer, drastically increasing the chances of conversion. This is no longer reserved for B2C stores. In 2024, we can expect even more sophisticated personalization techniques, such as predictive analytics and machine learning algorithms, to provide highly targeted product recommendations and streamline the purchasing process. Here’s one of our podcast episodes where you can learn more about leveraging data.
2. Integration of Augmented Reality (AR) and Virtual Reality (VR)
AR and VR are changing the game in B2C eCommerce. However, one of the challenges in B2B sales is the inability to physically interact with products before purchasing. In 2024, we anticipate a surge in the integration of AR and VR tools to address this limitation. Ideally, potential customers will be able to virtually experience products, assess their features, and visualize how they fit into their business operations. This immersive approach is poised to revolutionize the way B2B transactions occur, particularly in industries where hands-on product inspection is crucial. Learn more about Augmented Reality in eCommerce here!
3. Enhanced Mobile Experience
Mobile commerce is a priority for eCommerce businesses, and B2B eCommerce isn’t an exception. With the undeniable reliance of users on smartphones and tablets, businesses are prioritizing the development of mobile-friendly platforms that put mobile first when it comes to design. We can expect a seamless and intuitive mobile experience for B2B buyers, allowing them to make purchases, track orders, and manage accounts with no difficulty.
4. Emphasis on Sustainability
Sustainability is now a key consideration for businesses across industries. Major eCommerce platforms like Shopify are making adjustments to ensure a more environmentally friendly shopping experience, and B2B eCommerce will see a greater emphasis on sustainable practices. This can include eco-friendly packaging, transparent supply chains, a commitment to reducing the environmental impact of the entire procurement process or funding carbon removal companies. As we know, a constantly growing number of today’s buyers prioritize working with suppliers who share their commitment to corporate social responsibility and sustainability.
5. Transparency and Security
Blockchain technology is gaining traction in B2B eCommerce for its ability to provide a secure and transparent transaction environment. By leveraging blockchain, businesses can enhance security, reduce fraud, and streamline the supply chain by creating an immutable and auditable record of transactions.
6. Growth of Marketplaces
B2B marketplaces like Amazon Business have become integral to the B2B eCommerce ecosystem, connecting buyers and sellers on centralized platforms. This year, we anticipate the continued growth of these marketplaces, offering a diverse range of products and services for all industry verticals, providing a one-stop shop for businesses.
Overall, the B2B eCommerce market is set to replicate the B2C shopping experience as much as possible. After all, it’s humans who are behind businesses. B2B shopping experiences should be just as easy-going and pleasurable for them as shopping for clothes, or home decor. Just as importantly, sustainability must be kept in mind at all steps of the process. Businesses that embrace these trends and leverage cutting-edge technologies will be well-positioned to thrive in an increasingly competitive and dynamic marketplace.
At Tavano Team, we’ve created a B2B customer portal for NetSuite-powered businesses that changes the game for your employees and clients. We’ve also worked with many B2B clients in helping them optimize their websites and marketing strategies. Don’t hesitate to contact us today to get started growing your business!
