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B2B eCommerce Statistics [Industry, Growth, Mobile Use + More]
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Staying ahead of the competition requires more than just a keen business sense – it demands a deep understanding of the trends and metrics that drive success. By tapping into the latest eCommerce statistics and analysing industry-specific data, you can unlock powerful insights that will refine your strategy and enhance your business operations.
We delve into critical B2B eCommerce industry statistics that show emerging patterns, customer behaviors, and market dynamics. Whether you’re looking to optimize your online sales channels, streamline your operations, or innovate your customer engagement strategies, these statistics will provide you with the knowledge need. Learn how to to run your eCommerce business more effectively and with greater confidence.
eCommerce Growth Statistics
B2B eCommerce is a growing industry and has no sign of slowing down anytime soon. In fact, it’s projected to grow even more rapidly than B2C eCommerce over the next couple of years. If you own a B2B eCommerce business, you’re in a good position. You can double or triple your revenue with a Sage or Microsoft Dynamics Business Central ERP-integrated eCommerce platform supporting your growth.
1. B2B eCommerce will become a $20.9 trillion industry by the end of 2024.
The B2C eCommerce industry is a $5.8 trillion industry (source), just 27% of the prospering B2B industry. (source)
2. 80% of B2B buyers say they would like to use online channels to make purchases.
With B2B buyers desiring to shop online, then not having an eCommerce store could mean you’re missing out on business. We’ve noticed that many B2B companies using Sage ERPs haven’t yet taken the leap and built out a robust eCommerce store. (source)
3. At the end of 2023, 17% of all eCommerce came from B2B purchases – this is up from 10% in 2019.
There might be more B2C eCommerce transactions happening on a day-to-day basis, but we know the value of eCommerce transactions is far higher. Despite this, year after year, B2B eCommerce accounts for more of the total eCommerce transactions taking place. (source)
4. B2B eCommerce in the US is set to exceed $4,600 billion by 2025.
While international and cross-border B2B eCommerce takes the main stage, it’s still a thriving industry within the US borders and is set to account for an astonishing $4,600 billion by the end of 2025. (source)
5. Two-thirds of B2B buyers are willing to make purchases of $50,000 and over without any contact with a salesperson.
As trust in B2B eCommerce grows, companies are willing to make bigger purchases online, and without any assistance from a salesperson. This means that salespeople can spend their time prospecting new customers rather than facilitating transactions. With the widespread adoption of B2B customer portals, buyers can find answers to their most pressing questions. They can also manage their orders easily without the help of anyone on your team. (source)
In B2C and B2B eCommerce markets, we’re seeing an increase in people willing to make a purchase from their mobile phones. While you may assume that B2B buyers shop a little differently, the statistics show that this is not the case.
6. 80% of B2B buyers use their mobile phone for researching and buying products.
There’s something to be said for reaching new buyers where they’re already spending their time. And according to these stats, they’re looking to make purchases from the comfort of their mobile devices. So what does this mean for eCommerce webstores? Ensuring your eCommerce store not only works on mobile but provides a good customer experience is crucial. As buyers make the switch to purchasing on their smartphones, they want the same experience they would have on their desktops. When planning out your buyer journey, ensure mobile users are being catered for from start to finish. (source)
7. 80% of consumers said they visit a retailer’s online eCommerce webstore while shopping in-store.
This shows us that even B2B retailers with a physical storefront can’t escape the need for an online eCommerce store. Buyers want to read reviews and see how your products have been rated by other buyers before purchasing. (source)
8. Mobile eCommerce is predicted to make up 42.9% of all eCommerce by the end of 2024.
There’s no escaping the fact that mobile is becoming a much bigger part of our day-to-day lives, even when we’re working. The blur between personal and work devices has been getting stronger over recent years, and this stat confirms it. Almost half of all eCommerce purchases are taking place on mobile devices, even in the B2B industry. (source)
Cross Border eCommerce Statistics
Find out about eCommerce business statistics for cross-border B2B eCommerce.
9. China is leading the way toward cross-border eCommerce adoption with 30% of all B2B purchases taking place online.
Soon we will live in a world where purchases are made online, period. But we have a way to go before online becomes the only way to shop. Leading the way into the future of B2B buying is China, who make up 30% of all B2B purchases online. (source)
eCommerce Conversion Rate Statistics
Conversion rates are one of the most important metrics to look at in the world of eCommerce, here are the important stats you need to know.
10. The global conversion rate of online shoppers is 1.9%.
When analyzing your own conversion metrics, it’s good to have a baseline to compare it to. Knowing that the average global conversion rate for eCommerce stores is 1.9% gives you a good goal to aim toward. If your business eCommerce store is not yet hitting that 1.9% conversion rate, it’s time to improve your strategy. (source)
Tips to Improve B2B eCommerce Conversion Rates:
- Improve Your Search Functionality:
Enhancing search functionality helps B2B customers quickly find specific products or solutions they need. This is crucial for maintaining engagement and reducing frustration. Advanced features like autocomplete, filters, Elasticsearch, and synonyms can streamline the search process. This ensures that users can navigate to relevant results efficiently and increase the likelihood of conversion. - Provide Clear Shipping and Pricing:
Transparency in shipping options and pricing helps build trust and reduces cart abandonment. Clearly displayed shipping costs, delivery times, and any additional fees ensure that B2B buyers are fully informed before making a purchase. By doing this, it leads to higher confidence and smoother transactions. - Have Consistent CTAs:
Consistent and strategically placed Calls-to-Action (CTAs) guide users toward the next steps in the purchasing process. By using clear and compelling CTAs throughout the site, you create a cohesive user journey that encourages conversions, reducing confusion and increasing the likelihood of completing a sale. - Allow Pre-Ordering of Out-of-Stock Items:
Offering the option to pre-order out-of-stock items ensures that customers can still place orders even when inventory is temporarily unavailable. This flexibility can maintain customer interest and commitment, leading to higher conversion rates and customer satisfaction when the items become available. - Provide Accurate Product Descriptions:
Detailed and accurate product descriptions help B2B buyers make informed decisions by providing all necessary information about a product’s features, benefits, and specifications. Clear descriptions reduce the chances of misunderstandings and returns, improving overall conversion rates and customer trust. - Optimize Page Loading Speeds:
Fast page loading speeds are crucial for retaining visitors and reducing bounce rates. Optimizing your site to load quickly ensures a smooth user experience. This is important in keeping potential customers engaged and more likely to complete their purchases. - Promote High-Converting Products:
Highlighting high-converting products through featured sections, banners, or special promotions can drive attention to items that have a proven track record of successful sales. By focusing on these products, you can leverage their popularity to boost conversions and maximize revenue.
11. The most common reasons for cart abandonment are additional costs like taxes and shipping, as well as having to create an account to check out.
If you’re struggling with high cart abandonment rates, it could be due to hidden costs popping up during the checkout process. After all, this is one of the most common reasons buyers decide not to go ahead with a purchase. Ensure that you are fully transparent with your buyers from the beginning as this could lead to higher conversion rates and an increase in buyer trust. (source)
Other Relevant eCommerce Statistics
12. 77% of B2B buyers use online channels for making their purchases.
This is another stat that proves that your B2B commerce company needs to sell online. Using an eCommerce store not only allows you to reach more clientele but also allows you to sell 24/7. (source)
13. 69% of B2B buyers expect a personalized shopping experience, similar to that of Amazon.
Personalization isn’t just for B2C, it turns out that B2B buyers also want to feel understood and have their specific needs catered to. Having features like personalized dynamic pricing can improve the experience buyers have in your eCommerce store. (source)
14. 79% of B2B buyers say they prefer to make repeat orders online.
As it turns out, customer loyalty is not that hard to come by, especially if you make reordering easy. commercebuild’s sales portal allows for 1-click ordering and the reordering of previous purchases. This means that it’s easier for existing buyers to make repeat purchases from your B2B eCommerce store than to try a different supplier. (source)
15. The main hurdle for B2B buyers using eCommerce channels is the lack of accurate information about delivery times.
Keeping your B2B buyers up-to-date on delivery times is crucial, and it doesn’t have to be hard. commercebuild’s B2B customer portal allows buyers to stay up to date with the shipping status and track their orders in real time. This takes any guesswork out of the delivery process. (source)
Using commercebuild for Better eCom Stats
For B2B eCommerce stores looking to streamline their operations and drive efficiency, commercebuild is the ideal platform with its native ERP integration capabilities. By natively integrating with leading ERP systems like Microsoft Dynamics and Sage, commercebuild enables effortless synchronisation of critical business processes. This inclides everything from inventory management to order processing and financial tracking. This integration not only reduces manual data entry and minimises errors but also provides real-time visibility into key metrics. This is important for enhancing decision-making and operational agility.
Choosing commercebuild means investing in a platform that offers a cohesive, unified experience, ensuring that your eCommerce operations are both efficient and scalable as your business grows.
About commercebuild
commercebuild is the missing piece in transforming your ERP data into a truly personalized eCommerce experience. Flexible and frictionless, our turnkey eCommerce solution delivers 24/7 revenue opportunities to you and your customers. Quick to deploy and easy-to-use, we eliminate the need for middleware between the storefront and ERP data to enable seamless online buying and selling.
Our solutions can be live in 30-days and offer complete eCommerce capabilities at a price B2B and B2C businesses can afford.
Drive revenue growth for you, and your customers, while enjoying rapid ROI for both. Go head-to-head with the online retail giants of the world, and win. Experience a solution that integrates with your ERP data and provides automagical cross-sell and upsell opportunities to every customer on your site.
At the height of ecommerce growth, commercebuild offers scalable, reliable, and robust eCommerce solutions for everyone.
If your business is using Sage 300, Sage X3 or Microsoft Dynamics 365 Business Central ERPs, commercebuild can build a ERP-driven B2B and B2C eCommerce webstore or Customer Portal.
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