The Asia Pacific B2B eCommerce market size was valued at USD 3,559 billion in 2021 and is projected to reach USD 26,417 billion by 2030, registering a CAGR of 25% during the forecast period (2022-2030).
Business-to-business e-commerce, or B2B E-commerce, is the buying and selling of products and services between companies over the Internet. It refers to exchanging products and services between companies through electronic means. Wholesalers, manufacturers, distributors, and other B2B sellers can save time and money by processing orders online. Companies offering both traditional storefronts and online marketplaces are included here.
The transitional change in B2B e-commerce purchasing behavior is crucial to propelling the market. Other reasons expected to contribute to the market's expansion over the next few years include the increasing popularity of business-to-business (B2B) e-commerce and the adoption of B2B models by major e-commerce players. On the other hand, the market's restricted visibility is seen as a potential obstacle. However, during the predicted period, the market will benefit from integrating value-added services from B2B e-commerce and B2B platforms.
Business-to-business (B2B) e-commerce is growing as more and more consumers become accustomed to the convenience of shopping online. E-commerce platforms catering to businesses to businesses also allow for customization and dynamic product inventories. Business-to-business (B2B) companies provide customers with resources to help them make informed buying decisions. Providing options to B2B customers based on their tastes and past purchases significantly improves the B2B shopping experience and attracts more customers to the company.
Amazon, Alibaba, e-Bay, and other consumer-focused online marketplaces have expanded into B2B e-commerce because of its benefits and possibilities. Since business customers typically buy in bulk, B2B purchases are more lucrative. Customers and sellers of business-to-business transactions tend to develop close bonds due to the greater frequency of transactions. B2C behemoths have started doing business with B2B organizations because they saw the possibility of these openings. These behemoths have the financial backing and reputation for building even larger client bases and operational frameworks. Trust from consumers' previous experiences making B2C transactions on these sites fuels the expansion of B2B marketplaces.
Compared to B2C e-commerce, the B2B sector is much more limited. Due to customers' propensity for impulse purchases and exceptional consuming patterns, business-to-consumer (B2C) e-commerce enjoys a large customer base. In contrast, business-to-business (B2B) e-commerce serves a relatively niche market. Younger generations tend to prefer business-to-business online transactions. However, many corporate purchasers need to learn what they're missing out on by not using B2B platforms. Baby boomers and members of Generation X in emerging markets are stubbornly devoted to tried-and-true commercial purchasing practices because they consider these more reliable and trustworthy. Several regions' populations are acquainted with business-to-consumer (B2C) e-commerce sites because of their prevalence, but the B2B marketplace is still largely uncharted.
Integration of order fulfillment software has helped B2B E-commerce businesses improve their awareness of order fulfillment operations, including the status of order confirmations, on-time delivery performance, and other aspects of order management, as digital technologies have become more widely used.
Even when working with numerous partners, such as logistics providers, forwarders, and express companies, modern technology allows businesses and their customers to monitor order delivery from beginning to finish. To boost client satisfaction and loyalty, B2B e-commerce firms are increasingly adopting such technologies to automate the entire supply chain.
The Asia Pacific B2B eCommerce market is segmented based on the category of supply and end-user.
Based on the supply category, the market is segmented into Office Supplies, FMCG, IT Products, Industrial and MRO, and Janitorial and Sanitation.
The FMCG segment dominated the market and is expected to grow at a CAGR of 24.6% during the forecast period.
Based on End-User, the market is segmented into agribusiness, automotive, construction, information technology, telecom and media, transportation and logistics, retail and distribution, and others.
The retail and distribution segment dominated the market and is expected to register a CAGR of 25.6% over the forecast period.
Asia Pacific is the most significant revenue contributor to the B2B eCommerce market globally and is expected to grow at a CAGR of 25% during the forecast period. The agreement, document administration, and checkout processes can be tailored to each customer in the Asia-Pacific region. This improves the B2B customer experience and reduces the likelihood of costly human errors. According to the Indian Brand Equity Foundation, e-commerce has altered how individuals conduct business in India. (IBEF). The Indian e-commerce market is expected to attain USD 350 billion by 2030. Such a substantial increase in sales is anticipated to create expansion opportunities for B2B e-commerce.
In B2B e-commerce marketing, where immersive experiences are essential, virtual and augmented reality could regain some of their former prominences. Some B2B sellers may be required to enable customers to virtually test and affirm complex products, such as replacement parts and custom designs. The Internet of Things and artificial intelligence continue to influence B2B e-commerce. Everyone involved in the process, including suppliers, managers, marketers, sales representatives, and consumers, can benefit from a more precise prediction of their desired outcomes and direction on the optimal course of action. A little more than half of all purchases are exclusively made on mobile devices.
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