The North America B2B eCommerce market size was valued at USD 1,690 billion in 2021 and is projected to reach USD 9,857 billion by 2030, registering a CAGR of 21.7% 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.
Revenue from North America is projected to be high relative to other regions. There are a lot of expenditures on state-of-the-art equipment because of the region's stable economy. Regarding business-to-business (B2B) e-commerce usage in North America, the United States is among the leaders.
The growth of the North American B2B e-commerce sector is primarily attributed to the adoption of cutting-edge technologies like cloud computing, artificial intelligence, big data and analytics, mobility/social media, cybersecurity, and the Internet of Things.
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.
The United States had 246,809,221 internet subscribers in July 2016, per the Central Intelligence Agency (CIA) data. B2B e-commerce has seen growth thanks to the complementary capabilities of the internet and devices. Smartphone B2B purchasing is more practical than the conventional ways.
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 relative 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 North America 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 21.3% 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 22.3% over the forecast period.
North America is a significant revenue contributor and is expected to grow at a CAGR of 21.7% during the forecast period. Industrial Digitalization Companies of all sizes in the North American market are shifting to digital modes of operation and digitalizing the vast majority of supply chain components due to 4.0 developments, which substantially impact the region's economy. According to projections made by Payments Canada, only 4.2% of purchases in 2021 will involve paper media like checks or money orders; 25% will include debit or credit cards; and 6.3% will affect point-of-sale credit and debit. The shift in the most popular payment method indicates the economic health of digital networks and supports the variety of online payment methods offered by e-commerce sites. E-commerce sites have become popular because modern buyers use them to contact numerous service providers to develop customized solutions. Due to these technological advancements, there has been an explosion in the need for specialized B2B marketplaces. This boosts competition and opens up new avenues for service suppliers thanks to the easiness and convenience of e-commerce platforms.
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