The landscape of B2B ecommerce is undergoing a significant transformation, with B2B marketplaces emerging as the fastest-growing digital sales channel.
The recently released 2024 B2B Market and Customer Experience Report sheds light on the remarkable growth of B2B marketplaces, illustrating their pivotal role in the ongoing digital transformation of businesses worldwide.
In a noteworthy revelation, B2B marketplaces demonstrated an impressive year-over-year growth of nearly 100% in 2023, surging from $113 billion in 2022 to a staggering $224.0 billion. This exponential growth underscores the increasing reliance of business organizations on digital platforms for their procurement and sales needs.
Dominance of Amazon Business
Amazon Business emerges as the dominant force in the realm of B2B marketplaces, with six in 10 B2B buyers conducting 26% or more of their B2B transactions on this influential platform. The report indicates that Amazon Business accounted for about one transaction in every four, solidifying its position as the industry’s most impactful marketplace.
The B2B marketplace landscape is diversifying rapidly, with the existence of 750 vertical industry marketplaces and counting. This proliferation signifies a shift towards specialised platforms catering to specific industries, providing businesses with tailored solutions and streamlined procurement processes.
Mirakl’s Impressive Performance
Marketplace service provider Mirakl reports a remarkable 50% year-over-year growth in gross merchandise volume on the Mirakl Marketplace Platform in 2023, reaching $8.6 billion. This statistic exemplifies the expanding influence of marketplace solutions in facilitating both first-party and third-party ecommerce sales, along with efficient drop-shipping capabilities.
Digital Commerce 360 projects a continued rollout of new B2B marketplaces throughout 2024, foreseeing that the total number of such marketplaces could surpass 1,000 within the next two years. This anticipated growth accentuates the enduring significance of B2B marketplaces as integral components of the evolving digital landscape for business transactions.
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