B2B E-Commerce: Transforming the Market Landscape

The B2B e-commerce space has been growing exponentially. The value of the global B2B e-commerce market stood at a phenomenal 14.9 trillion dollars. Covid pandemic has pushed businesses to adopt and rely on the ecommerce technology to ensure smooth functioning. Paper-based, manual transactions were replaced with more efficient software-based technology.

Large corporate procurement departments were heavily relying on dealing directly with regular suppliers for indirect procurements. Chief procurement officers (CPOs) were having tough challenges when it came to third party suppliers, potential risk vendors, growth in indirect spending on various categories in goods and services and control, compliance, risk and transaction management. 

As b2b digitization grew slowly, the procurement departments were keen to explore the untapped powerful digital and analytical tools. This opened new avenues of e-transactions and the focus on traditional transactions management was reduced. This enabled companies to free procurement teams from time-consuming, monotonous, transactional activities to provide more focus on sustainability and innovation.

In B2B commerce, multiple vendors can offer goods and services to customers using self-service, digitally managed ecommerce SAAS platforms or other ERP software where almost all business processes are done digitally. This increases the reliability of vendors, speed of transactions, stock inventory management, logistics, accounting and improves customer experience. Sellers like manufacturers, aggregators, contractors and suppliers are gaining access to a wide pool of buyers which results in high revenue growth.

In B2B e-commerce , a self-service platform is provided by the manufacturer to the customer that helps them to verify product information, order goods, check status of the order, check stock inventory and smooth transactions.Almost 80% of the B2B buyers prefer B2B merchants who provide a fast loading, easy to navigate, smooth functioning ecommerce portal. Other factors involve the buyer’s experience with the merchant. Social media platforms like Facebook, LinkedIn and Twitter have been acting as an influencing factor where employees, B2B buyers and business owners connect with each other and exchange information. This B2B communication has got rid of many obstacles of trying to find companies that offer quality goods and services and great customer experience.

Expanding B2B E-Commerce Market

The B2B e-commerce market is expanding drastically as the B2C market is growing out of proportions. India’s B2B marketplaces are seeing investment rounds of more than USD 100 million. Business-to-business-to-consumer (B2B2C) e-commerce is also taking root in the e-commerce market by getting rid of the middleman.

OfBusiness in B2B E-Commerce Space

OfBusiness has been in the forefront of B2B e-commerce leading the market. OfBusiness is a tech-enabled platform that facilitates raw material procurement and credit for SMEs. OfBusiness operates as a raw material aggregator with a buyer friendly e-commerce portal that ensures competitive pricing,  a smooth buying process and timely delivery. Suppliers and contractors can easily find raw materials and products from the site and place orders with ease. They can also get in touch with the team to know more about the whole process.