Digital revolution to sweep B2B sector, projected to hit $3 trillion mark
By Felicia Nwosu
A recent report from eMarketer has illuminated the profound metamorphosis occurring within the business-to-business commerce sector, revealing a sustained and robust expansion of digital channels.
The data’s projections suggested a steady average annual growth of 7.8% from 2024 to 2028, propelling online B2B sales to a commanding $3.027 trillion.
The findings indicate that B2B online platform sales surged by a notable 10.5% in 2024, culminating in a staggering $2.297 trillion in transactions.
It explained that, as the digital transformation accelerates, those who master data management will be best positioned to thrive in the evolving global commerce ecosystem.
While the phenomenal growth rates observed during the global health crisis have tempered, the trajectory, as detailed by eMarketer, remains decidedly upward.
From the analysis, this digital migration, is not merely a transient trend but a fundamental shift in market dynamics.
It indicated that by 2028, it is anticipated that electronic B2B transactions will constitute a substantial 27.5% of all digital sales and 14.3% of the total B2B product market.
This represents a significant leap from the 2024 figures of 23.7% and 12.0%, respectively.
This acceleration, according to the details, is fueled by evolving buyer preferences, the proliferation of user-friendly digital marketplaces, and the integration of sophisticated artificial intelligence tools.
It affirmed that these technologies are enabling highly personalized digital interactions, fostering deeper customer connections, and optimizing the often complex procurement procedures.
However, the realization of these advanced digital commerce capabilities hinges on the bedrock of accurate and reliable data.
Also, a recent study conducted by Forrester Consulting in 2024, cited within the eMarketer report, unveiled a critical challenge, which revealed that many organizations are grappling with suboptimal and non-automated data management practices.
From this, it showed that prevalence of inconsistent, fragmented, and disorganized data is impeding the ability to deliver the bespoke and frictionless experiences that contemporary B2B purchasers expect.
It maintained that without addressing these deficiencies, even the most cutting-edge digital commerce platforms will struggle to provide the dependable product discovery and tailored customer journeys that are now considered essential.
The result also pointed out that businesses must prioritize data integrity and implement robust data governance strategies to capitalize on the burgeoning opportunities within the B2B digital marketplace.
RECOMMENDED ARTICLES
Comment
No comments found.