B2B ecommerce is booming, and a big reason is the growing interest in all types of B2B marketplaces.
Well over half of B2B buyers, or 59%, are conducting more than a quarter of their purchases on online marketplaces, according to a new survey of 103 B2B buyers.
The 2023 Digital B2B Buyer Survey, produced in a joint effort by Digital Commerce 360 and Forrester Research Inc., also notes that 28% of B2B buyers do at least half of their purchasing on marketplaces.
Not surprisingly, many buyers say they purchase from Amazon Business, which reported in April that it had reached “roughly $35 million” in annualized gross sales. Nice growth for a marketplace that launched in 2015.
The Digital B2B Buyer Survey notes that 60% of buyers do more quarter of their purchasing on Amazon Business, and 28% say they do more than half.
But another 12% say they “don’t buy anything” on Amazon Business — and 29% say they buy on other marketplaces.
Digital Commerce 360 and Forrester will present more results of the Digital B2B Buyer Survey on June 21 during the session “Give the Digital Buyer What They Want—Now” at the EnvisionB2B Conference & Exhibition.
As buyers expand their purchasing on B2B marketplaces, investors are taking note of the channel’s growth and its potential for more. One indicator of growth is the range of potential revenue streams on marketplaces, including through services for logistics, payments and insurance, according to partners and analysts at Bowery Capital.
Among the B2B marketplaces that have recently secured significant funding amounts are:
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