E-procurement isn’t stuck in the digital minor leagues anymore.
Along with punchout, or when a seller’s B2B ecommerce site is available from the buyer’s e-procurement platform, e-procurement is hitting the major leagues of digital commerce. E-procurement is nearly a $1 trillion annual ecommerce market, based on a projection from Digital Commerce 360, and is becoming even more of a priority for organizations of all sizes, says new research from Amazon Business.
Amazon Business, which Digital Commerce 360 projects generates one in every three transactions on B2B marketplaces, in April surveyed 440 business buyers for its 2022 State of Business Procurement Report.
Today, 91% of business buyers prefer purchasing online and 47% of procurement managers also expect to manage a bigger procurement budget this year, the report says.
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