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As the digital realm becomes the centre of transformation in the manufacturing industry, business leaders are increasingly exploring emerging technology and investing in digital solutions, such as e-commerce, to bolster their own growth efforts.
Research from Astute Analytica estimates that the global B2B e-commerce industry will see a 14.1 per cent compound annual growth rate from 2022 to 2027, reaching a value of $18.8 billion.
Meanwhile, according to Forrester Research, B2B e-commerce in the United States will grow by 10.7 per cent annually during that period, accounting for 24 per cent of all B2B sales by 2027— a significant spike from 2021’s 16 per cent.
E-commerce at the heart of B2B operations
Business leaders in the manufacturing, wholesale, and distribution sectors are continuously looking into new technology to stay ahead as B2B e-commerce continues to grow. This comes despite many industry players saying they are satisfied with the e-commerce platform they use for online transactions.
With the anticipated growth of e-commerce, it is no surprise that these platforms emerged as the top tech priorities for B2B companies in 2023 in Adobe Commerce’s 2023 B2B Commerce Growth Strategies Survey. E-commerce is closely followed by digital marketing tools and customer and site analytics solutions.
Compared to smaller companies, larger businesses are more focused on payment and security investments. This may indicate that larger firms are launching e-commerce sites in new countries where they may need to offer popular local payment options and address new security issues.
Goals of e-commerce investment
In the digital age where connectivity is king, investing in e-commerce is one of the most crucial strategic moves in the B2B industry.
Each company has its unique driving force in deciding where to pour its resources, but business leaders often share common goals in improving their overall business performance and adapting to the changing digital landscape.
According to Adobe’s survey, 69 per cent of respondents cited attracting new customers as the top reason for investing in e-commerce.
Meanwhile, 54 per cent are seeking to enhance their sites to improve customer experience and 42 per cent cited improving personalisation. Businesses are also using e-commerce to retain customers (51 per cent) and generate more business from existing buyers (40 per cent).
Companies in the B2B landscape have a long and multifaceted list of technological investments they prioritise to stay ahead in this rapidly evolving market. By spearheading initiatives to adopt new tech, businesses can position themselves for long-term success and sustainable growth.
For more information about Adobe’s 2023 B2B Commerce Growth Strategies Survey, visit business.adobe.com.