The business-to-business (B2B) ecommerce world has been rapidly evolving, with the global market size projected to reach $47.73 trillion by 2030. As technology advances and businesses continue to adapt to changing consumer behaviors, companies involved in B2B transactions need to stay up-to-date with emerging trends.
Let’s explore some of the top B2B ecommerce trends set to shape the industry in 2024.
1. AI & Machine Learning Integration
Artificial Intelligence (AI) and Machine Learning (ML) are becoming integral to B2B e-commerce. These technologies enable businesses to analyze vast amounts of data to predict buying behavior, personalize customer experiences, and optimize inventory management.
In 2024, expect to see more B2B platforms leveraging AI for chatbots that provide 24/7 customer support, personalized product recommendations, and automated pricing strategies that adjust in real time based on market conditions and competitor pricing.
Examples
- IBM’s Watson provides AI-driven insights to help businesses predict customer behavior and personalize experiences. A B2B e-commerce site using Watson can suggest products based on a client’s previous purchases and browsing history.
Image Source: WIntelligence
- Salesforce Einstein uses machine learning to analyze sales data, offering predictive lead scoring and personalized marketing emails that can boost conversion rates.
Image Source: Bacancy Technology
2. Enhanced Personalization
B2B buyers now expect the same level of personalization they experience in B2C transactions. Companies are using data-driven insights to tailor their offerings to individual clients. This involves personalized marketing emails, product recommendations based on past purchases, and customized pricing.
In 2024, personalization will go beyond simple recommendations to include personalized account management and sales strategies, creating a more bespoke buying experience.
Examples
- HubSpot allows businesses to create customized email campaigns based on customer behavior and preferences, ensuring each client receives relevant content.
Image Source: HubSpot
- SAP Commerce Cloud enables personalized product recommendations and tailored content for different customer segments based on their interaction history.
3. Mobile Commerce Growth
Mobile commerce (m-commerce) is no longer limited to B2C. With more business professionals relying on their mobile devices for work, it’s going to be one of the top b2b ecommerce trends. B2B companies are optimizing their e-commerce platforms for mobile use.
This includes mobile-friendly websites, apps, and streamlined mobile payment processes. In 2024, mobile commerce is expected to become a standard in B2B transactions, enabling buyers to make purchases, track orders, and communicate with suppliers on the go.
Examples
- Alibaba’s mobile app enables businesses to search for products, place orders, and track shipments from their mobile devices, providing a seamless mobile shopping experience.
- Shopify Plus offers mobile-optimized themes and a dedicated mobile app to help B2B businesses manage their stores and process orders on the go.
4. B2B Marketplaces Expansion
B2B marketplaces are becoming increasingly popular as they provide a convenient platform for businesses to discover new suppliers and products. Companies like Alibaba, Amazon Business, and ThomasNet are leading this space. In 2024, the expansion of these marketplaces will continue, offering more features such as enhanced search capabilities, better product categorization, and improved logistics support. These platforms will help businesses streamline their procurement processes and expand their reach globally.
Examples
- Amazon Business provides a marketplace where businesses can find a wide range of suppliers and products, offering features like business-only pricing and bulk purchasing options.
Image Source: ZDNET
- ThomasNet is a marketplace that connects industrial buyers with suppliers, featuring comprehensive product catalogs and supplier ratings to streamline the procurement process.
5. Focus on Sustainability
Sustainability is no longer only a customer-focused initiative, it’s going to be – if not already – another important one of the b2b ecommerce trends. B2B buyers are increasingly looking for suppliers with sustainable practices. This includes using eco-friendly materials, reducing carbon footprints, and transparent supply chains. In 2024, B2B e-commerce platforms will prioritize sustainability by highlighting eco-friendly products, offering carbon offset options, and providing detailed sustainability reports. Businesses that embrace these practices will likely gain a competitive edge.
Examples
- Patagonia Provisions offers B2B buyers sustainably sourced food products and emphasizes transparency in their supply chain, appealing to eco-conscious businesses.
Image Source: Bike Packing
- Interface, a flooring manufacturer, highlights its commitment to sustainability by using recycled materials and reducing carbon emissions, attracting B2B clients focused on green building practices.
6. Blockchain for Transparency
Blockchain technology is gaining traction in B2B e-commerce for its ability to provide transparency and security in transactions. By using blockchain, businesses can ensure the authenticity of products, track their origins, and reduce fraud. In 2024, more B2B platforms will adopt blockchain to enhance trust between buyers and sellers, streamline supply chain operations, and ensure compliance with regulatory standards.
Examples
- IBM Food Trust uses blockchain to trace the journey of food products from farm to table, ensuring transparency and trust for B2B buyers in the food industry.
Image Source: LinkedIn
- De Beers’ Tracr platform uses blockchain to track the provenance of diamonds, assuring ethical sourcing to B2B buyers in the jewelry industry.
7. Omnichannel Strategies
B2B companies are adopting omnichannel strategies to provide a seamless buying experience across multiple touchpoints. This includes integrating online and offline channels, ensuring consistent messaging, and providing unified customer support. In 2024, businesses will invest in technologies that allow them to track customer interactions across channels, offer synchronized inventories, and create cohesive marketing campaigns that reach buyers wherever they are.
Examples
- Grainger offers an omnichannel experience by integrating their online platform with physical stores, ensuring that customers have a consistent experience whether they are shopping online or in-store.
- Staples Business Advantage provides a unified shopping experience across its website, mobile app, and physical stores, allowing businesses to order office supplies through their preferred channel.
Image Source: Staples Facebook
8. Subscription Models
Subscription-based models are becoming popular in B2B e-commerce, and one of the important b2b ecommerce trends offering businesses a predictable revenue stream and customers the convenience of regular, automated deliveries.
Whether it’s software, office supplies, or industrial parts, subscription models are being adopted across various sectors. In 2024, expect to see more companies offering subscription options, along with flexible billing and personalized subscription plans that cater to the unique needs of B2B buyers.
Examples
- Adobe Creative Cloud offers software subscriptions to businesses, providing access to a suite of tools with regular updates and support.
Image Source: Mandy Roams
- HP’s Managed Print Services (MPS) provide subscription-based access to printers and supplies, along with maintenance and support, ensuring businesses have reliable printing solutions without upfront costs.
Conclusion
The above B2B ecommerce trends are set to shape the B2B industry as we know it. With changes in the way businesses operate and incorporating newer technologies and models, it’s interesting to see how the domain is evolving and will change in the next few years.
Contact us today to learn how we can help you navigate these trends and drive your business forward.
