What is eCommerce Sales
E-commerce sales refer to purchasing and selling goods or services through electronic channels such as websites, mobile applications, and other digital platforms. It involves online transactions between businesses, consumers, and governments, enabling them to buy and sell products or services in a virtual marketplace.
In recent years, the growth of business-to-business (B2B) e-commerce has been a major trend in the United States, with many companies shifting towards digital sales channels.
As technology continues to advance, B2B e-commerce has become an increasingly popular way for businesses to streamline their supply chain processes and reach new customers.
This article will explore the current state of B2B e-commerce sales in the United States and its projected growth over the coming years.
eCommerce Growth Statistics
According to the data, B2B e-commerce sales in the United States reached 1.7 trillion U.S. dollars in 2021, with a projected compound annual growth rate (CAGR) of 10.7 percent.
The projected growth rate of B2B e-commerce sales indicates that the sector will continue to expand rapidly over the next few years, generating over three billion U.S. dollars in sales by 2027. The sales value is expected to increase from 1,700 billion U.S. dollars in 2021 to 1,881.9 billion U.S. dollars in 2022, 2,083.3 billion U.S. dollars in 2023, 2,306.2 billion U.S. dollars in 2024, 2,552.9 billion U.S. dollars in 2025, 2,826.1 billion U.S. dollars in 2026, and finally, to 3,128.5 billion U.S. dollars in 2027.
These projections indicate a sustained and robust growth trend for B2B e-commerce in the United States, driven by factors such as the increasing adoption of digital technologies by businesses, the growing preference for online purchasing, and the benefits offered by e-commerce in terms of cost savings, convenience, and efficiency.
B2B eCommerce Trends
In 2021, eCommerce retailers were planning to focus on innovative trends to raise their sales. The trends included:
- Visual search, with 59% of retailers planning to focus on this trend,
- Hyper personalization, with 56% of retailers claiming to focus on personalization to raise their sales,
- Gamification, with 42% of retailer planning to focus on this trend,
- Touchless shopping, with 43% of retailers planning to better the customer experience with this trend,
- Augmented and virtual reality, with 34% of retailers saying that they will focus on this trend.
According to the statistics provided by Statista, in 2021, retailers were planning to focus on the trends that a lot of shoppers were waiting for. The most awaited trends was visual search, with 40% of shoppers waiting for retailers to introduce this in their eCommerce shopping experience.
How has eCommerce adapted these trends?
Some popular platforms that use visual search are: Amazon, Google Shopping, Pinterest, Asos and Macy’s. These platforms have integrated visual search into their mobile apps, allowing customers to search for products using photos taken from their phone.
Brands have also focused on personalization — making the user experience as personalized as possible thanks to algorithms installed on their websites. As for gamification, brands such as Nike, Sephora and H&M use gamification to let customers earn points and win rewards. Brands such as Target and Walmart have focused on providing a touchless checkout experience. As for virtual reality, it’s still a relatively new trend with not many brands using this method to attract customers.
According to the statistics on eCommerce 360, due to the pandemic, eCommerce sales rose by 44% in 2020. In 2022, sales grew by 7,7%, and although that’s a smaller percentage than before, eCommerce sales have still grown enough to set a record high. eCommerce has officially topped one trillion U.S. dollars.
You could say that thanks to the pandemic, eCommerce sellers now have a much bigger possibility to accelerate their sales. After all, with lockdowns and social distancing measures in place, people were less likely to go to physical stores to buy goods. As a result, there was a significant increase in online shopping as people turned to eCommerce to fulfill their needs.
Other than that, the pandemic caused a shift in consumer behavior, with many people and businesses preferring to shop online rather than in-store. This trend has continued even after the end of the pandemic, as people have become more accustomed to shopping online, which is probably why there is still a large increase in eCommerce sales.
B2B eCommerce sales in the U.S. have been growing rapidly in recent years, driven by businesses’ increased adoption of online purchasing. The COVID-19 pandemic has further accelerated this trend, as more businesses have had to shift their operations online due to social distancing measures.
The B2B eCommerce market is expected to continue to grow in the coming years, driven by technological advancements, increasing demand for online services, and the rise of digital-native B2B businesses.
Frequently Asked Questions (FAQ)
Next up, it’s important for companies to have a social media presence. Social media commerce was big last year, is big this year and will be for the years to come. More and more companies see that having their products online on platforms like TikTok is what’s making the sale. Purchases handled between businesses are also happening thanks to social media, simply by finding out about their products online.
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