Introduction
During the COVID-19 pandemic, the #eCommerce-based business has prompted benefits with more interest in online orders. In the year 2018, in the United States, the #eCommerce business represented 9.9% of absolute retail deals. In 2017, the #eCommerce business made up around 0.76% of India's GDP. The global #B2BeCommerce business market is expected to develop to US$ 18,7771.4 billion by 2027, with an estimated yearly development pace of 14.1%.
GLOBAL B2B E-COMMERCE MARKET
MARKET DYNAMICS
Prominent factors affecting the global business sector development during the forecast period incorporate:
Increased focus on digital experiences
The attractiveness of specialized B2B online marketplace
Retail businesses are migrating to online operations
OPPORTUNITY
The untapped prospect for B2B in the universe of #AR and #VR, as well as taking care of new online buyers, creates a rewarding opportunity for market expansion.
Untapped opportunity for B2B in the world of AR & VR
Up to 80% of B2B purchasing decisions are influenced by direct and indirect client experience, with only 20% influenced by genuine products or cost. Advanced technologies such as AR and VR are having a moderate impact on the sector but are expected to play a significant role in redesigning the B2B e-commerce market in the long run.
Online Buyers: A New Customer Group
The growing number of online purchasers has resulted in a 20% increase in the B2B eCommerce business, particularly in the United States, the largest market in the world. This number is continually expanding in the near future also.
MARKET SEGMENTATION
Conclusion
According to the above figures, #B2BeCommerce growth is significant year on year, and businesses must capitalize on the prospects to remain competitive.
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