B2B E-Commerce Platform Market Emerging Scope with 11.8% of CAGR by 2027 - KIBO Software, Magneto IT Solutions, Salesforce.com, Shopify, Volusion

B2B E-commerce platform Market is expected to grow from US$ 714.0 Mn in 2018 to US$ 1,909.1 Mn by the year 2027. This represents a CAGR of 11.8% from the year 2019 to 2027.

E-commerce sector has become an increasingly significant source of competitive advantage for B2B companies. It helps them enables not only to reduce transactional costs and provide wide range of additional services, but also to improve efficiency in association with their suppliers and customers. In the context of continuous increase of the services role in B2B markets and rapid development of information technologies, the B2B e-commerce platforms are witnessing high demand.

Which enterprise size segment is expected to generate highest CAGR?

In the current scenario, SMEs are realizing the advantages of adopting new e-commerce strategy, which includes increased customer satisfaction & retention strategy and international brand exposure approach. While e-commerce is an affordable and easy way to sell and advertise, the SME owners must make sure that they frequently review and update their e-commerce strategy. . Pertaining to the issues associated with SMEs such as interference from middlemen, poor accessibility, opaque pricing of business goods, incompetence to market to potential clients, there is a proliferation in retailers adopting e-commerce strategies to advertise their products, market their brand, and drive sales. These loopholes are being plugged progressively through the advent of B2B e-commerce platforms across the globe. The smarter technology is supporting SMEs to explore ample opportunities through the help of the internet and experience enormous benefits in terms of brand awareness and increase their sales.

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Companies have started investing more in to B2B e-commerce sector. For instance, Alibaba.com has allowed the access to its B2B marketplace to small- and medium-sized businesses (SMBs) in North America, alongside new features to support the onboarding and marketing efforts of new sellers, or suppliers, on the site. In March 2019, Office Depot, Inc. an American office supply retailing company signed a partnership with Alibaba.com, a B2B marketplace company. This partnership allows small and medium businesses to sell outside US. This partnership helped organizations in US to expand their business. This, in turn, is encouraging market players to invest more on B2B e-commerce, thus, increasing the demand for B2B e-commerce platform during the review period.

Strategic Insights

The market players present in the B2B e-commerce platform market are mainly focusing on product enhancements by implementing advanced technologies. By signing partnerships, contracts, joint ventures, funding, and inaugurating new offices across the world permit the company to maintain its brand name globally. Few of the recent developments are listed below:

2019: Insite Software Solutions, Inc. launched an e-commerce platform named InsiteCommerce 4.5.0 with additional functionality. These new functionality help enabling email list reminders provide multiple customer list share features, enhances security for commerce sites and delivers integration with inRiver cloud products.

2019: Kibo Software, Inc. launched eCommerce enhancements designed to offer B2B wholesalers, retailers, and brands a more comprehensive eCommerce platform to manage the complexity of B2B tasks while providing an intuitive user interface that business users can master. These enhanced features include key B2B account management assets and a price-quoting functionality that facilitate project and requisition lists, purchase orders, price lists, and customer sets.

2018: Shopify Inc. acquired Tictail, Inc. and all of its subsidiaries (Tictail), a Delaware corporation based in Stockholm, Sweden, which operates an e-commerce platform. This acquisition helped the company to expand its business in Europe.

Key findings of the study:
The retail industry in the MENA is on the edge of an essential shift. E-commerce is becoming a reality, forming new customer experiences, reinventing consumers' purchase pattern, and creating growth opportunities for small & large retailers and also for a newer generation of e-commerce pure players. The mass internet acceptance in MENA, particularly in the GCC, took place in the mid-2000s, which is typically driven by social media & smartphones, and reinforced by faster Internet speeds. In 2017, Amazon acquired Souq for US$ 580 Mn, which is one of the leading e-commerce companies in MENA. In the same year, Dubai billionaire Mohammed Alabbar launched noon.com, an online shopping site. These initiatives have marked the emergence of a new digital phase in the region. The consumers in MENA, notably in GCC, are among the most connected and digitally savvy across the globe. The KSA and UAE have some of the highest levels of smartphone, Internet, and social media penetrations worldwide, while Egypt has one of the highest levels of time spent online. Further, the demand and supply imbalance in MENA has shaped an opportunity for cross-border e-commerce, through foreign e-commerce firms apprehending a significant share of the growing consumer interest in online shopping. In the present scenario, Amazon, eBay, and AliExpress are dynamically marketing to MENA customers in the general merchandise category.

As the world has gone digital and smart devices have become a vital part in lives, it surely inspires the hike in online shopping whether it is B2B or B2C. The B2B e-commerce platform is flourishing and the B2B market has consistently propelled over the last few years. It has also made a positive impact on the Middle East & African region owing to the great infrastructural development and B2B e-commerce software advancements. In addition, the market is not just limited to plastic, synthetics or chemicals due to the oil business, but, the product types vary and are available in the market in a wide range. The adoption of B2B e-commerce platform includes almost all the regions of the Middle East from Turkey to UAE. Some of the leading B2B e-commerce players operating in UAE include, Desert Online General Trading LLC, Dubai Traders Online, and Togger among others and the popular B2B e-commerce websites in the Arab world include, Alibab.com, Global Sources, Worldtrade, Made-in-China.com, Thomasnet, and DHgate.com among others. The B2B marketplace sector is growing significantly in the Middle East with an exponential growth rate that in turn is anticipated to reach approximately US$20 Bn by 2020. In February 2019, State-developer Dubai South unveiled its plan to invest US$ 545 Mn to build an e-commerce free trade zone providing foreign companies 100 per cent ownership. This new 920,000 square meter trade zone, which is also known as EZDubai, is aimed to attract logistics, e-commerce, and other related industries. Thus, all the above mentioned factors are offering robust opportunities for the B2B e-commerce platform providers to offer their solutions in the large number of end-users that are establishing business operations in this region.

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