It’s no secret that B2B eCommerce is growing. The pandemic rewrote B2B sales models, and it has changed B2B buyer expectations for good.
The web is exploding with statistics on the rise of B2B eCommerce. But a few numbers caught our attention recently. Here’s a snapshot of B2B eCommerce growth—and what it means for manufacturers.
48% of B2B distributors expect eCommerce revenue to rise 25%+ in 2022
In their 2021 Distributor Report, DigitalCommerce360 shares some startling numbers on revenue projections among B2B distributors.
- 13% expect 75%+ growth in B2B eCommerce revenue
- 48% expect 25%+ growth in B2B eCommerce revenue
These numbers are noteworthy—but do they really mean anything for manufacturers?
These numbers tell the story of an increasing appetite for Amazon-style purchasing experiences. Distributors are reaching your customers with these experiences today—but they retain full control of the transaction and the customer relationship.
Therein lies the risk for manufacturers. Distributors are your friend—until they substitute a competing product because they ran out of yours.
Granted, this isn’t a concern in every market. But for some manufacturers, lack of a digital selling channel is leaving a lot of revenue on the table.
Of course, upending your distribution relationships is a big step and needs serious analysis. That said, every manufacturer should consider how they can get closer to the end user of their products.
Revenue processed through Corevist solutions is up 19% so far in 2022
Let’s turn from distributors to manufacturers (who we work with). How is 2022 looking so far for Corevist clients?
In aggregate, we’re seeing a nice uptick.
Of course, this stat reflects both revenue growth at individual clients, and the addition of new clients using Corevist solutions. As a team, we take it as validation that we bring real value to the market. We’re empowering manufacturers to launch digital channels fast with core SaaS functionality that goes live in 30 days, and that model is uncommon. It’s great to see it working out for clients old and new.
Here are the details of revenue growth among Corevist clients.
Corevist clients in aggregate
Jan 1 – Feb 22 2022 vs. previous year
- Revenue +19% ( $242m vs. $203m)
- Conversion rate +9.6%
- Transactions +19%
US Dept of Commerce forecasts 12.9% B2B eCommerce growth in EU in 2022
B2B eCommerce growth is a global phenomenon, and the EU is shooting up alongside US and other markets.
In fact, the US Department of Commerce is predicting 12.9% growth this year—with 11.9% growth from 2021 to 2025 to a total valuation of $1.8T.
For manufacturers who need global programs for B2B eCommerce, a challenge arises. How do you serve your customers in numerous geographies and languages—without introducing unmanageable risk, responsibility, and expense in B2B eCommerce technology?
Check out this whitepaper for more information (no email required): 6 Steps To Executing A Global B2B Portal Program. We walk you through the principles that our global clients have learned as they’ve leveraged economies of scale with Corevist’s architecture.
For manufacturers, B2B eCommerce was pretty darn important up until 2019. In 2020, it became essential. In 2022 and beyond, we’re seeing a permanent reset on B2B buyer expectations (digital is the new norm) PLUS ongoing supply chain uncertainty. These factors have made B2B portals and eCommerce essential for manufacturers. The key is to find a solution that lets you start small and grow when you’re ready.