The expansion of B2B E-Commerce platforms is projected to drive the growth of B2B marketplaces and payments market between 2020 and 2025. The growth of third-party marketplaces such as Amazon Business along with new payment methods such as wire transfers, and virtual cards is changing the landscape of the B2B E-Commerce market.
New York, Nov. 17, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Global B2B E-Commerce Market, Marketplaces and Payments 2022” – https://www.reportlinker.com/p06363429/?utm_source=GNW
The B2B E-Commerce market is forecasted to see notable growth through 2027. Spurred by the pandemic, the share of online purchases among B2B buyers is increasing worldwide. With this expansion taking place, companies are accepting new forms of B2B payments. Financial institutions and banks, as well as B2B buyers and sellers are slowly inclining towards more technologically advanced payment methods such as virtual cards, wire transfers, buy now pay later as well as cryptocurrencies, as highlighted in the latest report. The transaction value of virtual cards is forecasted to witness a significant CAGR between 2021 and 2026, thereby becoming a popular B2B payment method. Commercial cards such as virtual cards, corporate cards, and plastic purchasing cards are also anticipated to maintain a continuous growth in Latin America between 2021 and 2026. Not only is the B2B payment ecosystem undergoing a change but also the B2B E-Commerce marketplaces across various regions have started gaining momentum, with Amazon.com extending its capabilities to the B2B market after launching its subsidiary- Amazon Business in 2015, which focusses on the needs of the B2B market. With an increasing adoption of third-party marketplaces in the U.S. in 2021, Amazon business was the most preferred marketplace amongst B2B sellers to sell goods and services on, followed by eBay, Walmart, and Alibaba. Additionally, Amazon business is among the most utilized digital marketplaces by small and medium enterprises worldwide. The share of B2B E-Commerce sales coming via marketplaces is forecasted to rise worldwide, with Amazon Business also holding a notable amount of share in the U.S. market by 2025, as mentioned in the report.
Various other B2B E-Commerce marketplaces are seen mushrooming worldwide
With the share of B2B E-Commerce sales coming via marketplaces set to increase between 2020 and 2025, several other B2B E-Commerce marketplaces are seen connecting the B2B buyers and sellers worldwide. Globally, almost a quarter of B2B buyers used marketplaces to place an order as of August 2021. Although Amazon Business happens to hold a strong position as a digital B2B marketplace in several regions of the world, it is still yet to make its presence felt in the Asia-Pacific region, where China-based Alibaba dominates B2B E-Commerce marketplace sales, followed by DHGate.com and TradeIndia. Other regions, such as Latin America and MENA, witnessed a growth of several startups within the B2B E-Commerce market.
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