As the digital landscape and hybrid work continue to evolve, manufacturing and distribution companies are adopting B2B E-Commerce to streamline their operations and expand their customer base. According to the study by PwC, two-thirds of US manufacturers (66%) agree that implementing digital marketing and sales over the next two years is a “high” or “very high” priority.

According to Wunderman Thompson, 81% of global B2B buyers want to get from inspiration to purchase as quickly as possible. They call this a “Compressed Commerce”. Furthermore, they observed that Indian B2B buyers are those that want “Compressed Commerce” the most (94%), while it is Japanese B2B buyers who are the least interested – the figure (63%) is still high.

In the realm of B2B E-Commerce, the ability to showcase and promote products effectively is crucial for success. Typically, B2B buyers start their procurement process by searching for products and suppliers online on social platforms such as Facebook, Instagram, Tik Tok, and search platform such as Google Shopping. It is important for B2B E-Commerce businesses to publish their product listings on these leading platforms as they offer a wide range of benefits that can help businesses reach a larger audience, increase brand visibility, and drive sales. By utilising these platforms effectively, B2B E-Commerce businesses can reach a broader audience and gain a competitive edge in the market.

Manufacturing and distribution companies are in the race to launch their own online stores to directly reach customers. However, this shift can lead to conflict with existing channel partners, such as wholesalers and retailers, who may feel threatened by the manufacturers or distributors’ direct online presence. To navigate this challenge, you need to implement strategies that balance the online initiatives while maintaining healthy relationships with your channel partners.

One of the key factors driving the preference of new generation buyers for B2B E-Commerce is the changing demographics of the business world. According to Forrester Research, 73% of Millennials are involved in B2B purchasing decisions. As these millennials and Generation Z individuals step into decision-making roles within companies, their digital native mindset influences their purchasing behaviour.

In today's digital era, the rise of B2B E-Commerce has transformed the way businesses operate. The integration of technology into the business landscape has revolutionised various industries, and the sales sector is no exception. While some may view this shift with apprehension, it's crucial for business-to-business sales teams to understand that B2B E-Commerce is not a threat but rather an opportunity. B2B E-Commerce streamlines and simplifies the sales process, offering numerous advantages for sales reps.

In today's digital age, E-Commerce has become a vital aspect of conducting business for companies of all sizes. As per Wunderman Thompson report, The B2B future of shopper, 92% of global B2B buyers want a similar experience on B2B sites as they get on B2C sites.

Previously, I mentioned in my article “ASIA Retail and Consumer Trends 2023”, a study from McKinsey & Co shows that supply chain operations contribute up-to 80% of greenhouse gas emissions within the consumer sector. As consumers become more aware of the environmental impact of their purchases, e-commerce companies are under increasing pressure to adopt sustainable practices.

Of recent, Asia Pacific region has emerged as a leader in B2B E-Commerce. With the rapid growth of the digital economy, businesses in the region are taking advantage of new opportunities to connect with buyers, streamline their operations, and expand their reach to new markets with digital commerce. As per Report Ocean, Asia Pacific B2B E-commerce market will grow by 12.6% annually with a total addressable market capitalisation of US$216,568.4 billion over 2022 – 2030.

Physical store sales have picked-up, and some retailers in ASIA have reached pre-pandemic physical store sales performance. E-commerce sales are stabilising and showing double digit growth forecast in ASIA for the next 5 years according to eMarketer. As per Raydiant, 44.4% of consumers prefer to shop in physical stores. The top reasons being they enjoy the experience of shopping in a store and visiting a physical location (27.6%), and they like to see and touch products directly before purchasing (24.7%).

While 44.4% of consumers prefer to visit physical store to complete their shopping, consumers also shared their top reasons for good in-store experiences are, the product selection and variety at store (31.9%); the quality of customer service (26.4%); and the organisation of store and products within the store (17.5%).

It is predicted that world-wide e-Commerce sales will reach USD 5 Trillion in 2021! Global e-Commerce sales grew 27.6% to USD 4.28 Trillion in 2020. In 2020 18.0% of all retail sales came from e-Commerce and by 2024 it is forecasted that e-Commerce will contribute 21.8% of total retail sales globally*.

Due to the impact of COVID-19, consumer needs and preferences are changing faster than ever. This has made retailers’ tasks even more challenging as they are adjusting to the new normal and at the same time bolstering profits while keeping pace with the ever-changing needs of consumers.

COVID-19 has impacted all sectors and industries globally and retail industry is no exception. As per the data from S&CF Insights, S&P Global as of April 2020 Apparel, Fashion & Luxury retail has seen more than 25% reduction in market capitalization, which has seen the highest impact in retail industry.