US B2B eCommerce To Reach $1.1 Trillion By 2020
I’m pleased to announce the release of Forrester’s US B2B eCommerce Forecast: 2015 to 2020. In this first-of-its-kind report, Forrester forecasts that US B2B eCommerce will grow from $780 billion in 2015 to $1.13 trillion in 2020 – at which time it will constitute 12.1% of the total $9.39 trillion US B2B commerce market.
What’s behind our 2020 $1.13 trillion US B2B eCommerce forecast?
- Changes to B2B buyer preferences. Today, 74% of B2B buyers research at least one-half of their work purchases online. In addition, 30% of today’s B2B buyers complete at least half of their work purchases online. With that percentage nearly doubling to 56% by 2017, B2B sellers will see a significant volume of offline business move online in the next few years.
- The opportunity for B2B firms to reduce the cost to serve customers. B2B companies report cutting their cost to serve dramatically by migrating customers online. In addition, in a 2013 Forrester survey, 56% of B2B eCommerce executives said that they have certain customers that they can only profitably support online.
- The value of building loyal multichannel B2B customers. Omnichannel customers spend more than single-channel, offline-only customers. For example, 60% of B2B companies report that their B2B buyers spend more overall when those customers interact with multiple channels. Omnichannel B2B customers are also more likely to become repeat and long-term customers.
To learn more about what B2B companies can do to capture their share of the fast-growing B2B eCommerce market, be sure to download a copy of Forrester’s US B2B eCommerce Forecast: 2015 to 2020.