B2B eCommerce sales will top $1 trillion by 2020 and account for 12% of all B2B sales, according to Forrester’s first-ever five-year B2B eCommerce forecast. This represents an 8% compound annual growth rate over the next five years, with B2B sales reaching $780 billion by the end of this year.
What’s driving this incredible growth? Today, 74% of B2B buyers research at least one-half of their work purchases online. Combine this shifting behavior with the cost savings gained by moving to a self-serve eCommerce environment, and we begin to see why a significant volume of offline business will move online in the next few years.
“B2B buyers are now expecting B2C-like customer experiences online, and they’re growing increasingly impatient with B2B sellers that don’t provide it,” writes Forrester in the new forecast. B2B firms must build their digital savvy and fast — or else risk losing market share to the online competition.
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Forrester Research (Nasdaq: FORR) is one of the most influential research and advisory firms in the world. We work with business and technology leaders to develop customer-obsessed strategies that drive growth. Forrester’s unique insights are grounded in annual surveys of more than 500,000 consumers and business leaders worldwide, rigorous and objective methodologies, and the shared wisdom of our most innovative clients. Through proprietary research, data, custom consulting, exclusive executive peer groups, and events, the Forrester experience is about a singular and powerful purpose: to challenge the thinking of our clients to help them lead change in their organizations.