B2B ecommerce sales activity for early 2024 is starting to take shape. The halfway point of the calendar year may be near, but government data on U.S. business sales lags by several months.
Still, the numbers for the first quarter are in. How they add up can be a good harbinger of how businesses — both online and offline — will perform for the rest of the year.
B2B ecommerce sales during the first quarter of 2024
For January through March, U.S. business sales were flat at $1.992 trillion, according to data from the U.S. Department of Commerce.
Using these numbers as a base, Digital Commerce 360 projects that U.S. B2B ecommerce sales in the first quarter increased 5.8% to $358.6 billion from $338.8 billion in the first quarter of 2023.
What do these ecommerce numbers mean for U.S. manufacturers and distributors? The answer is a slow but steady build to sales growth online for the remainder of 2024.
B2B ecommerce outlook for the rest of 2024
Digital Commerce 360 projects that in 2024, B2B ecommerce sales will grow eight times faster than total B2B sales and total $2.61 trillion.
For manufacturers and distributors to hit those numbers, the increase in ecommerce sales will be consistent but not meteoric.
A look at the first quarter of digital sales for many public distribution companies shows slow but steady growth. Examples include:
- W.W. Grainger — Grainger’s web-only Endless Assortment business — comprised of Zoro.com and Japan-based MonotaRo.com — posted a 3.7% sales increase to $751 million. By comparison, Grainger’s High-Touch Solutions segment — which includes the full-service sales through Grainger.com and the company’s sales team — grew 3.4% to $3.405 billion.
- Fastenal Co. — The industrial products distributor said its total digital sales, which it refers to as its “digital footprint,” grew 11.5% year over year in the quarter ended March 31 to $1.895 billion, up from $1.859 billion. “Ecommerce continues to get nice traction,” says Fastenal CEO Dan Florness. “And our digital footprint continues to expand.”
The takeaway for U.S. manufacturers and distributors: Ecommerce sales will continue to grow in 2024 as more digital-first buyers do more of their organizational purchasing online.
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