B2B marketplaces were once just a minor sales channel, and that time was not long ago. Having been around since the late 1990s and early 2000s, marketplaces in industries such as automotive parts, health care, and aerospace parts had yet to meet with success.
Only a few achieved significant industry penetrations, such as Boeing Global Services, which now works with 6,000 global suppliers and generates $2 billion in ecommerce sales.
But times change — and so has the B2B marketplace market. Five years ago, Digital Commerce 360 counted just 75 marketplaces. Now, that number is as high as 750 diverse types of B2B marketplaces. And it’s still growing. Digital Commerce 360 projects that figure will hit 1,000 as soon as next year.
B2B marketplace market growth
A look at publicly traded B2B marketplace companies also shows other metrics that confirm the B2B marketplace market remains on a fast track for growth.
A case in point is GigaCloud. Consider these metrics.
- Named the B2B marketplace of the year by the B2B Ecommerce Association in partnership with Digital Commerce 360.
- CEO Larry Wu was named B2B Ecommerce leader of the year.
- Marketplace GMV increased to about $1.098 billion in the 12 months ended June 30. That’s up about 80.7% from $607.5 million in the same period of 2023.
- Third-party seller GigaCloud marketplace GMV grew to $571.9 million in the 12 months ended June 30, 2024. That’s up 76.1% from $324.7 million in the same period of 2023.
- 3P seller GigaCloud marketplace GMV represented 52.1% of total GigaCloud marketplace GMV in the 12 months ended June 30, 2024. That compares with 53.4% in the same period of 2023.
- Active 3P sellers increased to 930 in the 12 months ended June 30. That’s up 39.8% from 665 in the same period of 2023.
- Active buyers increased to 7,257 in the 12 months ended June 30. That’s a 66.8% increase from 4,351 in the same period of 2023.
- Spend per active buyer increased to $151,276 in the 12 months ended June 30,. That’s 8.3% growth from $139,629 in the same period of 2023.
“These achievements demonstrate the surging demand for our marketplace and the efficiency it brings for buyers and sellers of big and bulky, non-standard items,” Wu says.
More Charts & Data articles
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