The B2B ecommerce market delivered more of the same in 2023, meaning manufacturers and distributors combined put up another year of strong sales online, according to data and analysis in the newly published 2024 B2B Market and Customer Experience Report from Digital Commerce 360.
How big is the B2B ecommerce market in the US?
All in, B2B ecommerce grew multiple times faster than total U.S. business sales.
The overall business market for manufacturing and distribution ended the year in a deep freeze. In 2023, the combined sales of U.S. manufacturers and distribution companies were flat at $14.87 trillion. That’s in sharp contrast to how buyers and sellers ended 2022, when total B2B sales grew 15%.
What percentage of B2B sales come from ecommerce?
Overall, all the B2B digital sales channels posted healthy gains in 2023.
B2B ecommerce is now a significant mainstream sales channel with digital sales taking place on ecommerce sites, password-protected sites and apps growing 17% to about $2.1 trillion in 2023. That’s up from $1.95 trillion in 2022.
The takeaway for 2024 for B2B sellers of all sizes is that business buyers want an omnichannel — and digitally driven — purchasing experience. Customers prioritize companies who offer digital tools — officially putting the paper catalogs on the back burner. And if companies want to remain competitive and grow, they will need robust self-service options that users can opt into and a system that allows for a smooth and seamless experience.
Sign up for a complimentary subscription to Digital Commerce 360 B2B News, published 4x/week. It covers technology and business trends in the growing B2B ecommerce industry. Contact Mark Brohan, senior vice president of B2B and Market Research, at [email protected]. Follow him on Twitter @markbrohan. Follow us on LinkedIn and be the first to know when we publish Digital Commerce 360 B2B News content.