How is the US B2B e-commerce market? Second quarter data forecast

It is learned that on June 20, DigitalCommerce360 released its growth forecast for the US B2B market in the second quarter, showing that the overall market was sluggish, but e-commerce sales continued to grow.

Data shows that as of mid-2023, the US B2B market as a whole is in a downturn. Not only is productivity declining, but sales and buyer and seller confidence are also declining.

The National Association of Manufacturers said in its latest quarterly survey that manufacturers expect sales to grow just 1.6% over the coming year. That's down from 2.7% in the first quarter of last year and the slowest pace since the second quarter of 2020.

Meanwhile, more than 49% of manufacturers expect sales to increase over the next four quarters, and 31.7% said orders will grow by 5% or more.

Large manufacturers (those with 500 or more employees) were most optimistic about sales expectations, predicting a 2.4% increase in the year ahead, compared with a 1.2% increase expected by small and medium-sized businesses.

Year-to-date, B2B manufacturing and distribution indicators have been sluggish, with rising costs and a weak economy leading to slowing demand and hampering the growth of B2B transactions. However, it is worth noting that B2B e-commerce sales have continued to grow since 2022, indicating that the industry's digital transformation is accelerating.

DigitalCommerce360 predicts that in the first half of this year, U.S. B2B e-commerce sales will grow to $1.099 trillion, which will be a 15% increase from $956.1 billion in the first half of 2022. In the second quarter, B2B e-commerce sales will grow at a slightly faster pace to $566.1 billion, which is a 16% increase from $488.6 billion in the second quarter of 2022.

DigitalCommerce360 also surveyed 150 B2B buyers in the United States and came to the following conclusions:

• 70% of B2B buyers expect their online purchases to increase by 2023;

• More than half of B2B buyers buy at least once a day;

• Most B2B buyers (55%) have done at least significant pre-purchase research before visiting a seller.

• B2B buyers use a variety of websites to conduct transactions, with brand manufacturers’ websites being the first choice;

• Most B2B buyers utilize electronic purchasing options such as supplier websites and Amazon Business;

• Most B2B buyers conduct at least 26% or more of their business through marketplaces;

• 70% of B2B buyers find online purchasing more convenient and prefer to do so online when they are ready to buy.

It is worth noting that most of the growth in B2B e-commerce in the United States comes from online marketplaces. According to a recent survey of 103 B2B buyers, more than half (59%) of B2B buyers made more than 26% of their purchases on Amazon Business. And 28% of B2B buyers made at least half of their purchases on the platform.

Overall, B2B sales and productivity are currently stagnant, and the industry will continue to be affected by macroeconomic weakness in the next 6 months. However, more transactions are shifting to online channels, and e-commerce channels will be the focus of many manufacturers and distributors.

Editor✎ Ashley/

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