They are now increasing their focus on the lucrative B2B market, attempting to carry over their business models from the B2C world and using data-driven processes to engage customers and boost sales. So far, these e-commerce giants have disrupted almost every retail category they’ve entered over the last two decades. On the other hand, several digital players-led by global market leaders Amazon, Alibaba, eBay, and Wayfair-are already renewing their efforts to break into the space. The pandemic accelerated this trend, given the obvious advantages of digital transactions during a time of social isolation and business lockdowns. The internet’s relevance is already high-and still rising-at every stage of the customer buying journey-from comparing product information, to ordering, paying, and scheduling, and even procuring after-sales services.
On the one hand, companies around the world are increasingly waking up to the advantages of switching to e-commerce in the B2B market. The threat may be virtual, but it’s starting to feel very real.
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