The global B2B e-commerce market size is estimated to gain USD 30,291 billion by 2030, registering a CAGR of 19.2% from 2022 to 2030. This is according to statistical data made available by Straits Research Technology. It estimated that the global B2B e-commerce market size was worth USD 6,235 billion in 2021.
It added that social media platforms had the highest Return on Investment (ROI) B2B marketing for B2B marketers worldwide 2022. It added that in October 2022, B2B marketers considered Facebook the social media channel with the highest ROI.
The review pointed out that B2B markets are typically more complex than B2C marketing. It explained that this is due to it involves a longer sales cycle and often requires a more personalised approach. It therefore categorised them into four broad categories such as producers, resellers, governments, and institutions.
It further allayed key players fears by explaining that it is more profitable because it has the advantage of high profit margins and retention rates, and less competition, but has the disadvantage of a long sales cycle and fewer customers as well as higher average revenue per user.
The report indicated that against the backdrop that buyers are looking for solutions that solve complex challenges related to their businesses, which makes effective B2B marketing challenging, especially in providing relevant, helpful and persuasive content that attracts the attention of buyers at all stages of possible interest.
Following the data analysis, it showed that the largest B2B sectors are the five biggest B2B industries which are Virtual and Augmented Reality (VR/AR), Medical Marijuana, Financial Technology (FinTech), Biotechnology, and Content Marketing. It revealed that the growth of AR/VR is especially prominent, with an expected CAGR of 31.5% from 2021 to 2026.
The platform specifically noted that one reason B2B sales is so complicated is because of the many blind spots and pitfalls that can ambush sales deals even after one might had optimize prices, meet compliance regulations, and have the best sales tools at disposal.
Some of the challenges of B2B outlined by the site included that the buying process involves a lot of stakeholders, to buyers’ complex procurement processes, as well as data for multiple channels which may be siloed and several other challenges.