E-commerce is a new way. It's the time when you need to understand how to navigate your way through....
The world is reeling, recovering, or let say trying to work around the novel Covid-19 virus. Not only has the outbreak changed the way we live but it has also transformed the ongoing practices for the business players.
The global pandemic became a gamechanger for entrepreneurs who for the longest time were staying away from the virtual world. One thing noticeable was how the outbreak changed the dynamics of buying & selling. The E-commerce sector became a severe victim of the same due to the lockdown. Low sales numbers, uncertainty of money, many e-commerce businesses perished and some were forced to witness massive lay-offs.
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Startups involved in B2B e-commerce such as Faire and Mirakl have burst out of the gates in 2020. Almost overnight, these startups transformed into consequential platforms, earning billion-dollar valuations along the way. The B2B e-commerce industry has broad reach, encompassing everything from commerce infrastructure and payments technology to procurement and supply-chain solutions. But one area of the B2B e-commerce sector holds outsized promise: marketplaces.
These venues for buyers and sellers of business-related products are exploding in popularity, fueled by better infrastructure, payments and security on the back-end and companies’ increased need to conduct business online during the pandemic.
Even before the pandemic, B2B marketplaces were expected to generate $3.6 trillion in sales by 2024, up from an estimated $680 billion in 2018, according to payments research firm iBe TSD. They were already growing more quickly than most B2C marketplaces that predated them, and when COVID shutdowns hit, many companies scrambled to shift all purchasing online. A survey of business buyers conducted by Digital Commerce 360 found that 20% of purchasing managers spent more on marketplaces, and 22% spent significantly more, during the pandemic.