COVID-19 Pandemic to Support Digital Transformation in B2B E-Commerce Market
The world is witnessing rapid digitalization across various industries. Among these, business-to-business e-commerce is also witnessing digital transformation. The technological advancements coupled with financial and cultural progress are powering the digital transformation in business-to-business e-commerce.
The customer-centric approach and growing need for higher customer relationship management are driving the need for digital transformation in business-to-business e-commerce. Businesses are more inclined towards the digital transformation in B2B e-commerce owing to the rising need for advanced cost-cutting solutions, automated processes, and to develop improved marketing strategies.
The digital transformation in B2B e-commerce has several advantages over traditional B2B commerce like increased customer engagements, enables personalization, it supports increasing customer data and enabling security to the online transactions. The growing concerns for data safety in B2B e-commerce are creating the need for advanced and secure technology for B2B e-commerce. The growing need for cloud computing and secure networks is propelling the digital transformation in the B2B e-commerce market.
Digital Transformation In B2B E-Commerce Market Dynamics
The market is about to face the emerging trend of the 5G network, which is estimated to raise the number of subscribers, internet users, and online shoppers. The shift towards virtualization is expected to enhance the customer experience. The majority of businesses are trying to adapt to virtualization in e-commerce.
The COVID-19 pandemic has boosted the digital transformation in B2B e-commerce. The increasing number of businesses are opting for virtual platforms to ensure business continuity in the crisis period. The technology penetration in B2B e-commerce had positively impacted the digital transformation in B2B e-commerce.
The leading players in the digital transformation in the B2B e-commerce market are Amazon Web Services Inc., Accenture, Cognizant, Adobe, Atos, Infosys Limited, Deloitte, Touche Tohmatsu Limited, IBM Corporation, Ernst & Young Global Limited, and KPMG International Limited, among others.
Regionally, the North American region is majorly contributing to the digital transformation in the B2B e-commerce market owing to the presence of well-established IT infrastructure needed for digital transformation. The growing techno-savvy population in the countries such as China and India are expected to provide attractive opportunities for digital transformation in B2B e-commerce.