Report: Global Online B2B Sales Approach $7 Trillion by 2020
April 13, 2015
B2B online sales will reach $6.7 trillion by 2020, according to a report released late last week by Frost & Sullivan. China and the U.S. will be the largest B2B e-commerce markets, with sales in the U.S. reaching $1.2 billion that year, the report said. The global consulting firm, which is headquartered in Mountain View, Calif., said the B2C marketplace model favored by Alibaba and Amazon will make the leap to B2B.
“Private industrial networks, where specific companies come together to exchange products, and public market places that are employed for on-the-spot purchasing, have gained prominence over the last decade,” said Archana Vidyasekar, Visionary Innovation Group team lead for Frost & Sullivan. “With businesses buying more than selling online, these seller-driven B2C-type open public networks will help provide more visibility and storefront capabilities to sellers.”