When people think e-commerce, they usually think of e-retailers. Adding items to shopping carts, watching the mail carefully for their purchase, all the typical things that come of shopping online. However, B2B e-commerce (business to business) is rapidly on the rise. Through well-designed sites and online marketing strategies, B2B merchants can claim their stake of the $559 billion in B2B e-commerce.
Why is B2B E-Commerce Rising?
Studies from PYMNTS.com show that nearly every B2B merchant has an online presence to conduct business. Because of this, the amount of revenue in the industry has skyrocketed. Other aspects, such as increased availability of internet connections and tech savvy employees have encouraged the growth of B2B e-commerce.
Is E-Commerce the Best Way to Shop B2B?
Absolutely. This trend reveals that people feel safe shopping with B2B companies. As a result, this is where most B2B merchants are focusing their efforts. Making their services readily available online is a key step for businesses that sell to other businesses. The B2B industry performing the best in this online marketplace is the payments industry. Since the internet boom, having online access to payment solutions has been paramount. Payment and merchant services providers everywhere have recognized the need of e-commerce merchants to accept payments, some even international payments which requires moving money across borders. By setting up B2B e-commerce, they are able to market their services and help other businesses in turn.
What Other Industries are Benefiting?
In addition to the payments and merchant services industries, a few other B2B industries have embraced e-commerce. Tech support companies have a thriving e-commerce presence, while those entering the bitcoin marketplace are experiencing increasing demand and profitability. Forex trading companies have also had success online. More and more B2B industries are being added to this list with the wide growth of the market.
Instabill is a global merchant services provider based in the US. For more than a decade, we have been providing online and retail merchant accounts for US and international merchants. Right on our website, you will find an online application for our services that can be completed in minutes. The free merchant account application goes to one of our merchant account managers, and just like that—you could be approved for a merchant account. To learn more about our services or the application process, feel free to contact us online.