The B2B marketplace is undergoing a profound transformation, driven by the rapid rise of e-commerce platforms. In this era of digital revolution, businesses are moving away from traditional procurement methods and embracing the convenience and efficiency of online marketplaces. To gain deeper insights into this dynamic shift, Sharon Gai sat down with Mark Brohan, Senior Vice President of B2B and Market Research at Digital Commerce 360, on the B2B Breakthrough Podcast.
Table of Contents
Who is Mark Brohan?
The evolution of B2B marketplaces
The changing face of B2B buyers
The future of B2B marketplaces
Who is Mark Brohan?
Mark is a renowned expert in B2B e-commerce and market research. As the Senior Vice President of B2B and Market Research at Digital Commerce 360, his work shapes the landscape of online retail through in-depth trend analysis and strategic insights. Holding a Master’s degree in Journalism from American University, he expertly blends journalistic rigor with market foresight, making him a key figure in the evolution of B2B marketplaces globally.
The evolution of B2B marketplaces
B2B marketplaces have come a long way since their nascent stages in the early 2000s. Initially met with skepticism and resistance, these platforms struggled to find their footing. However, the tide has turned dramatically. Today, B2B marketplaces are the fastest-growing e-commerce channel, with their numbers skyrocketing from 75 to an estimated 1,000 in just five years.
“It’s the Wild West. There’s all kinds of models being formed. Coalitions coming together and some will make, some will not. But all of this activity is morphing into the fact that it’s now a mainstream game changing US business channel. It’s going to do nothing but grow.”
The changing face of B2B buyers
A significant driver behind the growth of B2B marketplaces is the evolving demographics of B2B buyers. As a new generation of digitally-savvy buyers enters the workforce, their expectations for convenience, transparency, and efficiency are reshaping the marketplace. These modern buyers seek a seamless shopping experience, with a wide range of products and services at their fingertips. Marketplaces that cater to these demands are poised for success in the competitive B2B landscape.
“B2B buyers today do business with companies across multiple channels and not just one. And what’s changed here is that all of these channels are being integrated in what the B2B buyer wants, which is the old omni-channel shopping experience. The problem for sellers is they are struggling with “How do you integrate all these digitally driven channels?” It’s not as easy to kind of meet what those buyers want and that’s the big crux of what’s happening with challenges for the entire B2B marketplace industry these days, as well as e-commerce in general. It’s not easy enough to crack.”
The future of B2B marketplaces
The future of B2B marketplaces looks promising, with their role in the U.S. business landscape expected to become increasingly integral. The COVID-19 pandemic has accelerated the shift towards digital buying channels, contributing to the exponential growth of marketplaces. As these platforms continue to evolve, they will offer more sophisticated features and functions, making them an attractive option for businesses seeking efficient procurement solutions.
“There has never been a faster-growing channel than e-commerce in general. It’s going to do nothing but accelerate. B2B buyers are very sophisticated these days. They know what they want. They know how they want to get it. All they want to know from who they want to buy from is, do you have what I want, how I want it, when I want it, and the tools to make this happen. Where sellers are struggling with is not so much the technology. But it’s how do you put together the strategy that’s right for your organization?”
The rise of B2B e-commerce is a testament to the changing times and the adaptability of businesses. As marketplaces continue to evolve, they offer a glimpse into the future of procurement, where efficiency, convenience, and technology converge. As Mark aptly puts it, we are witnessing the “Wild West” of B2B marketplaces, with endless possibilities and opportunities for growth.
Interested in more insights from Mark? Tune in to the full episode of the B2B Breakthrough Podcast for a deep dive into the evolution of B2B marketplaces and insights into staying ahead in the e-commerce game. Don’t forget to subscribe, rate, and review on your favorite podcast platform!
