In recent years e-commerce has emerged as the fastest growing sector of the U.S. marketplace. E-commerce has experienced double digit growth for eight of the past 10 years, only slowing during the recession-plagued years of 2008 and 2009. And the outlook continues to be bullish, with continued strong growth through 2020. This phenomenon has not been isolated to retail e-commerce, as Gartner projects B2B e-commerce grow at a CAGR of 15% from 2015 to 2020, and represent over 12% of all US B2B sales. If these projections hold true, the B2B e-commerce market will be nearly double the B2C e-commerce market by 2020.
The explosive growth is no surprise as some of the lingering concerns such as data security, system and data integrity, and the concern of system scalability are being addressed, and users are more confident of continued improvement.
As the growth continues, the overall impact on our overall economy will be more evident, touching areas of the economy may be surprising to many. One economic area that the expansion of e-commerce is sure to impact is that of productivity. Shoppers and procurement professionals now have access to countless competitive products, shopping is both easier and faster, and prices are more transparent; reducing the costs associated with completing most transactions. This increase in productivity, in turn, generates cost savings and potentially has a positive impact on inflation.
In addition, expanding e-commerce offers new opportunities throughout the supply chain, from the initial order to final delivery. The need greater productivity will continue to drive firms to reduce costs, boost efficiencies, expand into new markets, reduce inventories, reduce logistics costs, and optimize the procurement process. Opportunities will arise for innovative protective packaging, cold chain optimization, data security, and improving processes throughout the supply chain using through cutting edge TQM, and JIT projects.
Priority Metrics Group understands the implications and opportunities brought about by the explosive growth of e-commerce in bit B2B and B2C. Our market research is a valuable source in understanding the newly discovered issues and needs throughout the supply chain brought about by the growth of e-commerce in virtually all business sectors. Let PMG help your organization discover growth opportunities brought about by the expansion of e-commerce.
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