A fresh report from Frost & Sullivan has estimated that the B2B eCommerce network will create £4.29 trillion in revenue by the time we reach 2020, the study from the Market Researcher’s into the developing distribution platform finds.
In its entirety, e-commerce platforms supporting business trade will account for 27 per cent of the £16 trillion markets by 2020. The shift to e-commerce is assisted by a transfer away from costly legacy systems, along with the benefit of automating a great deal of the time consuming and inflated characteristics of procurement.
Annually, the use of online eCommerce based platforms is snowballing, as recent exploration from Capgemini, the French multinational management consulting corporation, shows.
In 2014, the UK e-commerce business-to-consumer (B2C) market received a growth of 12 per cent and now accounts for 24 per cent of total retail spend.
The research also revealed that by 2020, almost a third (27%) of the £16 trillion trade from manufacturing and wholesale businesses is anticipated to move through online e-commerce platforms – a total of more than $4.29 trillion.
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