European market growing despite difficulties
Compared to other world regions, Europe represents a small B2B e-commerce market, accounting for nearly six percent of the global gross merchandise volume (GMV). As a matter of fact, nearly 80 percent of the global GMV is generated by manufacturers and sellers based in the APAC area. Inflation and stagflation have been threatening e-commerce’s growth in Europe forcing B2B buyers to either strengthen their relationships with suppliers or look for other ones, as well as rethink their purchase processes. Despite the economic disruptions, the estimates related to physical commodities show a significant increase in B2B e-commerce revenue for all EU countries. For instance, in the UK, the B2B online revenue is estimated at 141.4 billion U.S. dollars in 2022 and is forecast to reach over 167 billion U.S. dollars by 2025.Since 2013, the number of enterprises making B2B e-commerce sales through websites has slightly increased in the European Union. Recent data from Italy indicated that online channels are increasingly to B2B total sales, a trend observed in other European countries, too. In some cases, e-commerce did not represent an additional source of income but rather cannibalized sales from traditional channels. Two-thirds of German B2B professionals expect this channel cannibalization to account for 30 to 50 percent of companies’ revenues.
