The founder and head of Amazon's online giant, Jeff Bezos, is looking for new sources for business development and seems to find the right answer. And this is the B2B -Amazon Business marketing business.
The Bezos company, originally called Amazon Supply, is growing rapidly in the B2B business e-commerce market, while Amazon has garnered its incredible success in B2C or "business-to-consumer" writes technews.bg.
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Amazon Business combines positive attributes of the company's consumer market, such as a broad choice and convenience in delivery, with customized products and benefits for businesses, government organizations and the education industry, said Bank of America analyst Justin Post.
There are many more obstacles to B2B trading, considering complex (and often offline) bidding processes, but Amazon Business is already gaining momentum in this market, which according to Bank of America will grow to $ 1.4 trillion by 2021. almost twice as much as the projected traditional B2C trading volume of $ 761 billion.
In essence, Amazon Business's market potential is twice as high as the potential of Amazon's largest e-commerce business, Jeff Bezos.
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Amazon Business already has millions of corporate customers, and in the last two years, gross merchandise has grown tenfold: from $ 1 billion in 2016 to $ 10 billion last year. Bank of America expects this indicator to reach $ 33.7 billion by 2023. It is quite realistic to expect Amazon Business to achieve 10% of the B2B market in the US and 5% of the international B2B market by 2021.
At the same time, the company overcomes some procurement difficulties with new features and capabilities for daily performance, cost analysis and integration with existing ordering applications. In the long run, B2B business is emerging as a major driver of growth and retail sales.