B2B commerce trends in 2024 — see what’s driving this trillion-dollar market space

B2B commerce continues to grow at a steady rate in both developed and developing markets, with this year promising to be no exception. B2B commerce sales are expected to exceed $2.6 trillion in 2024, and Adobe’s own estimates project the B2B commerce space to reach more than $9 trillion globally by 2027.

To capitalize on this opportunity, B2B companies in every industry and market need to understand what’s driving the growth, which best practices they can use to capture their share, and how to leverage a strong ecosystem to scale more quickly.

Personalization remains key

Personalization is still top of mind in 2024, including in the B2B space. We’re starting to see B2B lead the way, even surpassing B2C in some areas. In a recent Adobe survey, 57% of B2B respondents said they are offering customer-specific pricing compared to only 24% of B2C respondents.

That said, the B2B space lags behind B2C in personalizing the customer journey at key points that can generate better ROI, such as sharing product recommendations, abandoned cart reminders, and promotional SMS messaging. These areas present an opportunity for B2B marketers to make every interaction count using first-party data and the right tech stack.

Tech stack considerations in B2B commerce

With cookie deprecation looming on the horizon, B2B marketers get a little more time to consider their tech stack and what tools and platforms they need to fully harness their first-party data.

By now, most companies recognize that first-party data can help lead to improved personalization, which customers have said makes for a more memorable customer experience.

But capitalizing on this opportunity might be easier said than done for many B2B companies with multiple tech stack solutions to consider. For example, companies must decide whether to be API-first or use headless architecture and identify the best investments for an improved web experience. Companies are also considering which customer data platform (CDP) and email solutions will best meet their needs, as well as the right payment options for their customer base.

B2B payments and digital adoption

One valuable but potentially overlooked data source is the information gathered through payment transactions. By mapping payment method data to customer segmentation, B2B businesses can gain insights into customer behavior, preferences, and patterns.

At the same time, payment methods are also becoming increasingly digitized, with cash and check usage falling significantly over the last several years and methods such as ACH, credit cards, and wire transfers all increasing. Also, many B2B companies are offering solutions such as BNPL (buy now, pay later) to help cater to the evolving needs of merchants worldwide. Commerce platforms and online payment providers are facilitating this transition and helping to create a smoother, more secure online payments experience.

Global expansion in B2B — know where to go

Many B2B merchants are looking to expand internationally or across borders. Seven out of ten companies said they plan to sell in more countries over the next two years, with 36% planning to add six or more new countries.

Global growth is an exciting opportunity, but it requires some due diligence. B2B companies should consider which regions are seeing the most growth and which foreign countries have the most visitors on their website. When expanding into new countries, B2B merchants must ensure they are taking the necessary steps to address tax and fraud considerations, in addition to understanding any regulations around the preferred local payment methods and currencies.

The benefits of a strong and varied ecosystem

As merchants look to harness the trends driving B2B commerce growth, they can scale more quickly and easily with the help of experts. Adobe has built a strong network of providers that integrate with and work alongside our own solutions to help our customers scale more efficiently and maximize the opportunities in 2024 and beyond.

To learn more about B2B commerce growth and trends, and read examples of customer success, download our new report: The 2024 B2B Commerce Trends & Data Report.

This blog and the 2024 B2B Commerce Trends & Data Report were written in collaboration with Adobe Payment Services and our partners Blue Acorn iCi, Digital River, and Dotdigital.

Nicole Munger is a senior partner marketing manager on Adobe’s digital experience tech partner marketing team. Prior to this role, she led marketing teams at various tech startups. Munger is experienced in marketing strategy and execution, in both partner and product marketing.

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