The B2B marketplace movement is hitting critical mass. Just about 16 years ago, there were likely about 75 B2B marketplaces serving a variety of mostly established industries such as automotive, health care and aviation, among a few others.
But today the number of vertical market or industry marketplace has grown 6.7-fold in the last 16 years to at least 500, based on a count forthcoming in Digital Commerce 360’s 2023 edition of the B2B Marketplace 500 report. Within two years, the number of U.S. B2B marketplaces will likely exceed 750, based on a Digital Commerce 360 projection.
B2B marketplaces are the fastest growing sales channel in B2B digital commerce. One indicator is the growth and diversity of the number of industry marketplace platforms.
B2B marketplace surge
For example, Digital Commerce 360 counts:
- More than 113 marketplaces for business, industrial, and scientific products
- 49 for motor vehicles, heavy equipment, and marine vessel products
- 46 each for the business software/service and consumer products markets
Diversity is a hallmark of the B2B marketplace industry. For example, one of the fastest growing markets is for logistics and supply chain services. Specifically, a newly minted public B2B marketplace for air and ocean freight that brings together shippers and freighters is coming off a mixed first quarter.
For the first three months of the year, Freightos Ltd. posted gross booking value of $168.7 million. It also reported a 29% increase in what the company calls unique buyer users. Freightos is a Jerusalem-based B2B marketplace company that made its initial public offering on NASDAQ in January.
For the year, Freightos expects its B2B marketplace to potentially generate more than 1 million transactions. That number is considerably higher than the 229,211 transactions achieved in the first quarter. And it’s up from the range of 239,500 to 244,500 transactions expected in the second three months of the year. Freightos will break out earnings on Aug. 21.
“A record 239,000 transactions were booked on the platform in Q2, up 59% from Q2 2022, continuing Freightos’ streak of record transactions,” the company says. “This strong growth, against the backdrop of an ongoing freight market downturn, demonstrates the momentum of Freightos’ mission to digitalize international freight.”
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