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B2B (business-to-business), a type of electronic commerce (e-commerce), is the exchange of products, services or information between businesses, rather than between businesses and consumers (B2C).
A B2B transaction is conducted between two companies, such as wholesalers and online retailers. In most B2B business models, each organization benefits in some way and typically has similar negotiating powers.
By 2027, global B2B e-commerce is forecast to reach $20.9 trillion, representing a CAGR (compound annual growth rate) of 17.5% during the forecast period (2020-2027), according to Grand View Research.
B2B is conducted via different categories of websites, such as the following:
Company websites. The target audience of a company website is the business clients and employees of other businesses. Think of B2B websites as round-the-clock mini-trade exhibits. Sometimes, a company website provides an entrance to an exclusive extranet, available only to customers or registered users. Some company B2B sites sell directly from the B2B website to other businesses.
Product supply and procurement exchanges. These exchanges allow a company purchasing agent to shop for supplies from multiple vendors, request proposals and, in some cases, bid on products. At times called e-procurement sites, some serve a range of industries while others serve a niche market.
Specialized or vertical industry portals. These portals provide dedicated information, product listings, discussion groups and other features for specific businesses. Vertical portal sites have a broader purpose than procurement sites, although they may also support buying and selling.
Brokering sites. These sites act as an intermediary between service providers and potential customers that need their specific services, such as equipment leasing.
Information sites. Sometimes known as infomediaries, these sites provide information about a particular industry to companies and their employees. Information sites include specialized search sites and those of trade and industry standards organizations.
Many B2B sites fall into more than one of these groups. Models for B2B sites are still evolving, however.
Another type of B2B enterprise is software for building B2B websites, including tools and templates, databases, methodologies and transaction software.