A study published by Forrester Research Inc. and SAP Hybris, a German e-commerce solutions provider, showed that business-to-business (B2B) firms are now entering a period of fast-paced development. The number of such companies will double in the next three years, the study said.
"B2B e-commerce is expected to enter a phase of a rapid development," Zhang Bo, China manager of SAP Hybris, said.
"B2B companies that wait too long to implement e-commerce strategies are taking a big risk as they will lag in catering to client requirements and suffer in terms of sales, services and retention of customers," Zhang further noted.
The recently published study polled 200 business decision makers of Chinese B2B firms. Thirty-four percent of the respondents shared that at least 25 percent of their purchases will be done via online platforms in the next three years. Currently, the figure stands at 17 percent.
Majority of the respondents also said that they expect to see an increase in online sales in the coming years.
Zhang pointed out that it is an opportune time for B2B firms to put up e-commerce portals to help hone the future of their respective industries.
Recently, Alibaba-backed investment firm Hangzhou Ali Venture Capital said it eyes to establish an online steel trade platform with Minmetals Development Co. Ltd. as the firm aims to tap into the B2B steel industry.
The company said it will pour in an investment worth 316.8 million yuan in the e-commerce platform.
For Charlie Dai, principal analyst with Forrester Research, even firms like Alibaba, who already has a B2B online trading platform, need to dig deep into each sector before becoming an established player.