B2B Online Grocery Market to be Valued USD16089 Million by 2027
Rising
internet penetration, growing online platforms for B2B market, increasing shift
towards online purchase are the leading factors driving the global B2B online grocery
market during the forecast period.
According to TechSci Research
report, “B2B Online Grocery Market – Global Industry Size,
Share, Trends, Competition, Opportunity, and Forecast, 2017-2027F”. The global B2B online
grocery market is
propelled to grow by 8.97% in the forecasted years owing to the factors such as
rising preference for online purchase, ease of approaching the online market players
for contract, growing digital shift for the mode of transaction within B2B
segment. However, there are still certain complexity of transaction which act
as a hinderance to the growth of this market.
Online grocery shopping that
is B2B (business-to-business) involves businesses rather than consumers buying
fresh, packaged, and frozen food items like cereals, drinks, vegetables,
fruits, meat, seafood, poultry, dairy, and a number of other cooking
essentials. A business-to-business transaction takes place between two
businesses, like a wholesaler and an online retailer.
Only 4% of B2B transactions
take place online at the moment, with Amazon Business accounting for at least USD10
billion in yearly sales. 49% of transactions are still completed manually over
the phone, by fax, or during in-person meetings with account managers and sales
representatives. The remaining transactions take place using e-procurement and
electronic data exchange (EDI) systems, antiquated B2B transaction-specific
technologies. Brands, makers, and small manufacturers are harder to reach
because they are a smaller audience and have historically been slow to adopt
new technology. In addition, B2B buyer/seller transactions are complex (e.g.,
require payment financing, invoicing/approvals, inventory management), and
requirements vary from vertical to vertical. For these reasons, there aren't
many B2B aggregators.
However, post COVID-19
pandemic is the B2B Online Grocery market witnessed a significant change within
the market conditions. Pre-COVID-19, lesser than 8% of the B2B market
dealers showed significant interest towards a digital alternative. By
creating an on-demand grocery app solution, major market players, start-ups,
and numerous other small and medium-sized businesses have moved their
conventional offline grocery stores to online channels.
Browse over 114 market data
Figures spread through 151 Pages and an in-depth TOC on the "Global B2BOnline Grocery Market."
The global B2B online
grocery market is segmented based on product category, mode of payment, region,
and competitional landscape. Based on product category, the market is further
fragmented into Fruits & Vegetables (Raw & Processed), Condiments and
Seasoning, Food Grains & Flours, Bread & Bakery, Dairy Products, Meat,
Poultry & Seafood, Others (Snacks & Confectionery, Beverages, Others Processed
Foods, etc.). Based on mode of payment, the market is segmented into
Pre-Delivery Online Payment, Online Payment on Delivery and Cash on Delivery.
Among product category, the Meat, Poultry &
Seafood category
is the most developed market for B2B Online Grocery, which commands a
significant market share. The Meat, Poultry & Seafood segment also accounts for about the
maximum share within the B2B Online Grocery category market owing to the rising
target audience for the online purchase of these products Moreover, according
to the most recent Power of Meat report from FMI, nearly all-American
households (98.5%) purchase meat (The Food Industry Association and the Meat
Institute). The percentage of consumers who say they eat meat has increased
from 71% to nearly 74%. Younger generations are more likely to shop online for
groceries. Only 38% of Boomers shop online for the same meat and poultry
products that Gen Z consumers do. The market for is anticipated to rise due owing
to these factors.
In terms of mode of payment,
the pre-delivery online payment method is still used to register the demand,
followed by card on delivery and cash on delivery. Pre-payment is preferred
because most people who place online orders won't be there to accept the
delivery. The majority of supportive tasks are handled by the
store helpers within various nations, and they frequently pick up and
deliver orders, so customers prefer to pay online.
Key market players in the Global
B2B Online Grocery market include:
- Walmart Inc.
- Alibaba Group
- Amazon.com, Inc.
- The Kroger Co.
- EC21, Inc.
- eWorldTrade, Inc.
- BigBuy
- 3 Seasons Technology
Co.,Ltd. (eFoodChoice)
- OKNETTV PTY LTD
(Agorara)
- SeeBiz Inc.
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" The
order criteria for the grocery industry are much more complicated than those
for general retail. For instance, compared to other industries, perishability,
weight, and volumes frequently vary more by line or even by product. Business
customers may have particular tastes in the types of products they prefer, from
particular meat cuts to the ripeness of a banana and the issue of pricing.
However, the market is witnessing a significant shift after COVID-19 pandemic.
Therefore, the market is expected to propel in the forecast period.” said Mr.
Karan Chechi, Research Director with TechSci Research, a research based global
management consulting firm.
B2B
Online Grocery Market – Global Industry Size, Share, Trends,
Opportunity, and Forecast, 2017-2027F Segmented By Product Category (Fruits &
Vegetables (Raw & Processed), Condiments and Seasoning, Food Grains &
Flours, Bread & Bakery, Dairy Products, Meat, Poultry & Seafood, Others
(Other Snacks & Confectionery, Beverages, Others Processed Foods, etc.)), By Mode of Payment (Pre-Delivery Online Payment, Online
Payment on Delivery, Cash on Delivery), By Region”, has evaluated the future growth
potential of global B2B online grocery market and provides statistics and
information on market structure, size, share, and future growth. The report is
intended to provide cutting-edge market intelligence and help decision-makers
take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges and
opportunities present in B2B online grocery market globally.
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