B-commerce, also known as online trade between businesses,
What is b-commerce?
(English) /bɪˈkɑm.ɚs/ noun: B2B e-commerce, online trade between businesses.
B-commerce is the activity of transacting products or services online, between businesses/legal entities.
The birth of b-commerce
First, there was e-commerce - the revolutionary act of selling or purchasing products or services online, dating all the way back to the 1970s. Today, this is has become part of our day-to-day lives - what did we possibly do before it?
Slowly but surely, many businesses began noticing an increase in potential business customers online, however selling to them was easier said than done.
Zoom out a little and people begin questioning things like - why are payments still mailed by paper checks in the US? Why do almost no European businesses issue their employees with credit cards? Why do buyers waste so much time finding the tiny subset of suppliers that accept purchases on invoice? Why do retailers have to finance their business customers' purchases with cash from their own balance sheet? Why does a retailer need to hire credit analysts?
Why? Simple. Because B2B payments aren’t as effortless as B2C payments.
B-commerce transactions can’t be managed the way B2C transactions are.
Behold - the birth of b-commerce, and with it, the opportunity to create a tremendous impact on how businesses manage their cashflow.
3X the size of consumer commerce
B2B payments represent an enormous share of the global economy. In fact, b-commerce is almost 3 times the size of consumer commerce.
According to Grand View Research, “The global business-to-business e-commerce market size was valued at USD 6,883.47 billion in 2021 and is projected to expand at a compound annual growth rate (CAGR) of 19.7% from 2022 to 2030.”
So how does Two fix b-commerce?
Two was born from the struggles our founders faced with B2B sales in their previous ventures. B-commerce buyers wanted to buy with net terms, yet there were no existing solutions for this and building the capability in house was prohibitively complex and expensive. At Two, we're solving a problem that we are passionate about - making it easier for businesses to sell to other businesses online via BNPL for B2B as a payment method.
Why is B-commerce important?
According to the European Commission, 6.5 million jobs in the EU zone alone can be created by solving B2B payments.
Jobs, lives and businesses are at risk. With B2B payments, and therefore also b-commerce as a whole, representing such an enormous share of the global economy, it’s about time we see some innovation in this space.
By making it easy for businesses to transact online with BNPL for B2B, we contribute not only to helping businesses, but we also impact jobs and lives.
Want to see how Two fixes b-commerce with BNPL for B2B? Book a 30 minute demo with us today!✌️