B2B e-commerce sales will grow slowly – but steadily – in 2024

B2B e-commerce sales activities are starting to take concrete shape at the beginning of 2024. The halfway point of the calendar year may be near, but government data on U.S. corporate sales is lagging by several months.

Still, first-quarter numbers are now available. Their total could be a good indicator of how businesses – both online and offline – will fare for the rest of the year.

B2B e-commerce sales in the first quarter of 2024

U.S. business sales held steady at $1.992 trillion from January to March, according to data from the U.S. Department of Commerce.

Using these numbers as a basis, Digital Commerce 360 forecasts that U.S. B2B e-commerce sales in the first quarter increased 5.8% to $358.6 billion from $338.8 billion in the first quarter of 2023.

What do these e-commerce numbers mean for U.S. manufacturers and distributors? The answer is a slow but steady increase in online sales through the end of 2024.

B2B e-commerce forecasts for the rest of 2024

Digital Commerce 360 predicts that in 2024, B2B e-commerce sales will grow eight times faster than total B2B sales and will reach $2.61 trillion.

For manufacturers and distributors to achieve these numbers, e-commerce sales growth will be steady, but not meteoric.

A look at the first quarter of digital sales for many public distribution companies shows slow but steady growth. Examples include:

W. W. Grainger – Online-only Grainger Endless Assortment — comprised of Zoro.com and Japan’s MonotaRo.com — saw sales rise 3.7% to $751 million. By comparison, Grainger’s High-Touch segment – which includes full-service sales through Grainger.com and the company’s sales team – grew 3.4% to $3.405 billion.
Fastenal Co. — The industrial products distributor said its total digital sales, which it calls its “digital footprint,” rose 11.5% year over year in the quarter ended March 31 to $1.895 billion, up from $1.859 billion. “E-commerce continues to have a strong reputation,” says Fastenal CEO Dan Florness. “And our digital footprint continues to expand.”

The takeaway for U.S. manufacturers and distributors: E-commerce sales will continue to grow in 2024 as more digital-first buyers increasingly make organizational purchases online.

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