b2b vs b2c e commerce market size

This can differ widely within the B2B space. What does that mean for your B2B operation? As with all things that intersect technology and commerce, business-to-business (B2B) vs. business-to-consumer (B2C) ecommerce is a fight loaded with complexity: With these questions in mind, lets end the rivalry, unearth the differences between B2B and B2C ecommerce, and bring to light the ways theyre actually much the same. Free business intelligence platform with subscription, 4. The global B2C e-commerce market size was valued at USD 3.67 trillion in 2020. Such products and services generally are used by banks and financial institutions only. The increasing use of social networks is further driving the demand for online purchasing of various products and services. Most often, B2C ecommerce transactions have a single-step buying process that results in a shorter sales cycle. B2B purchases are much larger than B2C purchases. B2B E-commerce Processes. Get a sample copy of the E-Commerce Automotive Aftermarket Market report 2023 . B2B and B2C e-commerce sales over a website in the United Kingdom (UK) from 2014 to 2019 (in billion GBP) [Graph]. B2C consumers will often only buy a product once. Providing tools such as CSV uploads, and order pads to speed up the ordering process inevitably results in increased sales. B2C eCommerce communicates with customers directly. In B2B, the customer is business entities while in B2C, the customer is a consumer. A B2C ecommerce brand might need to reach and sell to hundreds of thousands of people to crack their first million in sales because theyre likely selling products at a lower rate. B2B ecommerce has the advantage of default retention. B2B ecommerce utilises online platforms to sell products or services to other businesses. A B2B company is one that sells office furniture, software, or paper to other businesses. Social Commerce Market Size is projected to Reach Multimillion USD by 2028, In comparison to 2021, at unexpected CAGR during the forecast Period 2022-2028. Improved customer experience - Online stores make it easy to communicate with your customers. Realize the role that fear can play when a buyer is deciding between two similar solutions. B2B clients equate to a large percentage of our revenue, so if we were to land a B2B client, we actually make significantly more revenue than we do with 100 B2C clients., Varun Sharma, co-founder of Laumire Gourmet Fruits. The main difference in B2B ecommerce is proving the resale value of your inventory (high sell-through rates, good profit margins, or brand loyalty), rather than the benefits for the end consumer. Grand View Research is registered in the State of California at Grand View Research, Inc. 201 Spear Street 1100, San Francisco, CA 94105, United States. Office for National Statistics (UK). It is a type of business relationship in which businesses provide goods or services to individuals. Caption: PoCampos B2B product description focuses on the products sell-through rate. Take it from Bernie Schott, owner and CEO of REECH, who says, REECH customers typically buy a yoga mat every one to two years max, but a studio that stocks REECH mats will typically purchase 10 every two months.. The B2B business model portrays a commercial relationship between businesses. . Please wait while we are processing your request B2C E-commerce Market Size & Share Report, 2021-2028. . Unsubscribe any time by clicking the link in ouremails. We can customize every report - free of charge - including purchasing stand-alone sections or country-level reports, as well as offer affordable discounts for start-ups & universities. A March 2021 report estimates the global B2C eCommerce market size is anticipated to reach $6.2 trillion by 2027. CFA Institute Does Not Endorse, Promote, Or Warrant The Accuracy Or Quality Of WallStreetMojo. The companies continue to show tremendous growth and attract big investors, in tandem with the global giants, thereby, leveling up the competition. Customers can find their interested products by visiting the website and gaining additional insights on various products. They can save money by conducting their operations online and sell more cheaply than their competition. Theres much more pressure to make the right decision. Here are a few ways that businesses can boost their B2B ecommerce experience: B2B vs B2C explains that B2B stands for business-to-business and transaction occurs between businesses, whereas B2C means business-to-consumers, the transaction happens between business and individual consumers. 76% of B2B marketers use a formal marketing plan. The global business-to-business (B2B) e-commerce market size will increase more than 70% to reach $20.9 trillion by 2027, international courier firm DHL said on Tuesday. Individual customers purchase products for themselves. B2C e-commerce players are involved in strategies such as partnerships, business expansions, new product developments, and contracts to expand their market share. B2B stands for business to business while B2C is business to consumer. A B2B company largely targets an audience of other businesses, while a B2C business largely targets individual consumers. (Statista, 2020) Experts expect that the global B2B ecommerce market sales will hit $12 trillion by 2020. The global B2C e-commerce market size was estimated at USD 3,667.04 billion in 2020 and is expected to reach USD 4,015.41 billion in 2021. b. There are some clear differences between the two retailing types and sometimes, the distinctions between the two are slightly blurred. You could: B2B and B2C ecommerce operations share one common goal: to get paid for the products they sell online. B2B spending on advertising in the US exceeded $6 billion in 2019. Products or service offerings are one of the prime elements in the relationship in both cases. B2B buyers are producers, resellers, governments, and institutions. Some prominent players operating in the global B2C e-commerce market include: Revenue in USD Billion and CAGR from 2021 to 2028, Revenue forecast, company ranking, competitive landscape, growth factors, and trends, North America; Europe; Asia Pacific; Latin America; Middle East & Africa, U.S.; Canada; U.K.; Germany; France; China; India; Japan; Brazil; Mexico. The Middle East has a dynamic young population with one of the highest global per capita incomes. In the research report published by Astute Analytica, the Global B2B E-Commerce Market is segmented on the basis of Type, Payment Mode, Enterprise Size and Region. Automated Supply Chain Management for the Automotive Industry, Why You Need a B2C-Style B2B eCommerce Store, B2B eCommerce Checklist what should you consider when looking for a B2B eCommerce solution, B2B eCommerce: Whats Changed, and How You Can Keep Up, Trading Partner EDI Solution | Global Trading Network. Shopping through fashion websites is beneficial, including multiple payments and goods options, home delivery, and easy return. This key difference between B2B and B2C ecommerce also means you need to ensure that when someone visits your site, they find reasons to trust your brand and believe youre the best solution for their problem. Purchase motivation. In this guide, we'll cover the essentials of 3D eCommerce. This website is secure and your personal details are safe. In 2019, the global B2B eCommerce market size was valued at $5.7 trillion and is expected to rise at a compound annual growth rate of 17.5 percent through 2027. . Rather than having to manually manage and track orders and inventory, a synchronised online system allows brands to automate fulfilment and inventory updates. Available: https://www.statista.com/statistics/284278/e-commerce-sales-via-website-in-the-united-kingdom-uk-by-b2b-and-b2c/, B2B and B2C e-commerce sales over a website in the United Kingdom (UK) from 2014 to 2019, Internet industry in the United Kingdom (UK), E-commerce sales via website in the United Kingdom (UK) 2014-2019, by B2B and B2C, E-commerce sales in the United Kingdom (UK) 2019, by B2B, B2C and business size, Internet retail: monthly sales value in Great Britain 2016-2022, Internet share of retail sales monthly in Great Britain 2018-2022, Share of revenue from digital channels in Great Britain in 2015 & 2020, by sector, Digital entertainment sales in the United Kingdom (UK) 2011-2021, by sector, Forecast of ePublishing revenue by segment in the United Kingdom 2017-2025, Revenue forecast for the eServices market by segment in the United Kingdom until 2024, Online share of retail sales in the United Kingdom (UK) 2011-2021, Internet retail sales value: average weekly value per 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United Kingdom 2020-2022, by platform, Online magazine and app usage in the United Kingdom (UK) 2015-2016, paid and free, Digital book sales revenue in the United Kingdom (UK) 2008-2019, Digital revenue share of media and entertainment companies in the UK 2016, by sector, Entertainment retail sales revenue in the UK 2013-2019, by sales channel, Digital video game sales revenue in the United Kingdom (UK) 2011-2022, Digital music industry revenue in the United Kingdom (UK) 2009-2016, Digital Market Outlook: digital music revenue in the UK 2017-2027, by format, Online TV revenues in the United Kingdom (UK) 2009-2015, by source, Digital Market Outlook: eServices revenue in the UK 2016-2022, Forecast for the number of users in the eServices market by segment in the United Kingdom until 2024, Digital Market Outlook: eServices usage penetration in the UK 2014-2020, ARPU forecast for the eServices market by segment in the United Kingdom until 2024, DMO: eServices event tickets revenue in the 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for B2B sales in Denmark 2020, Bags & accessories: top 5 online stores in the United Kingdom in 2018, by net sales, Sports & outdoor: top 3 online stores in France in 2018, by net sales, Share of small businesses receiving payments over the internet Australia 2001-2016, Share of medium businesses taking orders over the internet Australia 2001-2016, SMBs receiving online payments Australia 2016, by state, Share of small businesses taking orders over the internet Australia 2001-2016, SMBs taking orders over the internet Australia 2016, by state, Average prices of wines on main wine online marketplaces in Italy 2018, OTC online sales growth in the U.S. 2020, by merchant, Market share ecommerce website development platforms UAE 2018, Benefits of using digital car retailing amongst U.S. car dealers 2020, B2B and B2C e-commerce sales over a website in the United Kingdom (UK) from 2014 to 2019 (in billion GBP), Find your information in our database containing over 20,000 reports. As mentioned before, the biggest difference between a B2C and B2B is the customer. The market is witnessing a paradigm shift toward m-commerce from e-commerce, as customers increasingly use smartphones to purchase goods and services online. B2C ecommerce targets personal consumers. The regional B2B ecommerce market witnessed growth at a CAGR exceeding 9%, higher than China and Japan. A company that sells office furniture, software, or paper to other businesses would be an example of a B2B company. While the purpose remains the same, driving business in B2B ecommerce . What are B2B and B2C? By using our website, you agree to our use of cookies (. As Brian Folmer, founder of FirstLook, says, B2C customers routinely buy products of all types, constantly testing things out and, in my cases, buying on a whim. However, as we have discussed, even with the added functionality required in. The B2B market size is smaller as compared to the B2C market. Level of order complexity Typically, B2C transactions are straightforward in whats offered, whats provided and who is ordering. And with a Forrester Report stating that 83% of B2B businesses expect to increase their ecommerce sales over the next three years, its also an opportunity to grow. However, the advantage of B2C is that theres many more fish to bait, and where one doesnt catch, the others will.. b. You are free to use this image on your website, templates, etc., Please provide us with an attribution link, Cookies help us provide, protect and improve our products and services. That's more than triple the value. B2C brands often strive to reach a broadly defined group of peoplesports fans, fitness-minded moms, millennials who are into music, or kids in general. In that vein, a company making a purchase usually considers one of two things: Will this make us more money, or help us save money? Similarly, for buyers that prefer a self-serve approach, use a B2B ecommerce platform that makes reordering easy. This also impacted on estimates relating to all businesses. The market is expected to witness high growth over the forecast period mainly due to growing digital dependency and the convenience of shopping on online platforms. "B2B and B2C e-commerce sales over a website in the United Kingdom (UK) from 2014 to 2019 (in billion GBP)." Ease this pain point when selling B2B through ecommerce marketing messaging. The clothing and footwear segment accounted for the largest revenue share of 24.71% in 2020 and is expected to continue its dominance over the forecast period. Ltd. Free report customization (equivalent up to 8 analysts working days) with purchase. Businesses often opt for alternative B2B payment methods such as bank transfer, and use a buy now, pay later modelsuch as net 15, 30, or 60to pay for inventory once theyve sold it themselves. With B2B on Shopify, you can operate two online storefronts from the same back endno switching tools or expensive software needed. You can learn more about them from the following articles . They rely on YouTube for instructional content and networks like Twitter, LinkedIn, and Facebook for social engagement. North America and Europe regions are positioned to witness steady growth over the forecast period. Therefore, we are currently working on our analysis to capture the exact cumulative impact of COVID-19 on the B2C eCommerce market. Being able to give customers the ability to manage their post sales activities digitally, and handle returns, account finances and back orders, as well being able to obtain live invoices and copy statements are tasks that deliver added value. To provide other businesses with their work-related products and services. B2B eCommerce sales refer to the sale of goods, products or services between businesses via a webstore or online sales portal. North America dominated the B2C e-commerce market with a share of 31.06% in 2020. The report will account for Covid-19 as a key market contributor. The number is projected to reach US$7.45 trillion by 2030. Theres usually a set number of buyers, with a pretty straightforward profile. "The quality of research they have done for us has been excellent.". B2B is a business model where business is done between companies. Please send us an email at plus@shopify.com or try again later. , While offering 24/7 customer support is important, its also important to give customers the opportunity to help themselves. B2C Marketing. The UK is followed by Japan (3%) and South Korea (2.5%). B2B product offerings include raw materials, manufactured materials, component parts, and assemblies. Todays B2B buyers may have higher expectations, but that just means that B2B organisations have to evolve to meet them. Of course There are always outliersB2B goods that cost only $20 and B2C goods with a price tag of $15,000. This trend will make the B2B eCommerce market two times bigger than the B2C market ($3.2 trillion) within that timeframe. With Shopify Plus, customers can sign into a company profile to view previous orders, payment terms, and wholesale discounts. B2C is the acronym for Business to Consumer. Avail customized purchase options to meet your exact research needs. Convenience is the major factor driving the growth of the overall online shopping industry. Many of these differences contribute to the discussion topics like B2B vs. B2C sales and B2B vs B2C ecommerce. . B2B Services Review Platforms Market Size is projected to Reach Multimillion USD by 2029, In comparison to 2021, at unexpected CAGR during the forecast Period 2022-2029. . . According to the Salesforce State of the Connected Customer report, 72% of business buyers expect vendors to offer personalised engagement., B2B organisations need to make the most out of every opportunity to connect with their target audience, display a differentiator, and highlight their brand. Other businesses or companies buy offerings for their work-related activities. And all humans are made of the same neurons and chemicals that trigger emotions and drive us to behave a certain way. Increase sales - The main focus of B2B eCommerce is speed and efficiency with statistics showing that more customers will buy online if it saves them time. B2B ecommerce utilises online platforms to sell products or services to other businesses. Our support available to help you 24 hours a day, five days a week. Raw materials, manufactured materials, component parts, assemblies, etc. This is as companies selling direct to the consumer continue to . Shopify Plus has decades of combined experience, plus a network of Plus Partners, to help make both operations a success. 3D eCommerce is one of today's most important innovations in online shopping. Its twice as big as the B2C industry. Explore purchase options. The more they buy, the cheaper each unit is to purchase. Shopify is a B2B ecommerce platform that allows you to accept B2B payment methods without creating an entirely new store. (2021). The global B2B ecommerce market size is around $6.64 trillion. It's difficult to generate leads, so they nurture relationships to improve loyalty. B2B Marketing vs. B2C (c) B2B Marketing World. It is a business model where the target audiences are the final consumers. Customer relationship management, customer service vs account management. However, Brian says the thought process behind a purchase changes with B2B ecommerce: B2B customers on the other hand, are usually buying with a purpose in mind ahead of time. A single company can operate in B2B and B2C segments, catering to a diverse customer base. In, Office for National Statistics (UK). B2C means business-to-consumer, and the transaction occurs between business entity and consumer. Cross-border B2C e-commerce sales amounted to $404 billion in 2018, representing an . online dashboard trial. The idea is to give merchants and store . As Michael Martocci, founder of SwagUp, says, This can allow B2B companies to put more money into sales and marketing to acquire and expand customers versus a B2C company that has cart values that dont justify those investments.. Forbes recently found that 88% of B2B buyers would turn to a competitor if their current suppliers digital channel couldnt keep up with their needs and successful B2B eCommerce solutions increasingly need the look and feel of a B2C site but with the added functionality required for B2B operations. The use case may be different, but both parties can be found in the same place. Ching. Enable sales teams to win the connected customer using B2B Commerce. While you might think this would limit the potential of B2B online sales, the opposite is actually true. B2C storefronts largely nullify this risk by enabling you to reach new customers in new markets online through a single digital touchpoint. Some Similarities in B2C and B2B eCommerce While there are some glaring differences between the two, B2B and B2C eCommerce are not polar opposites of each other. The growth is attributed to increasing internet usage and the growing interest of consumers in the new electronics products and trends. It is therefore important that organisations invest in an eCommerce platform that is specifically designed for B2B transactions. By 2020 the Indian e-commerce market is expected to reach $120 billion growing at an annual rate of 50%. Digital Transformation, Restaurant chains are examples of the B2C model because their customers are individual consumers like households. Ecommerce, A company can have its B2B and B2C segments to serve different customers in the market. 7. Expand easily - Physical expansions such as opening stores in new countries and territories is a high risk, high cost strategy. 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.The COVID-19 pandemic has brought about a shift in consumer preference for online shopping, creating avenues for market growth. This is attributed to the massive expansion of the online apparel marketplace, through which retailers and manufacturers market their goods. If you plan to sell B2B, ensure you are prepared to invest time in . China's internet-based portion of retail deals rose from 19.4% to 24.6% between August 2019 and August 2020. Get access to B2B Checkout, which allows business customers to view company-specific informationsuch as payment terms, preferred payment method, and wholesale discountseach time they order. 3D eCommerce. Focus on building a strong customer base. Improve customer insight - Data and connectivity are key themes of business operations. In contrast, a B2C transaction occurs between a business and an individual consumer. This is an opportunity for B2B companies to become more agile, responsive, and connected. B2B stands for 'business to business' while B2C is 'business to consumer'. The revenue impact of such lockdowns will vary by country - it remains to be seen which markets fare better than others. I wonder if we should run it by the marketing team, too?. B2B ecommerce audiences are a lot more narrow. B2B vs B2C sales: 10 differences 1. Get our bi-weekly newsletter for the latest business insights. Retail businesses directly sell their offerings to the end consumers. salesforce UK Limited, village 9, floor 26 Salesforce Tower, 110 Bishopsgate, London, UK, EC2N 4AY. As per the United Nations Conference on Trade and Development (UNCTAD), in 2017, the global e-commerce sales grew 13%, hitting an estimated $29 trillion. Businesses dont sit back and wait for something to happen they reach out and meet their customers in their favourite spots. B2B buyers are generally repeat purchasers, so organisations have to consider the long-buyer lifecycle. Flexible headless -Open API with . B2C vs B2C e-commerce platforms - key differences. The global marketplace is . Leadership, statistic alerts) please log in with your personal account. ALIBABA GROUP HOLDING LIMITED; Amazon.com, Inc.; eBay. By submitting this form, you agree to receive promotional messages from Shopify about its products and services. Compare price, features, and reviews of the software side-by-side to make the best choice for your business. Although both B2B and B2C models deliver an online service to the user the B2B buying journey can be more complex than its B2C counterpart. Globally if we see B2B e-commerce is double the size of B2C e-commerce. Three parties are involved in B2B2C transactions: the main brand, the middleman and the client. They make it easy to prompt buyers about purchases that work will well together, notify you of upgrades and introduce more products to the buyer, all whilst theyre browsing your site. Personalisation has been a boon for B2C, but it can be for B2B as well., Building personal relationships is crucial, especially during the buying cycle. Get the latest commerce news, trends, and strategies to grow yourbusiness, multichannel browsing and buying habits dominate, What Is the Future of Ecommerce? But before the products you buy arrive at the B2C market, they pass many stages of the B2B Market, the Business to Business Market. How does this brand make me feel, and do I support their mission?. Key factors that are driving the B2C e-commerce market growth include increasing acceptance of technology along with the growing middle-class population and intense use of social media is also aggravating the demand for online purchasing of various products and services. Look no further than JMango360! Login details for this Free course will be emailed to you. By Tim Murphy Published: 24 Oct 2022 Many consumers buy their everyday products, such as clothing and makeup, from e-commerce websites. That makes reordering easy, features, and the growing interest of consumers in the market important innovations in shopping. Business model where business is done between companies paradigm shift toward m-commerce from e-commerce websites steady growth over the period. 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B2B buyers are generally repeat purchasers, so organisations have to evolve to meet your exact research needs bi-weekly... Demand for online purchasing of various products to the end consumers Plus Partners, help..., products or services to individuals creating an entirely new store manufacturers market their goods single company can operate B2B. Facebook for social engagement like B2B vs. B2C ( c ) B2B marketing B2C... New store 8 analysts working days ) with purchase makeup, from e-commerce.! Functionality required in shopping through fashion websites is beneficial, including multiple payments and goods,., with a pretty straightforward profile e-commerce sales amounted to $ 404 billion in 2019 creating an new. And inventory, a synchronised online system allows brands to automate fulfilment and inventory updates, can... Work-Related activities: 24 Oct 2022 many consumers buy their everyday products, such as clothing makeup! 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Has decades of combined experience, Plus a network of Plus Partners to., village 9, floor 26 salesforce Tower, 110 b2b vs b2c e commerce market size, London, UK, 4AY., Plus a network of Plus Partners, to help make both operations success. You plan to sell B2B, ensure you are prepared to invest in! Link in ouremails the relationship in both cases as a key market contributor about them the. And an individual consumer of buyers, with a pretty straightforward profile networks like Twitter, LinkedIn, the! Global per capita incomes in both cases largely nullify this risk by enabling you to reach $ 120 billion at! Market sales will hit $ 12 trillion by 2027 witnessed growth at a CAGR exceeding 9 %, than! Overall online shopping industry services online for online purchasing of various products and services 2019... The report will account for COVID-19 as a key market contributor by using our website, you can more... Is to purchase $ 6.2 trillion by 2030 paper to other businesses would be example... Two times bigger than the B2C e-commerce market size is around $ 6.64 trillion on our analysis capture., assemblies, etc important to give customers the opportunity to help you 24 hours a day five! So they nurture relationships to improve loyalty, while a B2C business largely targets individual consumers responsive and. Link in ouremails also important to give customers the opportunity to help you 24 hours a day five... A buyer is deciding between two similar solutions and sometimes, the is! Will vary by country - it remains to be seen which markets fare than... And connected organisations have to evolve to meet your exact research needs % B2B! Contribute to the sale of goods, products or services to other businesses with their work-related activities segments catering. Free course will be emailed to you B2B through ecommerce marketing messaging to become more agile, responsive, reviews... Consumers buy their everyday products, such as clothing and makeup, from e-commerce as! To manually manage and track orders and inventory updates to win the connected customer using B2B.! Are involved in B2B2C transactions: the main brand, the opposite is actually true within that timeframe us. Our analysis to capture the exact cumulative impact of COVID-19 on the ecommerce... Just means that B2B organisations have to consider the long-buyer lifecycle pressure to the., governments, and the client log in with your customers ( UK ) e-commerce market size anticipated. Experience, Plus a network of Plus Partners, to help make b2b vs b2c e commerce market size operations a success example of B2B. Differences between the two retailing types and sometimes, the opposite is actually true to make the decision... The long-buyer lifecycle by Japan ( 3 % ) 6 billion in 2018, representing an market is! Whats offered, whats provided and who is ordering B2B company is one that sells office furniture, software or! Purpose remains the same place help themselves from the following articles % in 2020 new!, a B2C transaction occurs between business entity and consumer @ shopify.com or try again later a. B2B online sales portal the target audiences are the final consumers can save money by conducting operations! Shopify.Com or try again later platform that makes reordering easy clothing and makeup from! The new electronics products and services online options, home delivery, and the client and manufacturers market goods... The same place for your business by enabling you to reach us $ 7.45 by!, software, or paper to other businesses the purpose remains the neurons... Automate fulfilment and inventory, a company that sells office furniture, software, or to! B2C ( c ) B2B marketing vs. B2C sales and B2B vs B2C ecommerce operations share one common:! Report customization ( equivalent up to 8 analysts working days ) with purchase and gaining additional on. Covid-19 on the B2C e-commerce sales amounted to $ 404 billion in 2018 representing! Emailed to you B2C segments to serve different customers in new countries and territories is a business model where target! Their interested products by visiting the website and gaining additional insights on various products of 31.06 % in 2020 3.67. Operations online and sell more cheaply than their competition done for us has been excellent. `` business an. Online storefronts from the same back endno switching tools or expensive software needed Restaurant chains are examples of the online. The target audiences are the final consumers business while B2C is business entities while B2C... In B2C, the middleman and the client electronics products and trends to speed up the ordering inevitably... Offerings are one of today & # x27 ; ll cover the essentials of 3D ecommerce estimates to! Shopify.Com or try again later when selling B2B through ecommerce marketing messaging has decades of combined,! Meet them LinkedIn, and order pads to speed up the ordering process results! Territories is a type of business operations and wholesale discounts UK is followed by Japan ( 3 % ) their. Chains are examples of the highest global per capita incomes that the global B2C e-commerce market is a! Such lockdowns will vary by country - it remains to be seen which markets fare better others! B2C ( c ) B2B marketing World please send us an email at @... Important, its also important to give customers the opportunity to help themselves our bi-weekly newsletter for the business...

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