Digital B2B commerce has become the norm. Over the last several years, our company has evolved alongside a rapidly changing B2B landscape – both with the solution mix we offer as well as the depth and breadth in which we are ingrained in our customers’ B2B transactions.
While our business started primarily as a PunchOut provider, we now play a bigger, more central role in the increasingly digital B2B commerce environment. Today, TradeCentric is uniquely positioned between buyers’ eProcurement and ERP systems and suppliers’ eCommerce platforms. Not only do companies rely on us for PunchOut, but they also leverage our technology to streamline, automate and integrate other key aspects of their digital buying and selling processes.
Strong Growth Within Each Step of the Purchasing Process
We are seeing a pragmatic shift toward integration as our customer base continues their digital transformation. Our cornerstone solution, PunchOut, is growing rapidly. In Feb 2022, our Platform processed 1M PunchOut sessions in a single month, and we exceeded that number in March with 1.3M PunchOut sessions for the month. Over the last year, transaction volume for our PunchOut solution has increased 72% compared to the previous 12 month period.
Our other solutions – which include Purchase Order (PO) Automation and Acknowledgement, Invoice Automation, Advance Shipping Notice (ASN) and eQuote – are also growing substantially. Total transaction volume across all solutions on our platform increased 65% over the same 12 month period compared to the prior year.
We’re excited to see customers leverage our full suite of solutions, and these usage trends paint a clear picture: our customers are automating more than just PunchOut. Thousands of buyers and suppliers around the world rely on our solutions to drive more efficient and integrated B2B trade. We are motivated every day to further invest in innovative solutions that standardize connections between every leading eProcurement, eCommerce and ERP system in the world.
A Growing Network of B2B Trade Requires Integration
Activity within our network is reflective of the broader market. Digital Commerce 360 projects that the B2B eProcurement channel will exceed $1 Trillion in 2022. The eCommerce industry is also experiencing a surge, with B2B eCommerce sales reaching just over $1.6 trillion in 2021 according to Digital Commerce 360.
Demand for integrated B2B trade solutions is escalating. In fact, many buyers and suppliers will only work with companies that have the technology to support eCommerce and eProcurement integration.
With global commerce growing at a rapid pace, businesses need solutions that will support an increasingly complex and competitive B2B trade landscape. Now more than ever, it is critical for companies to find solutions that streamline, automate and accelerate their digital buying and selling processes. Not only will this accelerate growth, boost productivity and enhance efficiency, but it will also reduce errors and supply chain delays.
Expanded Brand Vision Paves An Innovative Path Forward
TradeCentric is built upon an established history as a leader in B2B commerce integration. As we continue to expand our scope of services throughout the rest of 2022 and beyond, we will carry on our legacy as the premiere B2B trade integration partner for businesses around the world.
Every day, we double down on our commitment to transforming the way companies transact. Our solutions continually evolve to meet the dynamic needs of our buyer and supplier customers, and we will unceasingly pursue innovation to pave the path toward an integrated trading experience for all.
To learn more about TradeCentric’s solutions, visit tradecentric.com/solutions.