Fueled by broader market demand for efficiency, buyers and suppliers drive steady uptick in adoption of B2B connected commerce solutions
VIRGINIA. March 7, 2023: TradeCentric, the leading provider of B2B integration and automation between eCommerce systems and eProcurement solutions, reports a 200% increase in transactions processed on the TradeCentric Platform since 2020.
TradeCentric’s technology empowers nearly 4,500 businesses globally to seamlessly transact with trading partners. The company’s unique vantage point provides key insights and statistics on the evolving B2B commerce market.
“In 2022, we continued to be the global leader in B2B connected commerce solutions, processing more than 15 million PunchOut transactions, an increase of 57% from the previous year,” said Troy Lynch, CEO at TradeCentric. “We see a steady increase across other key solutions as well, including Purchase Order Automation and Invoice Automation. We are proud to equip customers with solutions that automate manual processes and reallocate resources toward revenue generating initiatives.”
Other notable statistics from the TradeCentric Platform include:
- 6 million Invoice Automation transactions, up 60% from 2022 with an all-time monthly record of 725,000 invoices at the end of 2022
- 5 million Purchase Order Automation & Acknowledgement sessions, an increase of 47% year-over-year
- 145% increase in Advanced Shipping Notices since 2020
- Exceeded a record 2.7 million transactions in a single month at the end of 2022
In 2023, B2B eCommerce is expected to approach $2 trillion in sales, putting it on-par with the U.S. B2C market. Strategic companies continue to invest heavily in digital commerce capabilities and prioritize integration with trading partners.
The strong uptick in customer adoption of B2B commerce solutions follows TradeCentric’s strategic product investments, including a senior executive addition and robust product enhancements.
“We continue to advance our Platform and solutions to deliver an innovative, streamlined experience for customers,” said Michael Sonier, VP of Product at TradeCentric. “Working with TradeCentric allows customers to focus on value-add business initiatives without worrying about building and managing complex integrations.”
TradeCentric, formerly PunchOut2Go, transforms the way businesses transact by enabling PunchOut, Purchase Order and Invoice Automation solutions for thousands of companies around the world. Uniquely positioned at the intersection of eCommerce and eProcurement, TradeCentric helps B2B buyers and suppliers connect, automate and scale their digital trading capabilities via a cloud-based integration platform that is fully managed and purpose-built to simplify the complexities of B2B connected commerce. Learn more at TradeCentric.com.