Report: Global B2B E-Commerce To Reach $2.7 Trillion By 2004

Compiled ByDeborah Austin Worldwide B2B e-commerce will grow even faster than first predicted, says New York-based Internet statistics provider eMarketer. In its newly released eCommerce B2B Report, eMarketer has raised its estimates for B2B e-commerce through 2003 -- to $1.54 trillion, from $1.26 trillion in a July 2000 report -- and extended its forecast model to 2004, at $2.7 trillion. At year-end 2000, worldwide B2B e-commerce was reported at $226 billion. Old-economy companies are propelling the online growth, says eMarketer senior analyst Steve Butler. "Although the threat posed by many Internet start-ups has dissipated, businesses still feel pressure from traditional competitors to use Internet technology to their advantage." More than 80% of respondents are focusing on customer service as the most critical element of e-commerce strategies, he says.