Univar Solutions reports record results
Univar Solutions President and CEO David Dukes has credited digital investments as a main contributor to growing its sales 33.9% in the first quarter of 2022, and increasing net income to over $180M.
We’re combining ecommerce capabilities with our industry knowledge and expertise to offer what we believe is an unmatched support for prospects and customers, no matter where they are in that product development or purchasing journey.
Find out more about the earnings announcement and Univar's commitment to its omnichannel distribution strategy here from Digital Commerce 360.
y Combinator on b2b ecommerce, faire
Y Combinator analysis of B2B marketplace leader, Faire, delivers analysis on growing B2B eCommerce market.
Today , only 4% of B2B sales occur online, with Amazon Business driving at least $10 billion in sales annually. 49% of transactions are still done manually via phone, fax, or in-person meetings with sales representatives and account managers. The remaining transactions happen via electronic data exchange (EDI) and e-procurement systems, old-school technologies specifically designed for B2B transactions.
B2B eCommerce is growing rapidly, accelerated by COVID restrictions over the past 2 years. Corporate buyers now prefer eCommerce and remote purchases to in-person, and for the first time in 2021 B2B eCommerce sales now equal revenues from in-person.
From McKinsey, "Busting the five biggest B2B e-commerce myths":
“Two-thirds of corporate customers intentionally reach for digital or remote in-person engagement when given a choice. Moreover, they’re doing so at every stage of the purchasing journey. In all, e-commerce has surpassed in-person as the single most effective channel.”
“B2B customers are voting with their dollars: e-commerce and in-person sales are tied as the top-producing revenue channels.”
“Business buyers have shed whatever concerns they may once have had about completing major transactions online. More than one-third (35 percent) now say they are willing to spend $500,000 or more in a single transaction on digital channels, a figure that has grown steadily over the past 12 months, and a whopping 15 percent of corporate decision makers are comfortable making purchases worth more than $1 million online.”
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