The B2B eCommerce market represents a big opportunity today. According to a June report by Forrester, in the U.S along, B2b eCommerce is a $777 million opportunity and that's today when B2B eCommerce represent less than 10 percent of all B2B sales nationwide.
Given the growth of digital commerce channels generally - not to mention the vertical specific improvements made possible by eCommerce, it is an opportunity that is considered likely to grow - and grow quite a lot. According to Forrester, by the year 2020 the estimate total value of the market is estimated to be around $1.2 trillion.
But how to best tap into that market is the $1.3 trillion dollar question. Answering, according to B2b eCommerce platform NuOrder, will be a matter of finding way to connect supplier - with an emerging generation of B2B buyers with a digital first orientation, particularly when it comes to their brand discovery channels and how they want to make purchases.
To puruse that goal, NuOrder has recently nailed down $8 million in series B funds in a round led by Argentum. That brings the platform's total funding to $21.9 million. Argentum is joined by existing investors Upfront Ventures, Greycroft Partners, Cowboy Ventures, Novel TMT & Box Group. Argentum managing partner Walter Barandiaran joined the NuORDER Board of Directors as part of the investment.
The new funds, according to NuOrder, are dedicated to innovating on the B2B eCommerce offerings - and also finding a way to develop those offerings new and old out to global scale business
“At NuORDER, we are revolutionizing wholesale between brands and retailers by providing a cloud & mobile eCommerce experience that is specifically designed for B2B,” said Heath Wells, Co-Founder and CEO, NuORDER. “It is mind boggling how antiquated the B2B sales process is between brands & retailers. We eliminate the time, errors and frustrations of pen, paper and the fax machine, enabling brands to sell more with less effort and allowing retailers to acquire the specific inventory they want and need 24/7 from any client brand globally.”
Battling back the paper is NuORDER'S found mission - and the last 18 months has seen the brand bring on a lot of converts to its digital way of thinking. Last year was marked not just by strong growth - but by strong profitable growth as the firm marked the milestone of turning cash positive. By the numbers the platform is beginning to feed of its own network effects as 800 brands and 300,000 retailer buyers are currently using the NuORDER platform.
That platform has seen $5 billion in transactions to date - and transactions varying across verticals. Fashion/apparel retailers, sports/outdoor specialists, toy sellers and shoemaker all use the platform now - and according to the team, NuORDER isn't nearly finished building a ... well new order.
“NuORDER has reimagined wholesale for brands and retailers who have never been more eager to grow and differentiate themselves,” said Walter Barandiaran, Managing Partner, Argentum. “We see a strong upward trajectory of growth in the B2B eCommerce market and we are thrilled to partner with founders Heath Wells and Olivia Skuza, as well as our co-investors, to accelerate NuORDER’s leadership in this market.”