The food and beverages industry is undergoing a drastic digital transformation, with more and more trade being done on marketplaces. After an unavoidable slump during the pandemic, foodservice sales are on the rise, and expected to increase to almost US$1 trillion in 2023 in the US alone. This is creating an unprecedented opportunity for B2B food and drinks marketplaces to flourish. The market for B2B food marketplaces was valued at US$22.7 billion in 2021 and is projected to reach US$71.6 billion by 2030.
Buy Now, Pay Later (BNPL) is a great fit for the digital-first shopping experience that online marketplaces offer. Evidence of this synergy can be found in the parallel growth curves of these two sectors: third-party platforms are becoming the fastest-growing sales channel, expected to represent no less than 59% of all e-commerce transactions by 2027 – while the BNPL sector is forecast to grow from US$150 billion in 2023 to US$3.27 trillion by 2030.
In this ebook, Hokodo explores five ways that B2B BNPL addresses the specific challenges marketplaces in the food and beverages sector encounter and supports their long-term prosperity.