CommerceIQ Closes Explosive First Half 2021, Cementing Its E-Commerce Management Leadership Position on the Heels of Series C Funding
CommerceIQ, the leading e-commerce management platform provider, today announced it has closed a record-breaking first half of 2021 on the heels of its Series C funding, achieving significant 267% year-over-year revenue increase, a 77% boost in headcount, and industry recognition from various prominent sources.
These milestones follow a year of continued rapid growth on indirect marketplaces like Amazon, Walmart and Instacart where 85% of all e-commerce happens. CommerceIQ is known as the platform of choice for the largest 1P indirect sellers including Johnson & Johnson, Kellogg's, Bayer and Nestle. As e-commerce continues to surge with sales expected to reach $1 Trillion in US sales by 2022, CommerceIQ puts e-commerce teams in the driver's seat by generating insights and automations at the scale needed to help them win across retail channels. To put the e-commerce challenge in perspective, a brand with 400 stock keeping units (SKUs) would generally make 12,000 decisions per quarter in the brick and mortar world; in e-commerce, this translates to about 8 decisions per minute, which is simply impossible to manage manually.
The impact that CommerceIQ has on brands that utilize its platform was evident on Prime Day last month. CommerceIQ customers achieved more than six times the uplift in sales than the reported average, along with 63% lower out of stock rates and 14% higher return on advertising spend. One of the major reasons for these outcomes is CommerceIQ's ability to automate decision-making at scale, connecting different levers of growth such as supply chain, advertising, promotions, pricing and content, and using share of voice as the leading indicator of brand performance online.
"It is difficult to overestimate the value that CommerceIQ has on our e-commerce operation," said Don Brett, Global Chief Digital Officer at NBG Home. "The way they apply AI and automation to the task at hand is truly differentiated and delivers not only top line and bottom line growth. We had seen success initially on Amazon, and have recently expanded to Walmart, Home Depot and Wayfair. Instead of operating in silos via manual processes to keep track of our performance across these channels, we now use CommerceIQ as our e-commerce management platform, at the core of which is a single source of truth that streamlines our business and decision-making capacity across the board."
In the first half of the year, CommerceIQ made a major push in expanding beyond Amazon by bringing its AI-driven advertising capabilities to all major retailers, including Walmart, Instacart and Target. This includes a new Market Insights module that identifies the critical digital shelves that would maximize brand performance on the particular channel, and then measures share of voice against competition and provides assortment and retail aware advertising opportunities across all of the online retailers. Going into the second half of the year, CommerceIQ is doubling down on its commitment to omnichannel e-commerce, extending its capabilities to support sales and operations. To that end, the Company is developing capabilities that connect inventory management, demand forecasting and digital shelf management to all aspects of e-commerce.
Milestones achieved by CommerceIQ in the first half of 2021:
- 267% revenue increase over the same time period last year, including a 137% net retention rate;
- Close of $60M Series C funding round led by Insight Partners, the venture capital and private equity firm behind Shopify, Twitter, Hello Fresh, and Wix, among others, with follow-on participation from existing investors Trinity Ventures, Shasta Ventures, and Madrona Venture Group;
- Customer traction with 100% growth among new brands on the platform including ConAgra, Newell Brands and Wacom;
- Expanded omnichannel support beyond Amazon for all major online retailers including Walmart, Instacart, Kroger, Target, Best Buy, Bed Bath & Beyond, Costco, Sam's Club, Kohl's, Wayfair and Home Depot;
- New support for the grocery segment featuring real-time, retail-aware advertising with zip code level precision to track localized availability for customers on Amazon Fresh and Walmart;
- 77% increase in headcount across all departments in the U.S. and India, including key executive appointments with Jaya Jaware as Chief Financial Officer, Doug Bleszinski as Vice President of Sales and Jamie Kuhnhausen as Vice President of People and Culture;
- Hosted prominent industry guests at roundtable and podcast events including Nilam Ganenthiram, President of Instacart; Hubert Joly, former Chairman and CEO of Best Buy; Suresh Kumar, CTO of Walmart; and Dawn Hudson, former President of PepsiCo NA and former CMO of NFL;
- Recipient of multiple industry awards including Startup Weekly's Software Companies to Watch; 2021 Stevie American Business Awards Best E-commerce Solution and Ventana Research Best Digital Innovation for Sales;
- Featured in two major analyst reports, Forrester Tech Tide: AI For Retail and Now Tech: Retail Media Solutions.
"This year we kicked things off on all cylinders and the results speak for themselves. I couldn't be more proud of our team and impressed by our customers who are the real heroes of e-commerce, translating CommerceIQ's vision into phenomenal business results," said Guru Hariharan, CEO of CommerceIQ. "We now have a full tank of gas to expand our global footprint, and help leading brands capitalize on the tremendous e-commerce opportunity. We are honored to have earned the trust from our customers and the recognition from the industry at large as we continue to push the boundaries of e-commerce innovation."
About CommerceIQ
CommerceIQ leverages machine learning, analytics and automation holistically across supply chain, marketing and sales operations to accelerate brand growth with online retailers. With worldwide retail e-commerce growth hitting nearly $4.3T in 2020, online sales are becoming core to business operations, requiring high velocity and high-volume decision-making to win at the moment of purchase and drive profitable market share growth. Using CommerceIQ as a single source of truth, customers like Georgia-Pacific, Spectrum Brands and a host of other top-tier Fast-Moving Consumer Goods companies have driven 40% increase in incremental sales, 20% improvement in profitability and 20% increase in share of voice across omnichannel retailers online. For more information, visit CommerceIQ.ai
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