Commerce.com (CMRC) KeyBanc Capital Markets Technology Leadership Forum summary

Business overview and customer base

• Provides e-commerce and omni-channel SaaS solutions, including BigCommerce, Feedonomics, and Makeswift.

• Serves a range of customers from small businesses to large enterprises, with a focus on upper mid-market and lower enterprise segments.

• Feedonomics offers AI-based feed management for major brands, enhancing conversion and sell-through rates.

• Recent acquisitions like Makeswift expand TAM into content websites, not just commerce.

• TAM is described as very large, with current market share considered small but with significant growth potential.

Competitive landscape and differentiation

• Main competitors include Commercetools, Shopify, Salesforce (Demandware), and Adobe (Magento).

• Competitive advantage in total cost of ownership, especially versus legacy providers.

• Pricing model is based on orders processed, offering predictability and stability for customers.

• Headless and composable architecture allows customers flexibility to use out-of-the-box or customized solutions.

• Multi-storefront and multi-geography features are critical for upper mid-market and enterprise customers, supporting growth.

Acquisitions and cross-sell opportunities

• Acquisitions include Feedonomics, Makeswift, BundleB2B, and B2B Ninja, each integrated to enhance product capabilities.

• Feedonomics and Makeswift provide strong cross-sell potential and expand the product portfolio.

• Focus is on smart, targeted acquisitions rather than being broadly acquisitive.

• Expansion and cross-sell motions are being prioritized over new logo acquisition for more efficient growth.