The company more than doubled its revenue, customers served, and headcount; adding key executives and global markets
PALO ALTO, Calif.–(BUSINESS WIRE)–CommerceIQ, the leading retail ecommerce management (REM) platform, today announced a successful 2022 with exponential company growth, as well as product innovation that has strengthened its unified platform for retail ecommerce sales, operations, retail media, and digital shelf optimization. In this climate where brands must drive profitability across multiple retailers, CommerceIQ drives cost and team efficiencies by helping brands consolidate their technology stack across all of these business areas.
Starting the year by closing its Series D funding round which brought the company’s valuation to over $1B, CommerceIQ finished another consecutive year of achieving a 100%+ year-over-year revenue increase, 100%+ growth in customers served, and a 100%+ boost in headcount across the U.S., U.K., and India. Furthermore, CommerceIQ expanded its leadership team, welcoming numerous key executives who will continue to drive company growth in 2023 and beyond. The company also formed pivotal partnerships with retailers, now reaching a network of more than 550 retailers, and garnered significant industry recognition.
“2022 was CommerceIQ’s most important year yet. With major acquisitions like e.fundamentals enhancing our digital shelf analytics capabilities, along with several major product launches, we have built our vision of the fully integrated CommerceIQ retail ecommerce management (REM) platform,” said Guru Hariharan, CEO and Founder of CommerceIQ. “As the omnichannel landscape rapidly evolves in 2023 and beyond, CommerceIQ’s integrated AI-driven platform helps brands manage every aspect of their retail ecommerce businesses to drive profitability and market share, especially as they navigate today’s challenging economic environment.”
Despite an increasingly complex global economy, ecommerce shows no sign of slowing down. According to Insider Intelligence, ecommerce will make up nearly a quarter of all retail sales by 2025. With a potential recession looming, profitability on retail ecommerce, or indirect commerce, channels like Amazon and Walmart.com will become increasingly important to brands.
Key highlights from 2022 include:
Record Customer Growth
- 100%+ year-over-year revenue increase
- 100%+ increase in number of customers
- International revenue made up 15% of the mix, with new market expansions into Canada, Europe, Latin America and Asia
Record Company Growth
- 118% increase in headcount across all departments in the U.S., U.K., and India
Key executive appointments to help drive company growth, including:
- Kal Raman as President
- Frank Iannotti as Chief Revenue Officer
- John Maltman as Chief Customer Officer
- Varun Srivastava as VP, Engineering
- Ryan Fishel as VP, Sales
- Molly Hop as VP, Agency Relations
- Jeff Kennedy as VP, Corporate Controller
- Christian Hassold as VP, Corporate Development
Industry Recognition and Product Innovation
- Launched innovative new products including Profit Recovery Automation, Market Share, Market Insights, Retail Media Incrementality offerings, and most recently Category Leaderboard.
- Acquired e.fundamentals, best-in-class digital shelf analytics (DSA) solution. Integrating the DSA solution with the CommerceIQ REM platform, CommerceIQ has created an industry-leading Digital Shelf Optimization solution, enabling brands to take actions based on the insights all in a single platform.
- Expanded to 100+ retailers across its retail media management product, including a partnership with Walmart Connect, as well as integration with Citrus Ads and PromoteIQ, with new retailers including: GoPuff, Lowe’s, Shoprite, and Petco. This further expands customers’ capabilities to manage their full retail ecommerce business through one single source of truth.
- Expanded customer base to serve new industries including alcohol and spirits, automotive, tools and home improvement, kitchen and dining, office and school supplies, and apparel.
- Received major industry honors including Fast Company’s Next Big Thing in Tech and Inc. Power Partner Awards.
- Featured in Gartner, Forrester, and IDC analyst reports.
- LeaderIQ & REMX podcast with high-profile industry speakers including Gonzalve Bich (CEO at BIC), and Esi Eggleston Bracey (President Unilever USA, CEO North America Personal Care).
Looking ahead into 2023, CommerceIQ expects continued growth through international expansion and new innovations in retail ecommerce management.
CommerceIQ is the leading Retail Ecommerce Management Platform, powering profitable market share growth for consumer brands across 550 global online retailers in 50 countries. CommerceIQ’s all-in-one platform applies machine learning across sales, supply chain, and retail media automations, along with digital shelf analytics, to create a single source of truth that empowers brands to boost share-of-voice (SOV), minimize out-of-stock (OOS), optimize assortment and inventory, and prevent revenue leakage. More than 2,200 brands globally, including Nestle, Colgate, and Whirlpool, trust CommerceIQ to manage and grow their retail ecommerce businesses across global retailers including Amazon, Walmart, and Instacart. CommerceIQ has raised $200 million from venture investors including Softbank, Insight Partners, and Madrona Venture Group. For more information, visit https://www.commerceiq.ai/