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When most of the world's shopping went online as a result of the pandemic, entrepreneurs providing technology and other solutions to help with the transition began to attract venture capitalists' attention. CommerceIQ is the latest company to gain late-stage funding, as we've seen firms throughout the e-commerce infrastructure and enabling ecosystem to raise larger and larger amounts.
Enterprise Business Platforms are a collection of interconnected application software and/or systems that may be used to develop Enterprise Business Solutions or Apps by combining their capabilities and shared data.
Order processing, customer information management, procurement, energy management, production scheduling, and accounting are among the company operations that enterprise businesses handle. It is usually housed on servers and offers several users simultaneous services across a computer network.
CommerceIQ is a business platform that enables merchants to expand profitably by making data-driven marketing decisions. By combining the fields of machine learning and data science to e-commerce, the firm's solution automates operations across marketing, sales, and operations, allowing retailers to increase their efficiency through automation and generate sustainability.
CommerceIQ - Company Highlights
| Startup Name | CommerceIQ |
|---|---|
| Legal Name | Boomerang Commerce Inc |
| Headquarters | Palo Alto, California, United States |
| Industry | Analytics, Consumer Goods, E-Commerce, Machine Learning, Sales, Software |
| Founders | Guru Hariharan |
| Founded | 2012 |
| Areas Served | Worldwide |
| Current CEO | Guru Hariharan |
| Website | www.commerceiq.ai |
About CommerceIQ and How it Works?
CommerceIQ - Industry
CommerceIQ - Name, Logo, and Tagline
CommerceIQ - Founders
CommerceIQ - Startup Story
CommerceIQ - Vision, and Mission
CommerceIQ - Business Model
CommerceIQ - Growth
CommerceIQ - Employees
Commerce - Funding, and Investments
CommerceIQ - Competitors
CommerceIQ - Future Plans
About CommerceIQ and How it Works?
CommerceIQ is a frontrunner in assisting companies in winning through retail e-commerce platforms like Walmart.com, Instacart, and Amazon, which account for 85 percent of all e-commerce. To help organizations discover the key to winning a share of the market profitably, the company's unified platform integrates machine learning and automation across the supply chain, marketing, and sales processes.
To maximize e-commerce performance, CommerceIQ connects people, processes, and technology platforms. People can now make more decisions, better decisions, and make them faster. An online firm that remains on the top implies more sales volumes, more considerable revenues, and a larger market share.
CommerceIQ - Industry
Enterprise Business Platforms, and Solutions, are utilised to carry out cross-functional organisational duties by combining capabilities that are often provided by several enterprise systems. The following terms are more precise when it comes to defining this industry: Enterprise Business Platforms are a collection of interconnected software applications and/or systems that may be used to develop Enterprise Business Solutions or Apps by combining their capabilities and shared data.
Due to the increased prevalence of cloud applications in diverse modern enterprises and the rising use of customer relationship management and enterprise resource planning in over 70% of companies, the global enterprise platform market is predicted to develop significantly.
Many small and medium-sized firms' increased investments in cloud software due to increased scalability, robustness, and return on investments have fueled market development, fueled demand for applications and software such as ERP and CRM across multiple organizations.
Increased automation in various end-use sectors is also critical for market expansion. Cloud-based corporate apps like Panama are gaining much traction in the market, indicating that consumers are becoming more interested in automated business procedures.
Sarika Anand
CommerceIQ - Name, Logo, and Tagline
CommerceIQ tagline says, "Unlock profitable e-commerce growth"
CommerceIQ - Founders
Guru Hariharan founded CommerceIQ in 2012.
Guru Hariharan
Guru is an experienced IT and marketing executive with over fifteen years of e-commerce expertise. Guru spent more than five years with Amazon developing out automatic procurement and supply chain before starting the firm in 2012. He also became a 3P seller's AI-based selling coach.
CommerceIQ - Startup Story
The company's founder, Hariharan, has a history in machine learning and e-commerce, and while at Amazon, he stated that the objective was to eliminate humans from the retailing equation, thus his team created software called Amazon Selling Coach to teach people how to connect with businesses.
Hariharan wanted to establish a firm that would power where all of that money was going as individuals began to migrate their purchases, from equipment to toothbrushes, to Amazon and other platforms.
He left Amazon to establish his own firm, focusing on the sale side of the equation for brands to sell and the purchase side's interaction with retailers. CommerceIQ's retail e-commerce management tools automate and consolidate areas such as retail media management, category analytics, operations, and sales for companies underneath one umbrella. According to Hariharan, customers should expect an average sales increase of 18 per cent.
More than 2,200 companies, including Bayer, Johnson & Johnson, Kimberly-Clark, and Kellogg's are now collaborating with this Bay Area-based startup to manage incremental sales, unit profitability, and category market share through online retailers such as Amazon, Target, Instacart, and Walmart,
CommerceIQ - Vision, and Mission
CommerceIQ's mission statement says, "to empower brands to move from analogue to algorithms."
CommerceIQ - Business Model
Essentially, the company sells tools that allow retailers to take action on e-commerce platforms before an item runs out of supply. It also aids firms in streamlining their supply chains and taking the necessary procedures in the event that a product is not displayed on the e-commerce platform's homepage.
There are four main product categories for this SaaS company. Offerings for firms to be more visible on e-commerce search sites, as well as tools to manage advertisements and optimise promotions with the least amount of human intervention, are among them. Large firms may also use CommerceIQ to simplify their supply chains by forecasting their needs and requirements and allocating resources accordingly.
In addition, the company provides a professional services model. The company provides advisory services to 'clients that are trailing behind in the e-commerce market and want to catch up.'
The business is built on an annual subscription model with valuation-based charging.
CommerceIQ - Growth
In 2021, CommerceIQ, an algorithmic platform for e-commerce channels, had a 267 percent growth in revenue and a 77 percent increase in personnel year over year.
CommerceIQ, which uses machine learning, analytics, and automation systems to enhance e-commerce channels across distribution chain, advertising, and sales operations, is strengthening its tech governance in India with new hires in application, design and development, data science and analytics, support, and product operations.
"From a business growth standpoint, it's been phenomenal," said Guru Hariharan, CEO, CommerceIQ. "It was blistering growth in the US. E-commerce penetration of retail was about 16% when we went into the pandemic. When we got out of the pandemic, it was 20% in the US. And it was similar across the world. There was a massive jump in e-commerce penetration of total retail."
According to Hariharan, the firm has had a 267 per cent increase in revenue yet, with a 300 per cent increase in 202. He went on to say that although CommerceIQ has dominated IQ in the US, it has won with EQ in India, particularly during the second wave of the pandemic, when a lot of their professionals in India were affected.
CommerceIQ - Employees
- COO - Piyush Lumba
- CEO & Founder - Guru Hariharan
- VP Sales - Tim Wilson
- VP Finance - Adrian Seet
- Sr. Product Manager - Rajath Raman
- Senior Account Executive - Cory Lund
Commerce - Funding, and Investments
| Date | Round | Amount | Lead Investors |
|---|---|---|---|
| Mar 21, 2022 | Series D | $115M | SoftBank Vision Fund |
| Jun 22, 2021 | Series C | $60M | Insight Partners |
| Jan 14, 2016 | Series B | $12M | Shasta Ventures |
| Jul 16, 2014 | Series A | $8.5M | Madrona Venture Group, Trinity Ventures |
CommerceIQ - Competitors
CommerceIQ's top competitors include A2X, Webgility, Helium10, Jungle Scout, Perpetua, ChannelAdvisor. Wholesale Suite, and DataHawk.
CommerceIQ - Future Plans
CommerceIQ, a retail e-commerce management software, has received $115 million in Series D financing from SoftBank Vision Fund 2. With this, the SaaS startup's overall valuation has risen to more than $1 billion, putting it in the coveted unicorn category.
Existing institutional investors such as Insight Partners, Trinity Ventures, Shasta Ventures, and Madrona Venture Group also participated in the round.
CommerceIQ will utilise the resources to finance its global operations and expedite the development of its 'unified Retail Ecommerce Management Platform.' It also intends to grow its services in India, and as a result, its algorithmic components have been adjusted to adapt to buyers' behaviour not only on Amazon but also on local e-tailers like Flipkart.
The Bengaluru office now employs over 150 workers, with ambitions to roughly treble that number by CY22. The money will also be used to hire more people in a variety of areas, including data science, software development, customer service, analytics, and product operations.
Hariharan said that the company had a strong presence in the United States and Canada and that it was planning to expand to Europe shortly. Furthermore, the firm intends to use the funds to accelerate its organic expansion and form new collaborations along the road.
CommerceIQ - FAQs
What does CommerceIQ do?
CommerceIQ is a business platform that enables merchants to expand profitably by making data-driven marketing decisions.
Who founded CommerceIQ?
Guru Hariharan founded CommerceIQ in 2012.
How does CommerceIQ make money?
The company provides a professional services model. The business is built on an annual subscription model with valuation-based charging.
Which companies do CommerceIQ compete with?
CommerceIQ's top competitors include A2X, Webgility, Helium10, Jungle Scout, Perpetua, ChannelAdvisor. Wholesale Suite, and DataHawk.
Source :- https://startuptalky.com/ Author :- Sarika Anand Date :-March 29, 2022 at 03:52PM