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1. Shopify for growing and enterprise-level businesses.

2. Salesforce for e-commerce operations.

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• E-commerce SaaS Platform: A comprehensive software-as-a-service solution enabling businesses to build, operate, and scale their online stores globally.
• Online Storefront Development & Management: Services encompassing store design, catalog management, and tools for customizing the visual aspects of an online shop.
• Transaction & Order Processing: Features for secure checkout, managing customer orders, and tracking order fulfillment from placement to delivery.
• Platform Hosting & Integrations: Provides reliable cloud hosting infrastructure and pre-built connections to third-party applications for extended e-commerce functionality.
• Business Analytics & Reporting: Tools for generating detailed reports and insights on sales performance, customer behavior, and operational efficiency.

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BigCommerce Holdings, Inc. (symbol: CMRC) operates a software-as-a-service (SaaS) platform and primarily sells its services to other businesses (merchants) rather than individuals.

Given that BigCommerce serves approximately 60,000 online stores across various industries, it has a highly diversified customer base. The company does not publicly identify a small number of "major customers" that contribute a significant portion of its overall revenue, as its business model relies on a broad client base with recurring subscriptions.

BigCommerce targets and serves businesses across different segments based on their size and operational needs. These categories of business customers include:

• Small Businesses: Companies that are typically just starting or have limited operational scale.
• Mid-Market Companies: Businesses that have established operations and are looking to grow and scale their e-commerce capabilities.
• Large Enterprises: Larger organizations requiring robust, scalable, and customizable e-commerce solutions.

While BigCommerce does not disclose specific major customers by name in terms of revenue concentration, it highlights numerous successful brands that utilize its platform. Examples of such businesses include:

• YETI (YETI)
• Ben & Jerry's (brand of Unilever, UL)
• Skullcandy (private company)
• Ted Baker (TED.L)

These are examples of companies that use the BigCommerce platform, and they represent the diverse range of businesses BigCommerce serves, rather than being "major customers" in terms of direct revenue contribution to BigCommerce itself.

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• Alphabet Inc. (GOOGL)
• Amazon.com, Inc. (AMZN)
• PayPal Holdings, Inc. (PYPL)
• Stripe

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Travis Hess, Chief Executive Officer

Travis Hess was appointed CEO of Commerce.com (formerly BigCommerce Holdings, Inc.) in October 2024, having joined as President in May 2024. Prior to his role at Commerce.com, Hess served as a managing director at Accenture, where he was responsible for the firm's direct-to-consumer commerce offerings, go-to-market strategy, and managed the global Shopify partnership. His prior experience also includes serving as executive vice president at The Stable, an omnichannel commerce agency, and as Chief Commercial Officer and CEO of BVA, a DTC and Shopify agency that was acquired by The Stable in December 2021.

Daniel Lentz, Chief Financial Officer

Daniel Lentz became the Chief Financial Officer on July 1, 2023, succeeding Robert Alvarez. Before this, he was the Senior Vice President of Finance and Investor Relations at BigCommerce. Lentz has over two decades of experience in finance and operations, including previous positions at Dell, Procter & Gamble, and as Vice President of Finance at RetailMeNot. He joined BigCommerce in 2018 to manage financial planning and analysis and played a key role in preparing the company for its IPO.

Russell Klein, Chief Commercial Officer

As Chief Commercial Officer, Russell Klein oversees the company's commercial strategy, sales, marketing, and customer success. His background includes significant leadership roles, such as co-founding Librify and serving as CEO of SendMe Inc., in addition to his time at CNET Networks.

Ben Sumrall, Chief Operating Officer

Ben Sumrall has been the Chief Operating Officer since joining BigCommerce in 2017. His extensive career includes serving as Head of Finance for the Hardlines Retail Business and Finance Director at Amazon.com, as well as holding various roles at Dell.

Michelle Suzuki, Chief Marketing Officer

Michelle Suzuki joined Commerce.com as Chief Marketing Officer in February 2025. She brings over 25 years of experience in scaling and transforming high-growth companies. Prior to Commerce.com, Suzuki was the CMO at Glassbox and held senior marketing leadership roles at technology companies such as EMC, Ancestry, and Ivanti.

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The key risks to Commerce.com (symbol: CMRC) include intense competition, ongoing operating losses and profitability issues, and macroeconomic pressures.

1. Intense Competition and Market Share: Commerce.com operates in a fiercely competitive e-commerce platform market, facing significant pressure from larger industry players like Shopify, Adobe/Magento, Salesforce Commerce Cloud, and various composable and open-source solutions. This intense competition leads to pricing pressure, affects market share, and necessitates continuous and substantial investment in research and development to remain competitive. The company has experienced slowing revenue growth and struggles to maintain annual recurring revenue (ARR) in comparison to its larger rivals.
2. Ongoing Operating Losses and Profitability Issues: Historically, Commerce.com has operated at a loss and has accumulated a significant deficit. The company continues to face challenges in achieving consistent profitability, with its ability to scale towards profitability being limited without substantial top-line growth. Concerns exist regarding the company's cash flow if revenue growth stagnates and cost-cutting measures are insufficient to cover operational expenses.
3. Macroeconomic Pressures and SMB Softness: Commerce.com is highly susceptible to broader macroeconomic downturns, which can negatively impact its diverse customer base, particularly small and medium-sized businesses (SMBs). Economic softness can lead to reduced merchant spending on e-commerce solutions, affecting customer acquisition, retention, and overall growth.

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The increasing maturation and adoption of social commerce platforms and embedded commerce features within major social media networks represent a clear emerging threat. These platforms, such as TikTok Shop, Instagram Shop, and Facebook Marketplace, enable businesses to create storefronts, manage products, process payments, and engage with customers directly within the social media ecosystem. For many businesses, particularly small and medium-sized enterprises that BigCommerce serves, this model can simplify e-commerce operations, reduce the need for a separate dedicated storefront, and leverage existing audience engagement directly where customers spend their time. This trend poses a threat to BigCommerce's core value proposition by providing alternative, potentially more integrated, and audience-proximate channels for online sales, thereby potentially diminishing the necessity for a comprehensive, standalone SaaS e-commerce platform.

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Commerce.com (CMRC), operating as BigCommerce Holdings, Inc., provides a software-as-a-service platform for e-commerce operations. The addressable markets for their main products and services are significant globally and within specific regions.

For their core offering, the **global E-commerce SaaS market** was valued at approximately USD 24.45 billion in 2024 and is projected to reach USD 67.07 billion by 2032, growing at a CAGR of 12.53% during the forecast period from 2026 to 2032. Another estimate places the global E-commerce SaaS market size at approximately USD 12.4 billion in 2023, with a projection to reach USD 37.8 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 12.8%. The global E-commerce SaaS market is also projected to be USD 10.56 billion in 2025 and is projected to touch USD 32.72 billion in 2034.

More broadly, the **global e-commerce platform market**, which encompasses their services, was estimated at USD 9.40 billion in 2024 and is projected to reach USD 45.60 billion by 2033, growing at a CAGR of 20.2% from 2025 to 2033. Another report valued the global e-commerce platform market at USD 11.55 billion in 2025, with a projection to grow to USD 61.83 billion by 2034, exhibiting a CAGR of 20.49% during the forecast period.

Specifically for their B2B offerings, BigCommerce targets the **U.S. B2B e-commerce market**, which is estimated to be over USD 2 trillion.

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Here are 3-5 expected drivers of future revenue growth for Commerce.com (symbol: CMRC) over the next 2-3 years:

1. Growth in the Business-to-Business (B2B) Segment: Commerce.com has demonstrated strong momentum in its B2B segment, with the B2B Edition subscription Annual Recurring Revenue (ARR) experiencing significant growth and contributing substantially to new ARR. The company continues to invest in and target complex use cases within the B2B space.
2. Expansion and Adoption of AI-powered Products and Innovation: Following its rebrand to "Commerce" to emphasize AI-driven solutions, the company is focusing on and investing in artificial intelligence, product innovation, and the rollout of new AI-powered offerings. Notably, the launch of "Surface" (self-service Feedonomics) has shown a positive impact on Gross Merchandise Volume (GMV) growth for early users.
3. Rollout and Monetization through BigCommerce Payments: The widespread adoption and margin impact of BigCommerce Payments, including strategic partnerships with providers like PayPal and Stripe, are expected to be key catalysts for revenue growth. This initiative aims to more effectively monetize the Gross Merchandise Volume (GMV) processed on the platform.
4. Increased Net Revenue Retention (NRR) and Enterprise Account Expansion: Commerce.com is prioritizing the improvement of Net Revenue Retention (NRR) through product enhancements, deeper customer engagement, and new monetization strategies. Concurrently, the company continues to focus on and grow its enterprise accounts, with ARR from these larger clients comprising a significant and increasing portion of total ARR.

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Share Repurchases

• In the first quarter of 2025, Commerce.com repurchased approximately $59.0 million in principal amount of its 2026 convertible notes for $54.0 million in cash.

Share Issuance

• Annual net dilution from equity programs was approximately 3.7% in 2023, a reduction from 6.6% in 2022.

Outbound Investments

• In 2023, the company made acquisition-related payments of $32.5 million for Feedonomics and $9 million for Makeswift.
• Commerce.com functions as the parent entity for BigCommerce, Feedonomics, and Makeswift, indicating strategic investments in these platforms.

Capital Expenditures

• The company reported free cash flow of $16.4 million for the full year 2025, and $22.5 million for the full year 2024.
• For the full year 2023, reported free cash flow was ($28.4) million, which improved to approximately $13 million when excluding acquisition-related payments.
• Future capital expenditures are focused on embedding AI capabilities into the core platform and expanding the functionalities of Feedonomics Surface and MakeSwift.