MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)--CommerceIQ, the leader in machine-based e-commerce, today announced robust year-over-year growth in its business after doubling the size of its customer base and achieving 300% growth in annual recurring revenue (ARR) in 2019. CommerceIQ’s customers account for more than $3B in annual Amazon sales and rely on the company’s machine learning and automation technology to power their Amazon business. Customers include name brands like Bayer Healthcare, Hamilton Beach, Hill’s Pet Nutrition, Kellogg, Kimberly Clark, Mars, Inc. and 3 of the top-5 Fast-Moving Consumer Goods Companies in the U.S. On the heels of rapid business momentum the company also announced the appointment of Piyush Lumba, a former Amazon and Microsoft executive, as its Chief Operating Officer. In his role, Lumba will strategically partner with customers to sharpen the edge of its machine learning engine and help drive future growth in product, engineering and customer success functions.
CommerceIQ is a machine learning and automation platform used by the largest consumer brands to win at the moment of purchase by automatically responding in real-time to changing variables across hundreds of Amazon SKUs. The platform coordinates efforts and manages interdependencies for multiple variables, tuning Amazon’s algorithms to optimize the entire demand generation and fulfillment cycle.
“To best meet our consumers where they shop, Hill’s Pet Nutrition, Inc. continues to invest in our e-Commerce and Amazon business,” said Francesca Hahn, eCommerce Director at Hill’s Pet Nutrition. “As our Amazon business scales, CommerceIQ will provide us the growth automation platform to efficiently and effectively minimize revenue leakage and maximize sales opportunities on Amazon.”
Amidst strong customer momentum, CommerceIQ took another key step in expanding its leadership team with the hiring of Piyush Lumba. The appointment comes just months following the recruitment of startup veteran and Amazon alumnus Jay Wampold as chief marketing officer in September 2019. Like Wampold, Lumba is a seasoned Amazon executive, having served as director of product management for both Amazon Flex and Alexa Voice Shopping. Prior to that, Lumba spent more than a decade in a variety of product management, product marketing, business development and software development roles at Microsoft. Piyush brings more than 20 years of experience in building and delivering both enterprise offerings and AI-powered consumer offerings to his role.
“Successful consumer brands invest to win on Amazon, and the traction CommerceIQ has achieved with brands of the highest caliber is a testament to the value customers are getting from its machine-based commerce technology,” said Lumba. “I am excited to join CommerceIQ at this critical juncture to grow and mature our product, engineering and customer success offerings to help customers succeed and take the company to the next level.”
“With the appointment of Piyush, we are doubling down on our promise to help customers maximize profitability and ecommerce growth on Amazon,” said Guru Hariharan, Founder and CEO of CommerceIQ. “Throughout his career, Piyush has had a keen focus on product innovation, execution and customer experience with an eye on operational excellence. We are fortunate to have his wisdom and leadership on our team, as we prepare for accelerated customer adoption and unprecedented growth over the next few years.”
CommerceIQ™ provides a machine learning and automation platform that is a single source of truth used by teams spanning sales, operations, and marketing to collaborate and share data-driven insights. These brands implement CommerceIQ’s machine based commerce technology and business processes, which are purpose-built to tune Amazon’s algorithms, to be closer to the consumer and drive profitable growth. The combination empowers ecommerce teams to respond in real-time to changing variables across hundreds of SKUs requiring tens of thousands of decisions and actions per week to win at the moment of purchase. Leading consumer brands accounting for billions of dollars in Amazon sales and marketing spend have reduced out of stock rates by up to 32%, increased conversion rates by at least +15%, and generated on average a +12% incremental sales lift in the first quarter after launching CommerceIQ™. For more information, visit CommerceIQ.ai where you can also request a demo.
CommerceIQ™ is a trademark of Boomerang Commerce in the U.S. and other countries. All other trademarks are the property of their respective companies.