MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)--CommerceIQ, a leader in Ecommerce Channel Optimization, today announced it has achieved annualized YTD revenue growth of 300% driven by several new customer and expansion deals, and the success of its newly launched CommerceIQ Advertising Managed Service, which is on track to manage $100M in ad spend by the end of 2020. Less than three months after launching, brands including Logitech and Nature’s Bounty have selected this new service to manage their ad dollars on Amazon and to optimize their omni-channel advertising investments on other retail platforms including Walmart, Instacart and Target. At the same time, prominent customers including Bayer, Hamilton Beach and Homestyles have doubled-down and expanded their use of CommerceIQ’s machine-based ecommerce platform to optimize their advertising, sales and supply chain operations with a focus on increasing Share of Voice (SoV). Customers are now managing over $6B in Amazon gross sales using the CommerceIQ platform, a 100% year-over-year increase in revenue under management.
In March 2020, as brands struggled to manage consumer demand spikes due to Covid, CommerceIQ launched a special offering called Growth Navigator, and has worked with dozens of customers to optimize their business operations to respond to these kinds of demand shocks. CommerceIQ is also piloting a new Demand Planning solution with several ecommerce customers aimed at helping them more accurately forecast the true demand for their products on Amazon and plan their production and supply chain operations accordingly. All of these innovations are based on the CommerceIQ platform, which uses machine learning, analytics and automations to help ecommerce and advertising teams win more shoppers at the moment of purchase, drive incremental growth and increase market share by automating thousands of actions across sales, supply chain operations and advertising.
CommerceIQ’s inventory and profit-aware ecommerce channel optimization platform has become the solution of choice for brands spanning Consumer Packaged Goods, Hardline and Softline categories. By focusing on SOV, CommerceIQ consistently outperforms traditional ad agencies, delivering superior incremental sales growth and lower cost to serve than return on advertising spend (ROAS) based strategies.
“With our challenging business and economic climate, large household brands are selling more of their products online and making big bets in ecommerce with the help of CommerceIQ,” said Guru Hariharan, CEO of CommerceIQ. “Forward-thinking customers like Bayer, Hamilton Beach, Homestyles, Logitech and Nature’s Bounty recognize the need for speed and scale in their ecommerce operations and understand that a machine learning-led approach differentiates them from the competition and helps drive growth in even the toughest of times.”
To learn more about CommerceIQ’s Advertising Managed Service, or to receive a free competitive benchmarking and ecommerce advertising strategy assessment, please visit our website or contact us at gearup@commerceiq.ai.
About CommerceIQ
CommerceIQ™ is the leader in Ecommerce Channel Optimization (ECO), the practice of using machine learning, analytics and automations to optimize the ecommerce channel across supply chain, marketing and sales operations to win at the moment of purchase and drive profitable market share growth. CommerceIQ has been adopted by leading consumer brands accounting for more than $6 billion in ecommerce sales and millions in marketing spend, including Avery Products, Georgia-Pacific, Spectrum Brands and 3 of the top-5 Fast-Moving Consumer Goods Companies in the U.S. These brands rely on CommerceIQ’s machine-based commerce technology and business processes, which are purpose-built to tune ecommerce algorithms, collaborate and share data-driven insights in real-time in response to changing variables across hundreds of products on leading retail sites. Using CommerceIQ as a single source of truth, customers have driven 40% increase in incremental sales, 20% improvement in profitability and 32% reduction in out of stock rates on Amazon. For more information, please visit CommerceIQ.