PALO ALTO, Calif.--(BUSINESS WIRE)--CommerceIQ, a leader in Ecommerce Channel Optimization, today announced it has achieved two consecutive years of triple-digit revenue growth with 2.6x year-over-year revenue increase in 2020, and appointed a new VP of Customer Success & Professional Services, Jonathan Young, to its leadership team. Young’s appointment strengthens CommerceIQ’s team of executive business and technology leaders including Prasun Kumar as VP of Engineering, former Microsoft and Amazon exec, Piyush Lumba, as COO and Guru Hariharan as CEO, a 15+ year ecommerce visionary and AI expert who is credited with building out Amazon’s automated 3P vendor management system and eBay’s massively scalable shipping and returns system. Throughout 2020, CommerceIQ experienced unprecedented demand for its integrated sales, advertising and supply chain automation solution and new Advertising Managed Service, contributing to a year of strong growth and earning the trust of both new and recurring customers including Duracell, Georgia Pacific, Henkel, Nature’s Bounty Co., Nestle USA and Spectrum Brands. Today, CommerceIQ is the solution of choice for consumer brands used to manage over $6B in Amazon gross sales and $100M+ in ad spend.
“With Amazon Advertising expected to hit $26B in revenue this year, consumer brands are doubling down on ecommerce advertising and trying to master this increasingly important channel for engaging with consumers,” said Jonathan Young. “Having worked on both the agency side at Kantar and brand side at Nestle and Colgate Palmolive gave me an appreciation for the struggles our customers face. CommerceIQ’s focus on improving share of voice through search and our ecommerce operating system approach of balancing advertising with supply chain and sales is a powerful solution for driving incremental growth and I’m excited to share that model with my advertising peers across the industry.”
The addition of Jonathan Young enables CommerceIQ to scale its Advertising Managed Service offering and meet increasing demand for the platform. Young joins the company after a 7-year career at Kantar, where he filled roles in eCommerce Insights and Consulting before taking over as Executive Vice President of North America Retail Technology services. He also brings deep insight from the manufacturer perspective, having served as a brand manager for both Nestlé and Colgate Palmolive.
“In the fast-moving world of ecommerce, we consider CommerceIQ a ‘domain expert’ from both a strategy and execution perspective with best in class machine learning technology and service offerings to deliver on all of the promises they make,” said Don Brett, Chief Digital Officer at NBG Home. “CommerceIQ’s ecommerce channel optimization approach has become the operating system we rely on to manage all of the moving parts and intricacies of our ecommerce business.”
The success of CommerceIQ caps a year of significant milestones for the company, including:
- Rapid adoption of the newly launched CommerceIQ Advertising Managed Service for full-funnel advertising optimization on Amazon, with a unique focus on using advertising to drive share of voice (SOV). The service connects advertising data, strategies and execution with key ecommerce growth levers—including inventory, incremental sales, share of voice, promotions, pricing and content. In 2020, CommerceIQ was also inducted into the Amazon Advertising Partner Network.
- Consumer Goods Technology “2020 Visionaries” award acknowledgement of three CommerceIQ customers - Georgia Pacific, Johnson & Johnson and Spectrum Brands, based in part on their use of CommerceIQ to manage their ecommerce operations.
- Record-breaking attendance to CommerceIQ’s Ecommerce Revenue Automation and Ecommerce Channel Optimization summits, drawing hundreds of top consumer brand attendees and guest speakers such as Avery Products, Ferrara and Mars Wrigley.
- The rapid response launch of Growth Navigator, a fully managed Amazon support service to help consumer brands manage heightened short-term demand for products due to Covid-19 panic buying while planning for long-term growth. More than 30 global brands participated in the company’s Growth Navigator program.
“2020 was a strong year of growth for ecommerce, the health of our business, the brands we serve and their responsiveness to customers,” said Guru Hariharan, CEO of CommerceIQ. “As we enter 2021, with the addition of Jonathan we have the leadership team in place and a set of innovations that will empower brands to fully embrace CommerceIQ’s ecommerce operating system model to master ecommerce sales, supply chain and advertising. We remain relentlessly committed to helping our customers better serve their consumers on Amazon, Walmart, Instacart and even more marketplaces this year.”
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 billions of dollars in ecommerce sales and 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.