Commerce.com (CMRC) Morgan Stanley Technology, Media & Telecom Conference 2026 summary

Strategic transformation and market positioning

• Shifted focus toward data orchestration and commerce infrastructure, moving away from traditional storefronts.

• Harmonized branding and integrated assets, notably Feedonomics, to clarify value proposition and improve cross-sell opportunities.

• Target customer segments include complex B2B manufacturers/distributors, complex B2C use cases, and large enterprises via Feedonomics.

• Platform-agnostic approach enables merchants to optimize product discoverability across multiple channels.

• Healthy GMV growth ($32B in 2023), but revenue growth lags due to monetization challenges.

AI, agentic commerce, and product innovation

• Agentic commerce is shifting discoverability and transactions from human-driven to agent-driven experiences.

• Partnerships with major tech firms (Google, Stripe, PayPal, OpenAI) support AI-driven commerce initiatives.

• Feedonomics enables catalog enrichment and data transformation for multiple channels, including LLMs.

• New lower-priced Feedonomics Surface product expands access to smaller customers.

• Backend infrastructure complexity and regulatory compliance create barriers to disintermediation by LLMs or merchants.

Monetization, financial performance, and growth levers

• Revenue growth trails GMV due to limited upsell and wallet share expansion with existing customers.

• Net revenue retention (NRR) is below best-in-class SaaS benchmarks; focus is on improving upsell and product-led growth.

• Launching BigCommerce Payments to drive incremental revenue and better integrate payment solutions.

• Strategy includes narrowing payment partner focus for deeper integration and improved economics.

• Adoption of new payment solutions will be gradual, with initial focus on PayPal users and new accounts.