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

Strategic transformation and positioning

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

• Integrated and harmonized assets like Feedonomics to clarify platform-agnostic capabilities and improve cross-sell opportunities.

• Implemented new branding to unify offerings and address customer confusion, supporting a broader infrastructure narrative.

• Brought in new leadership and adjusted go-to-market strategies to drive better cross-sell and lower price points.

• Maintains a strong balance sheet with almost no net debt and no material maturities until 2028.

Customer segmentation and value proposition

• Focuses on three main areas: large enterprise customers via Feedonomics, complex B2B manufacturers/distributors, and complex B2C use cases.

• Excels with customers requiring high configurability and customization, regardless of size.

• Platform is suited for regulated industries and multi-level marketing, leveraging unique customization capabilities.

AI, agentic commerce, and infrastructure

• Sees agentic commerce as a shift from human-driven to agent-driven shopping, emphasizing backend infrastructure and data discoverability.

• Feedonomics enables catalog data enrichment for discoverability across multiple channels, including LLMs.

• Monetization expected to benefit from increased API-driven interactions and new data transformation revenue streams.

• Backend complexity and regulatory requirements create barriers to disintermediation by LLMs or merchants building their own solutions.