Commerce.com (CMRC) Oppenheimer 29th Annual Technology, Internet & Communications Conference summary

Business overview and strategic direction

• Operates in e-commerce with three main assets: BigCommerce (transaction layer), Feedonomics (data orchestration), and Makeswift (front-end builder).

• Makeswift is being integrated as the core storefront design for BigCommerce, launching by year-end.

• Leadership changes and a pivot toward net revenue retention have been completed.

• Unified brand architecture and integration of acquired assets are underway.

• E-commerce discovery is shifting rapidly to AI-driven and omnichannel surfaces, impacting customer journeys.

Business line performance and resource allocation

• Focus has shifted to existing customer retention and monetization, with B2B and hybrid customers now the majority of platform ARR and GMV.

• B2B and hybrid customers show higher win and retention rates but have fewer credit card transactions.

• New data enrichment capabilities for LLMs will launch soon, targeting both Feedonomics and BigCommerce customers.

• Feedonomics Surface app extends catalog optimization to smaller businesses at lower price points.

• B2B operational agents, such as automated purchase order processing, are in beta and expected to launch by year-end.

Market trends and near-term performance

• B2C new account bookings were weaker in the first half, reflecting broader industry softness.

• B2B pipeline remains healthy, with no change in win rates but fewer opportunities overall.

• Revenue guidance for the year was revised to -2% to +1%, considered prudently de-risked.

• Key factors for exceeding guidance include better bookings acceleration, successful product launches, and a strong holiday period.