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.

• Strategic focus shifted from new account acquisition to net revenue retention and brand unification.

• Integration of acquired brands and emphasis on data orchestration as AI-driven discovery grows.

• E-commerce discovery is increasingly driven by AI and LLMs, making data accessibility and enrichment critical.

Market trends and business line performance

• B2B and hybrid customers now represent the majority of platform ARR and GMV, with higher retention and win rates.

• B2C bookings were weaker in the first half, reflecting broader industry softness and changing discovery patterns.

• Focus on expanding monetization for B2B customers beyond credit card transactions, including operational agents.

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

• New data enrichment capabilities for LLMs to launch next quarter, targeting both Feedonomics and BigCommerce customers.

Financial outlook and guidance

• Revenue growth guidance revised to -2% to +1%, reflecting cautious B2C environment and prudent de-risking.

• Guidance assumes steady GMV, successful product launches, and a stable holiday period.

• No significant change in win rates, but fewer B2C re-platforming opportunities; B2B and hybrid segments prioritized for growth.

• Profitability has improved, with further margin expansion possible through cost management and automation.

• R&D remains a key investment area, with sales and marketing expenses being right-sized to match growth.