Adoption of CommerceIQ’s ML-Based Ecommerce Platform Soars
CommerceIQ, a leader in E-commerce Channel Optimization, announced it has achieved annualized YTD revenue growth of 300% driven by several new customer and expansion deals, and the success of its newly launched CommerceIQ Advertising Managed Service, which is on track to manage $100M in ad spend by the end of 2020. Less than three months after launching, brands including Logitech and Nature’s Bounty have selected this new service to manage their ad dollars on Amazon and to optimize their omni-channel advertising investments on other retail platforms including Walmart, Instacart, and Target.
At the same time, prominent customers including Bayer, Hamilton Beach, and Homestyles have doubled-down and expanded their use of CommerceIQ’s machine-based e-commerce platform to optimize their advertising, sales, and supply chain operations with a focus on increasing Share of Voice (SoV). Customers are now managing over $6B in Amazon gross sales using the CommerceIQ platform, a 100% year-over-year increase in revenue under management.
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In March 2020, as brands struggled to manage consumer demand spikes due to Covid, CommerceIQ launched a special offering called Growth Navigator and has worked with dozens of customers to optimize their business operations to respond to these kinds of demand shocks. CommerceIQ is also piloting a new Demand Planning solution with several e-commerce customers aimed at helping them more accurately forecast the true demand for their products on Amazon and plan their production and supply chain operations accordingly.
All of these innovations are based on the CommerceIQ platform, which uses machine learning, analytics, and automations to help e-commerce and advertising teams win more shoppers at the moment of purchase, drive incremental growth and increase market share by automating thousands of actions across sales, supply chain operations, and advertising.
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CommerceIQ’s inventory and profit-aware e-commerce channel optimization platform has become the solution of choice for brands spanning Consumer Packaged Goods, Hardline, and Softline categories. By focusing on SOV, CommerceIQ consistently outperforms traditional ad agencies, delivering superior incremental sales growth and lower cost to serve than return on advertising spend (ROAS) based strategies.
“With our challenging business and economic climate, large household brands are selling more of their products online and making big bets in e-commerce with the help of CommerceIQ,” said Guru Hariharan, CEO of CommerceIQ. “Forward-thinking customers like Bayer, Hamilton Beach, Homestyles, Logitech, and Nature’s Bounty recognize the need for speed and scale in their e-commerce operations and understand that a machine learning-led approach differentiates them from the competition and helps drive growth in even the toughest of times.”
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