Bengaluru: CommerceIQ, the leading ecommerce decision management platform announced a record-breaking 2021 with exponential company growth. On the heels of a successful Series C funding ($60 million) in the first half of 2021, CommerceIQ closed out the year achieving a 106% year-over-year revenue increase, 113% growth in customers served, and a 100% boost in headcount across every department in the U.S. and India. Furthermore, CommerceIQ expanded its leadership team, welcoming numerous key executives who will continue to drive company growth in 2022. The company also garnered unprecedented industry recognition, including in leading analyst reports, and formed pivotal partnerships like its integration with Instacart.
CommerceIQ uses machine learning, analytics, and automation to aggregate data across sales, marketing, and supply chain operations, helping trusted brands gain shoppers at the moment of purchase and maintain customer loyalty. The technology behind CommerceIQ’s platform has been developed out of CommerceIQ’s Bengaluru facilities. Based in California, USA, CommerceIQ supports global brands such as Kellogg’s, Mondelez International, Nestle, Whirlpool, and Colgate, Johnson & Johnson, and others in adopting algorithmic retail. To service the Indian market, CommerceIQ has tweaked its algorithmic components to optimally respond to shoppers’ behavior on local retailers like Amazon.in and added support for local websites like Flipkart. The company is also building out its customer success, sales and marketing team in-country to support the expansion.
CommerceIQ has raised $81 million to date and has over 2200 brands that use its technology daily to increase their share of voice, pump up incremental sales and enhance profitability. The company employs 150 people out of its Bengaluru office, and is expected to nearly double that by the end of the year.
“CommerceIQ has seen incredible growth over the past year, automating over 215 million decisions on behalf of over 2,000 brands who are winning market share in retail ecommerce,” said Guru Hariharan, CEO of CommerceIQ. “Ecommerce isn’t slowing down–and neither are we. I am thrilled with the work our team has accomplished in 2021 and look forward to carrying this momentum
Through out 2022. Our future is bright as we expand our global footprint and work together with our customers to push the boundaries of ecommerce innovation.”
Elaborating further, Prasun Kumar – VP Engineering & Head of India Operations, CommerceIQ adds, ‘We are extremely proud of our record-breaking performance in 2021, and we expect this growth to continue as e-commerce adoption grows rapidly. Since we are seeing such strong demand, our focus will be to expand our footprint in the global market to capitalize on our growth and momentum. We are expecting 2022 to be a watershed year for us.‘
Looking ahead into 2022, CommerceIQ expects continued growth through international expansion and introduction of new ecommerce management innovations such as digital shelf automation, supply chain offerings, and more self-service access to market and operational insights.
—PTI

Press Trust of India