CommerceIQ is one such company that helps your eCommerce business scale up. They help them in facing new challenges, decision-making processes, using automation and AI technology for the online retail roadmap, etc. It has assisted companies like Amazon, Walmart, Nestle, Whirlpool, Colgate, Instacart, Duracell, and many more. CommerceIQ uses its skills in various platforms such as marketing, supply chain, sales processes, etc. to generate market profitability and earn good revenue. So, let us get into this article to read the success story of one such company that helps in the success of various multinational brands.
CommerceIQ – Key Highlights
- Company Name – CommerceIQ
- Founding Year – 2012
- Founder – Guru Hariharan
- Headquarters – Palo Alto, California, United States of America
- Company Type – Private
- Industry – Analytics, Machine Learning, Software, Consumer Goods, Sales, E-commerce
- Legal Name – Boomerand Commerce Inc
- Area Served – Worldwide
- Current CEO – Guru Hariharan
- Website – www.commerceiq.ai
CommerceIQ – Brand Name, Logo, and Tagline
- Brand Name – The brand name of the company is inspired by the kind of business it does. It is 100% appropriate for their company as well.
- Logo – The company's logo is in simple black and blue colour. It gives it a much classy and simplistic look. The logo is unique and it is easier for its customers to remember for a longer time.
- Tagline – The tagline of the company is – Unlock Profitable E-commerce Growth.
CommerceIQ – Founder
The founder of the company is Guru Hariharan.
Guru holds a B.Tech degree in Computer Science Engineering from Delhi Institute of Technology and an MS degree in Electrical and Computer Engineering from The University of Texas at Austin. He also holds an MBA degree from The Wharton School. Guru has worked with several companies such as IBM, Amazon, Shutterfly, eBay, etc. before founding CommerceIQ. He is also the founder of VidyaJyoti Technologies and Equal Craft.
CommerceIQ – Team Members
Some of the valuable team members of the company are as follows:
- Guru Hariharan – Founder & CEO (Chief Executive Officer)
- Piyush Lumba – COO (Chief Operating Officer)
- Tim Wilson – VP Sales
- Adrian Seet – VP Finance
- Rajath Raman – Sr. Product Manager
- Cory Lund – Senior Account Executive
Understand how we rule #ecommerce with our unique, unified platform:— CommerceIQ (@commerceIQ1) April 27, 2021
👏 Win at the moment of purchase
👏 Optimize sales, operations, and advertising
👏 Win across all retail media
Our platform is made for you. See the power of growth for yourself! https://t.co/LTCOOuQtQt pic.twitter.com/nBUnX7hKxF
CommerceIQ – Business Model
CommerceIQ function of the annual subscription model, having charging that is valuation based. The main job of CommerceIQ is to sell various tools that allow the e-commerce platform’s retailers to take necessary action before a product goes out of supply. They also help in smoothening the supply chains and taking adopting the required steps if any item is not displayed on the company’s homepage.
The company also provides a well equipped and professional service model. They provide various advice to all those e-commerce companies that are trailing behind in this competitive market and want to level up with other leading companies. Large multinational companies can also use the services of CommerceIQ by forecasting their requirement and needs and the company will provide the support and resources accordingly. They can simplify their supply chain with the help of CommerceIQ professional advice.
CommerceIQ – USPs
Some of the main USPs of the company are as follows:
- Unified Platform
- Expert Service
- Relentless Innovation
CommerceIQ – Services
Some of the services provided by the company are as follows:
- Benchmark the retail landscape.
- Drive through incremental revenue.
- Anticipate supply chain issues.
- Protect your margins.
- Grow your market share.
- Run retail aware ad campaigns
- Gain a share of voice.
- Eliminate revenue leakage.
CommerceIQ – Growth
Some of the growth factors of the company are as follows:
- CommerceIQ saw a growth of around 267% in FY 2021.
- The company's revenue got increased to more than 77% year over year.
- They have collaborated with various multinational companies in the past few years.
- CommerceIQ works with giant companies like Amazon, eBay, Walmart, Duracell, etc.
- The company has also strengthened its technology governance in various countries as well.
- They hired many people for data science, application, product operation, design & development, analytics support, etc.
CommerceIQ – Funding and Investors
CommerceIQ has raised total funding of $195.5 M in over 4 funding rounds. Details of all the funding and investors of the company are as follows:
- $8.5 M – Series A Round, Madrona Venture Group, Trinity Ventures, Jul 16, 2014
- $12 M – Series B Round, Shasta Ventures, Jan 14, 2016
- $60 M – Series C Round, Insight Partners, Jun 22, 2021
- $115 M –Series D Round, Softbank Vision Fund, Mar 21, 2022
CommerceIQ – Challenges Faced
Every entrepreneurial journey is full of difficulties and tough decision making. CommerceIQ also had to face numerous challenges on its path. Some of the major challenges faced by the company are as follows:
- Gaining Client – It was an issue in the initial days of the company. They had to face a tough time while choosing the client for their company and making them believe in their potential and capabilities. But CommerceIQ soon came out of this phase and now they are working with various multinational brands.
- COVID Pandemic – The recent COVID pandemic has been hard on various companies. CommerceIQ is also got affected in several ways. Many of their professionals caught this virus and it was difficult for the company to run without the support of those key people. This was surely one of the major and toughest challenges that the company had to face.
- Competitors – Competition is a part and parcel of life. Just like every field has its competition, the business field also has to face this situation. CommerceIQ is one of the leading players in the market but it still has many tough competitors. Some of the strongest competitors of the companies are Jungle Scout, Wholesale Suite, A2X, DataHawk, Webgility, ChannelAdvisor, Helium10, Perpetua, etc. These companies have a stronghold in the market and they have a good customer base as well.
CommerceIQ – Future Plans
CommerceIQ has seen immense growth in the past few years and it has many exciting plans for the future. Some of the major upcoming plans of the company are as follows:
- The company is looking forward to raising more investors through various investing rounds.
- They are also looking for hiring more employees as the company is worth $1 Billion now. The Bangalore office has around 160 employees and the money will be used to hire more people in various areas of the company such as software development, data science, product operation, customer service, analytics, etc.
- CommerceIQ is planning to form new collaborations with various companies along the road.
- The company will be using its resources to expedite the development of its UREMP (Unified Retail Eccomerce Management Platform).
- It will also look forward to financing its global operation.
- CommerceIQ already has a stronghold in the Canadian and United States markets and it is soon going to expand in Europe as well.
- The company is also going to speed up its organic expansion.