Commercetools, a global commerce company and expert in composable commerce, has announced continued strong growth for the 2023 fiscal year. The firm has recognised a 65% growth in Annual Recurring Revenue (ARR) in the Americas and over USD $30 billion in global Gross Merchandise Value (GMV). Further achievement seems to be driven by B2B expansion, particularly indicated by partnerships with notable Fortune 500 brands such as Volkswagen and BMW.
Aside from its significant impact on Europe and the Americas, the company, initially a small German startup, has also been a transformative player in composable commerce across the Asia Pacific region. This has led to its evolution from a regional success to a global market competitor, clear in customisable commerce infrastructure. By providing the resources for infinitely scalable experiences, rapid market launches, and reduced-risk experimentation with new technology, commercetools have increased the economic potential of multiple businesses.
2023 proved to be a notable year for the firm. Dirk Hoerig, Co-Founder and CEO of commercetools, described the excitement surrounding this progression: "Our robust business momentum and fiscal results are evidence of the value customers find in commercetools and composable commerce."
Highlighting the aftermath of 2020, Hoerig explained how flexibility and agility became critical for many industry-leading companies. "Our accelerated momentum is in parallel to the growth in diverse innovation needs of brands today," Hoerig added.
Among the 2023 fiscal year highlights, the feature of a 45% YoY increase in GMV was significant, bolstered by fashion and retail clients growing by 65% YoY. The company's customer base is now equally spread across EMEA and the Americas, underscoring its solid footing in the American market. The enterprise traction also deepened. "25% of the largest 20 brands in Europe's Fortune 500, including five of the world's top 10 car manufacturers, are now powered by commercetools," the company stated.
Moreover, commercetools processed over 10 million orders from Black Friday through Cyber Monday with 100% uptime and zero outages. This allowed its customers to easily scale up and meet rising consumer demand. New customers from various sectors, including healthcare, were also added to their broad client base.
Commenting on the breakthrough, Matt Gatto, Managing Director of Insight Partners, said: "commercetools provides organisations with a solution to move away from old, inflexible platforms to one that is flexible and agile. This enables organisations to not only stay ahead of the competition but to meet their business targets, drive top line revenue growth, increase operational efficiency and reduce maintenance costs."
As observed, 2024 continues to shape up for another year of strong growth for the company. In addition to launching new products and solutions for modernising digital commerce, commercetools plans to announce new strategic partners and continue expanding its global team. Further updates from the firm are expected at the upcoming inaugural conference, Elevate: The Global Commerce Summit, in Miami Beach, Florida.