Sneak Preview at our 2023 Ecommerce Predictions
MOUNTAIN VIEW, Calif. – February 12, 2020 – CommerceIQ, the leader in machine-based e-commerce, today announced robust year-over-year growth in its business after doubling the size of its customer base and achieving 300% growth in annual recurring revenue (ARR) in 2019. CommerceIq’s customers account for more than $3B in annual Amazon sales and rely on the company’s machine learning and automation technology to power their Amazon business. Customers include name brands like Bayer Healthcare, Hamilton Beach, Hill’s Pet Nutrition, Kellogg, Kimberly Clark, Mars, Inc. and 3 of the top-5 Fast-Moving Consumer Goods Companies in the U.S. On the heels of rapid business momentum the company also announced the appointment of Piyush Lumba, a former Amazon and Microsoft executive, as its Chief Operating Officer. In his role, Lumba will strategically partner with customers to sharpen the edge of its machine learning engine and help drive future growth in product, engineering and customer success functions.
CommerceIQ is a machine learning and automation platform used by the largest consumer brands to win at the moment of purchase by automatically responding in real-time to changing variables across hundreds of Amazon SKUs. The platform coordinates efforts and manages interdependencies for multiple variables, tuning Amazon’s algorithms to optimize the entire demand generation and fulfillment cycle.
Amidst strong customer momentum, CommerceIQ took another key step in expanding its leadership team with the hiring of Piyush Lumba. The appointment comes just months following the recruitment of startup veteran and Amazon alumnus Jay Wampold as chief marketing officer in September 2019. Like Wampold, Lumba is a seasoned Amazon executive, having served as director of product management for both Amazon Flex and Alexa Voice Shopping. Prior to that, Lumba spent more than a decade in a variety of product management, product marketing, business development and software development roles at Microsoft. Piyush brings more than 20 years of experience in building and delivering both enterprise offerings and AI-powered consumer offerings to his role.
“Successful consumer brands invest to win on Amazon, and the traction CommerceIQ has achieved with brands of the highest caliber is a testament to the value customers are getting from its machine-based commerce technology,” said Lumba. “I am excited to join CommerceIQ at this critical juncture to grow and mature our product, engineering and customer success offerings to help customers succeed and take the company to the next level.”
“With the appointment of Piyush, we are doubling down on our promise to help customers maximize profitability and ecommerce growth on Amazon,” said Guru Hariharan, Founder and CEO of CommerceIQ. “Throughout his career, Piyush has had a keen focus on product innovation, execution and customer experience with an eye on operational excellence. We are fortunate to have his wisdom and leadership on our team, as we prepare for accelerated customer adoption and unprecedented growth over the next few years.”
CommerceIQTM is the leader in Ecommerce Channel Optimization (ECO), the practice of using machine learning, analytics and automations to optimize the ecommerce channel across supply chain, marketing and sales operations to win at the moment of purchase and drive profitable market share growth. CommerceIQ has been adopted by leading consumer brands accounting for billions of dollars in ecommerce sales and marketing spend, including Avery Products, Georgia-Pacific, Spectrum Brands and 3 of the top-5 Fast-Moving Consumer Goods Companies in the U.S. These brands rely on CommerceIQ’s machine-based commerce technology and business processes, which are purpose-built to tune ecommerce algorithms, collaborate and share data-driven insights in real-time in response to changing variables across hundreds of products on leading retail sites. Using CommerceIQ as a single source of truth, customers have driven 40% increase in incremental sales, 20% improvement in profitability and 32% reduction in out of stock rates on Amazon. For more information, please visit CommerceIQ.ai