commercetools’ ARR grew +65% in the Americas; Global GMV increased over 45% YoY to over $30 billion in 2023
25% of the largest 20 brands in Europe’s Fortune 500 are powered by commercetools including five of the world's top 10 car manufacturers such as Volkswagen and BMW
commercetools continued to focus on the B2B segment, growing its B2B GMV by 45% YoY and signed several significant B2B customers in the manufacturing, food distribution and construction verticals
MUNICH, GERMANY - MARCH 26, 2024 - commercetools, a global commerce company and the market leader in composable commerce, today announced its continued business momentum and results for the 2023 fiscal year.
Since inception, commercetools’ mission has been to future-proof and increase businesses' economic potential. The composable commerce leader achieves this by providing customizable commerce infrastructure, and the operational and technical resources required to infinitely scale experiences, launch into new markets faster, and experiment easier with new technologies at a reduced risk and cost.
2023 was a standout year for commercetools. The company delivered on its goals of driving responsible, substantial growth, setting new records, and expanding impact across the Americas, Europe and APAC – solidifying its position as a global SaaS company to watch.
This past year was incredibly exciting for commercetools. Our robust business momentum and fiscal results are evidence of the value customers find in commercetools and composable commerce, as flexibility and agility became paramount in the aftermath of 2020, industry-leading companies turned to commercetools to power their ability to adapt and grow simultaneously. Our accelerated momentum is in parallel to the growth in diverse innovation needs of brands today. We’re responding quickly by introducing even more innovative products, and expanding our global team to propel our next phase of growth. This is only the beginning.
co-founder and CEO, commercetools
2023 Fiscal Year Highlights
Annual Recurring Revenue (ARR) continued to strongly accelerate following last year’s $100 million in ARR milestone, with +65% ARR growth in the Americas region.
Gross Merchandise Value (GMV) increased +45% YoY to over $30 billion in 2023, with fashion and retail clients increasing growth by +65% YoY.
Customer base is now equally split across EMEA and the Americas, solidifying commercetools’ global expansion and underscoring the company’s strong foothold in the American market as a European SaaS company.
Enterprise traction continued to deepen, with 25% of the largest 20 brands in Europe’s Fortune 500, including five of the world's top 10 car manufacturers, now powered by commercetools.
Processed more than 10 million total combined orders from Black Friday through Cyber Monday, uptime was 100% with zero outages, enabling customers to easily scale up and meet consumer demand.
New customers include Ticketmaster, Bausch + Lomb, and PetSmart Inc.; also tapped into the healthcare vertical, signing some of the top healthcare and medical institutions including The National Health Service (NHS) in England.
Issued over 200 product releases in 2023, significantly higher than many legacy monolith providers who only do a few deployments per year.
In the last 18 months, the company announced six new products, including commercetools Connect, commercetools Checkout and commercetools Foundry, making it easier than ever to infuse composability into the modern commerce stack. Building on its product innovation and market leadership, commercetools continued to expand globally last year, deploying operations into mainland China and appointing its Chief Financial Officer and Chief People Officer. During this time, commercetools was also named a Leader in the Gartner Magic Quadrant for Digital Commerce for the fourth consecutive year and was recognized as a best place to work by Built In.
Any leader in commerce understands the importance of being able to stay flexible and agile to meet the demands of customers but too few realize the need to shift off of homegrown, legacy infrastructure until they've fallen behind the competition. commercetools provides organizations with a solution to move away from old, inflexible platforms to one that is flexible and agile. This enables organizations 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.
Managing Director, Insight Partners
Looking ahead, 2024 is shaping up to be another year of strong growth for the company. In addition to introducing new products and solutions designed to make it easier than ever for B2C and B2B organizations to modernize digital commerce, commercetools will announce new strategic partners and continue expanding its global team. Stay tuned for more news and updates from the company coming out of its first inaugural conference, Elevate - The Global Commerce Summit, in Miami Beach, Florida from April 16-18.
About commercetools
commercetools, a global commerce company, is the market leader in composable commerce. We enable companies to flexibly customize, tailor and scale shopping experiences across markets. Our composable commerce platform equips some of the world’s most influential businesses with tools to remain agile, future-proof digital offerings, reduce technical risks and costs, and build outstanding experiences that drive revenue growth.
With headquarters in Munich (Germany) and Durham (US) and employees spread across five continents, commercetools has led a global renaissance in digital commerce by combining cloud-native, technology-agnostic, independent components into a unique system that addresses personalized business needs. We empower brands –– including Audi, Danone, Eurorail, NBCUniversal, Sephora and Volkswagen Group –– to stay ahead of changes in the market and consumer preferences by powering distinctive, dynamic user experiences.
To learn more, visit commercetools Press Releases.