Bengaluru: The pandemic has immutably changed how people shop, accelerating e-commerce adoption and market share. In response to the growing demand from global brands for solutions that can help them manage and capitalize on the growing $5 trillion global e-commerce boom, CommerceIQ – the industry pioneering E-commerce Decision Management PlatformTM announced its expansion into India.
CommerceIQ uses machine learning, analytics, and automation to aggregate data across sales, marketing, and supply chain operations, helping trusted companies 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, 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.
“It is our mission to help our customers capture their consumer at the point of purchase, regardless of geography or retail channel,” said Guru Hariharan, CEO, and Founder of CommerceIQ. “The Indian e-commerce market is exploding, and we intend to deliver the same results to regional operators here as we have for our customers based in the U.S. Whether in India or elsewhere, the challenges are the same – keeping up with the world of algorithmic retail through retail-aware, automated decision-making.”
The Indian eCommerce industry has witnessed a huge upsurge in the last several years and there are no signs of a slowdown. Augmented by the pandemic, the Indian e-commerce industry is set to expand by 84% to reach US$111 billion by 2024, a structural shift in shopping behavior with more and more customers and businesses relying on online sales to fuel their expansion. As they do so, they face significant challenges in adapting their brick-and-mortar operations to the online world, particularly when it comes to integrating sales, marketing, and supply chain decision-making. By connecting all aspects of the e-commerce ecosystem with a single source of truth, extracting insights, and driving automation, CommerceIQ helps to turn what is otherwise manual and siloed processes into streamlined AI-driven automation that deliver on average 20% higher share of voice, 20% greater profitability and 40% more incremental sales.
“To win in modern commerce today, new capabilities are required to profitably grow sales and market share on third-party e-commerce platforms like Amazon and Walmart,” said Prasun Kumar, VP Engineering & Head of India Operations, CommerceIQ. “With 27% YoY growth, India has emerged as the fastest-growing retail e-commerce market in 2021. It is indeed imperative at this juncture for brands to apply automation and machine learning to power Indian retail channels.”
CommerceIQ has raised $81 million to date and has over 2500 brands that use its technology daily to increase the 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.