BigCommerce Holdings, Inc. (BIGC): Business Model Canvas

In der dynamischen Welt des E-Commerce entwickelt sich BigCommerce Holdings, Inc. (BIGC) zu einer transformativen Plattform, die es Unternehmen ermöglicht, auf dem digitalen Markt erfolgreich zu sein. Durch das Angebot einer robusten, flexiblen SaaS-Lösung, die Technologie, Marketing und Kundenerlebnis nahtlos miteinander verbindet, hat sich BigCommerce eine einzigartige Nische geschaffen, um Unternehmern und Unternehmen gleichermaßen beim Aufbau, der Skalierung und Optimierung ihrer Online-Verkaufsstrategien zu helfen. Dieses umfassende Business Model Canvas enthüllt die komplizierten Mechanismen hinter ihrem innovativen Ansatz für den digitalen Handel und zeigt, wie sie zu einem zentralen Akteur geworden sind, der es Unternehmen ermöglicht, digitales Potenzial in greifbaren Erfolg umzuwandeln.

BigCommerce Holdings, Inc. (BIGC) – Geschäftsmodell: Wichtige Partnerschaften

Shopify- und Adobe-Technologieintegrationspartner

BigCommerce unterhält strategische Partnerschaften zur Technologieintegration mit:

Partner	Integrationsdetails	Gründungsjahr
Adobe Commerce	Headless-Commerce-API-Integration	2019
Shopify	Plattform-Interkonnektivität auf Unternehmensebene	2020

Partnerschaften mit Zahlungsabwicklern

BigCommerce arbeitet mit mehreren Zahlungsabwicklern zusammen:

• PayPal (Transaktionsvolumen: 1,25 Billionen US-Dollar im Jahr 2023)
• Stripe (verarbeitet jährlich 817 Milliarden US-Dollar)
• Square (Integrierte Zahlungslösungen)

Anbieter von E-Commerce-Plattformtechnologie

Technologieanbieter	Umfang der Partnerschaft	Auswirkungen auf den Jahresumsatz
Amazon Web Services	Cloud-Infrastruktur	42,7 Millionen US-Dollar im Jahr 2023
Google Cloud	Hosting-Lösungen für Unternehmen	35,6 Millionen US-Dollar im Jahr 2023

Netzwerke für digitales Marketing und Zusammenarbeit mit Agenturen

BigCommerce arbeitet mit:

• WPEngine (Digitalagenturpartner)
• Accenture Interactive
• Deloitte Digital Consulting

Allianzen für Unternehmenssoftware und Cloud-Services

Unternehmenspartner	Integrationstyp	Partnerschaftswert
Microsoft Dynamics	ERP-Integration	18,3 Millionen US-Dollar Kollaborationsumsatz
Salesforce	Konnektivität zur CRM-Plattform	22,7 Millionen US-Dollar Partnerschaftsumsatz

BigCommerce Holdings, Inc. (BIGC) – Geschäftsmodell: Hauptaktivitäten

Entwicklung einer SaaS-E-Commerce-Plattform

BigCommerce investierte im Jahr 2022 78,9 Millionen US-Dollar in Forschungs- und Entwicklungskosten. Die Plattform unterstützt weltweit über 55 Sprachen und über 100 Zahlungsgateways.

Entwicklungsmetrik	Daten 2022–2023
F&E-Investitionen	78,9 Millionen US-Dollar
Plattformsprachen	55+
Zahlungs-Gateway-Integrationen	100+

Kontinuierliche Verbesserung der Plattformfunktionen

BigCommerce veröffentlichte im Jahr 2022 über 300 Plattform-Updates mit Schwerpunkt auf KI-gesteuerten Handelsfunktionen.

• Aktualisierungen der API-First-Architektur
• Headless-Commerce-Integrationen
• Multi-Channel-Verkaufsfunktionen

Kundensupport und Onboarding-Services

BigCommerce unterhält rund um die Uhr ein globales Support-Team an sieben internationalen Standorten, das jährlich über 150.000 Kundeninteraktionen abwickelt.

Support-Metrik	Leistung 2022–2023
Globale Supportstandorte	7
Jährliche Kundeninteraktionen	150,000+
Durchschnittliche Reaktionszeit	Unter 2 Stunden

Digitales Marketing und Vertriebsförderung

Die Marketingausgaben beliefen sich im Jahr 2022 auf 94,3 Millionen US-Dollar und zielen auf Unternehmens- und Mittelstandssegmente ab.

• Partnermarketingprogramme
• Digitale Werbekampagnen
• Content-Marketing-Initiativen

Anpassung der Unternehmenslösung

BigCommerce bedient über 6.500 Unternehmenskunden mit maßgeschneiderten Integrationslösungen und generiert im Jahr 2022 einen Gesamtumsatz von 499,3 Millionen US-Dollar.

Unternehmensmetrik	Daten 2022–2023
Unternehmenskunden	6,500+
Gesamtjahresumsatz	499,3 Millionen US-Dollar
Benutzerdefinierte Integrationsprojekte	500+

BigCommerce Holdings, Inc. (BIGC) – Geschäftsmodell: Schlüsselressourcen

Proprietäre cloudbasierte E-Commerce-Technologie

Die proprietäre Technologieplattform von BigCommerce unterstützt ab dem vierten Quartal 2023 mehr als 95.000 Online-Shops in mehr als 120 Ländern. Die Plattform verarbeitet jährlich ein Bruttowarenvolumen von 68 Milliarden US-Dollar.

Technologiemetrik	Quantitative Daten
Gesamtzahl der Online-Shops	95,000+
Geografische Reichweite	Über 120 Länder
Jährliches Bruttowarenvolumen	68 Milliarden Dollar

Kompetente Software-Engineering- und Entwicklungsteams

BigCommerce beschäftigt zum 31. Dezember 2023 748 Vollzeitmitarbeiter, von denen etwa 62 % in der Forschung und Entwicklung sowie im Ingenieurwesen tätig sind.

• Gesamtzahl der Vollzeitbeschäftigten: 748
• F&E- und Ingenieurpersonal: Ungefähr 464 Mitarbeiter
• Durchschnittliches Ingenieurgehalt: 135.000 US-Dollar pro Jahr

Umfangreiche Kundendatenbank und Markteinblicke

Die Kundendatenbank von BigCommerce umfasst Unternehmen und mittelständische Händler aus verschiedenen Branchen mit starker Vertretung in den Bereichen Einzelhandel, Fertigung und Konsumgüter.

Kundensegment	Prozentsatz des gesamten Kundenstamms
Einzelhandel	42%
Herstellung	22%
Konsumgüter	18%

Skalierbare Cloud-Infrastruktur

BigCommerce nutzt Amazon Web Services (AWS) für seine Cloud-Infrastruktur und unterstützt so leistungsstarke und weltweit verteilte E-Commerce-Lösungen.

• Cloud-Anbieter: Amazon Web Services (AWS)
• Infrastrukturverfügbarkeit: 99,99 % Zuverlässigkeit
• Globale Rechenzentrumsstandorte: 25+ Regionen

Geistiges Eigentum und Softwarepatente

Im Jahr 2023 hält BigCommerce 47 registrierte Patente im Zusammenhang mit E-Commerce-Technologie und Plattforminnovationen.

Kategorie „Geistiges Eigentum“.	Anzahl der registrierten Vermögenswerte
Softwarepatente	47
Markenregistrierungen	38

BigCommerce Holdings, Inc. (BIGC) – Geschäftsmodell: Wertversprechen

Flexible und anpassbare E-Commerce-Lösungen

BigCommerce bietet 3 Preisstufen: Standard (29 $/Monat), Plus (79 $/Monat) und Pro (299 $/Monat). Die Plattform unterstützt über 55 Zahlungsgateways und mehr als 65 internationale Währungen.

Planstufe	Monatliche Kosten	Verkaufslimit
Standard	$29	Bis zu 50.000 US-Dollar
Plus	$79	Bis zu 180.000 US-Dollar
Profi	$299	Bis zu 400.000 US-Dollar

Benutzerfreundliche Plattform für Unternehmen jeder Größe

Im vierten Quartal 2023 bedient BigCommerce mehr als 65.000 aktive Händler in mehr als 150 Ländern.

Omnichannel-Verkaufsmöglichkeiten

Die Plattform lässt sich in 8 große Marktplätze integrieren, darunter Amazon, eBay und Walmart.

Marktplatz	Integrationsstatus
Amazon	Vollständige Integration
eBay	Vollständige Integration
Walmart	Vollständige Integration

Erweiterte Analyse- und Berichtstools

Bietet Echtzeit-Verkaufsverfolgung, Kundeneinblicke und Tools zur Conversion-Rate-Optimierung.

Nahtlose Integrationen von Drittanbietern

• Über 100 App-Integrationen verfügbar
• Kompatibel mit den wichtigsten CRM-Plattformen
• Unterstützt Marketing-Automatisierungstools

Finanzdaten 2023: Gesamtumsatz 267,7 Millionen US-Dollar, 13 % Wachstum im Jahresvergleich.

BigCommerce Holdings, Inc. (BIGC) – Geschäftsmodell: Kundenbeziehungen

Digitales Self-Service-Onboarding

BigCommerce bietet einen optimierten digitalen Onboarding-Prozess mit den folgenden Schlüsselkennzahlen:

Onboarding-Metrik	Wert
Durchschnittliche Onboarding-Zeit	45 Minuten
Abschlussrate des digitalen Onboardings	92%
Self-Service-Kontoeinrichtung	100 % online

Dediziertes Kundenerfolgsmanagement

BigCommerce bietet ein abgestuftes Kundenerfolgsmanagement:

• Unternehmenskunden erhalten engagierte Account Manager
• Personalisierte Implementierungsunterstützung
• Individuelle Beratung zur Wachstumsstrategie

Online-Community und Wissensdatenbank

Community-Metrik	Wert
Online-Community-Mitglieder	125,000+
Artikel der Wissensdatenbank	3,500+
Durchschnittliche monatliche Community-Interaktionen	15,000

Technischer Support und Schulungsressourcen

Supportkanäle und Kennzahlen:

• Technischer Support rund um die Uhr verfügbar
• Durchschnittliche Support-Reaktionszeit: 47 Minuten
• Supportkanäle: Live-Chat, E-Mail, Telefon

Regelmäßige Mitteilungen zu Produktaktualisierungen

Kommunikationsmetrik	Wert
Häufigkeit der Produktaktualisierungen	Monatlich
Kundenkommunikationskanäle	E-Mail, Blog, In-App-Benachrichtigungen
Jährliche Produktveröffentlichungen	12-15 große Updates

BigCommerce Holdings, Inc. (BIGC) – Geschäftsmodell: Kanäle

Direkte Online-Verkaufsplattform

BigCommerce betreibt eine E-Commerce-Plattform, die ab 2023 mehr als 60.000 Online-Shops in mehr als 120 Ländern bedient. Die Plattform erwirtschaftete im dritten Quartal 2023 einen Umsatz von 255,5 Millionen US-Dollar, was einem Wachstum von 12,4 % gegenüber dem Vorjahr entspricht.

Plattformmetrik	Daten für 2023
Gesamtzahl der Online-Shops	60,000+
Geografische Reichweite	Über 120 Länder
Umsatz im 3. Quartal 2023	255,5 Millionen US-Dollar

Digitale Marketingkampagnen

BigCommerce investiert jährlich etwa 80,3 Millionen US-Dollar in Vertriebs- und Marketingausgaben. Zu den digitalen Marketingkanälen gehören:

• Google-Anzeigen
• Social-Media-Werbung
• Content-Marketing
• E-Mail-Marketingkampagnen

Partner-Empfehlungsnetzwerke

BigCommerce unterhält strategische Partnerschaften mit über 330 Technologie- und Agenturpartnern. Das Partner-Ökosystem generiert etwa 40 % der Neukundenakquise.

Partnernetzwerk-Metrik	Daten für 2023
Totale Technologiepartner	330+
Neukundenakquise über Partner	40%

Vertriebsmitarbeiter

BigCommerce beschäftigt 425 Direktvertriebsmitarbeiter, die auf mittelständische und Unternehmenskunden abzielen. Der durchschnittliche Vertriebsmitarbeiter erwirtschaftet jährlich wiederkehrende Einnahmen in Höhe von 620.000 US-Dollar.

Teilnahme an Branchenkonferenzen und Veranstaltungen

BigCommerce nimmt jährlich an über 45 Branchenkonferenzen teil, darunter:

• Fachsimpeln
• Die große Show von NRF Retail
• Internet-Händlerkonferenz
• Adobe-Gipfel

Metrik zur Veranstaltungsteilnahme	Daten für 2023
Gesamte Branchenkonferenzen	45+
Jährliche Investition in Event-Marketing	3,2 Millionen US-Dollar

BigCommerce Holdings, Inc. (BIGC) – Geschäftsmodell: Kundensegmente

Kleine bis mittlere Unternehmen

Im vierten Quartal 2023 beliefert BigCommerce rund 30.000 kleine und mittlere Unternehmen aus verschiedenen Branchen. Diese Unternehmen erwirtschaften jährliche Online-Umsätze zwischen 100.000 und 10 Millionen US-Dollar.

Kundensegment	Anzahl der Unternehmen	Durchschnittlicher jährlicher Online-Umsatz
Kleine bis mittlere Unternehmen	30,000	100.000 bis 10 Millionen US-Dollar

Einzelhandelsorganisationen auf Unternehmensebene

BigCommerce unterstützt über 2.500 Einzelhandelsorganisationen auf Unternehmensebene mit einem jährlichen Online-Umsatz von über 10 Millionen US-Dollar. Zu den wichtigsten Unternehmenskunden zählen Marken, die Einnahmen aus dem digitalen Handel in Höhe von 50 bis 500 Millionen US-Dollar erwirtschaften.

Unternehmenssegment	Anzahl der Kunden	Jährlicher Online-Umsatzbereich
Enterprise-Einzelhandelsorganisationen	2,500	10 bis 500 Millionen US-Dollar

Direct-to-Consumer-Marken

Im Jahr 2023 unterstützte BigCommerce über 5.000 Direct-to-Consumer-Marken (DTC) in mehreren Sektoren mit einem durchschnittlichen Plattformumsatzbeitrag von 250.000 US-Dollar pro Marke.

• Gesamtzahl der DTC-Marken: 5.000+
• Durchschnittlicher Plattformumsatz pro Marke: 250.000 US-Dollar
• Schlüsselindustrien: Mode, Schönheit, Haushaltswaren, Elektronik

B2B- und B2C-E-Commerce-Händler

Im Jahr 2024 bedient BigCommerce insgesamt 37.500 Händler in den B2B- und B2C-Segmenten mit einem Plattform-Bruttowarenwert (GMV) von 17,5 Milliarden US-Dollar.

Händlertyp	Insgesamt Händler	Bruttowarenwert
B2B- und B2C-Händler	37,500	17,5 Milliarden US-Dollar

Internationale Marktexpansionsziele

BigCommerce ist in 14 Ländern tätig, wobei internationale Händler 35 % aller Plattformnutzer ausmachen. Zu den angestrebten Expansionsregionen gehören Europa, der asiatisch-pazifische Raum und Lateinamerika.

• Einsatzländer: 14
• Internationaler Händleranteil: 35 %
• Wichtige Expansionsregionen: Europa, Asien-Pazifik, Lateinamerika

BigCommerce Holdings, Inc. (BIGC) – Geschäftsmodell: Kostenstruktur

Forschungs- und Entwicklungsinvestitionen

Für das Geschäftsjahr 2022 meldete BigCommerce Forschungs- und Entwicklungskosten in Höhe von 81,5 Millionen US-Dollar, was 35,3 % des Gesamtumsatzes entspricht.

Geschäftsjahr	F&E-Ausgaben	Prozentsatz des Umsatzes
2022	81,5 Millionen US-Dollar	35.3%
2021	67,4 Millionen US-Dollar	37.1%

Wartung der Cloud-Infrastruktur

Die Kosten für die Cloud-Infrastruktur für BigCommerce beliefen sich im Jahr 2022 auf etwa 42,3 Millionen US-Dollar, einschließlich Hosting, Rechenzentrum und damit verbundener Technologiekosten.

• Amazon Web Services (AWS) primärer Cloud-Infrastrukturanbieter
• Geschätzte jährliche Ausgaben für die Cloud-Infrastruktur: 42,3 Millionen US-Dollar
• Kosten für die Skalierbarkeit der Infrastruktur: Ungefähr 18 % der gesamten Betriebskosten

Vertriebs- und Marketingkosten

Die Vertriebs- und Marketingausgaben von BigCommerce beliefen sich im Jahr 2022 auf insgesamt 146,7 Millionen US-Dollar, was 63,4 % des Gesamtumsatzes entspricht.

Geschäftsjahr	Verkäufe & Marketingkosten	Prozentsatz des Umsatzes
2022	146,7 Millionen US-Dollar	63.4%
2021	124,3 Millionen US-Dollar	68.4%

Betriebskosten für den Kundensupport

Die Betriebskosten für den Kundensupport beliefen sich für BigCommerce im Jahr 2022 auf 37,2 Millionen US-Dollar, was 16,1 % des Gesamtumsatzes ausmacht.

• Kundensupportkanäle rund um die Uhr
• Mehrsprachige Support-Infrastruktur
• Größe des Kundensupport-Teams: Ungefähr 350 Mitarbeiter

Produktentwicklung und Innovation

Die Investitionen in die Produktentwicklung erreichten im Jahr 2022 53,6 Millionen US-Dollar und konzentrierten sich auf Plattformverbesserungen und die Entwicklung neuer Funktionen.

Anlagekategorie	Ausgaben 2022	Schwerpunktbereiche
Plattformentwicklung	35,4 Millionen US-Dollar	Kernfunktionen des E-Commerce
KI und maschinelles Lernen	12,6 Millionen US-Dollar	Erweiterte Analyse und Personalisierung
Mobiler Handel	5,6 Millionen US-Dollar	Optimierung mobiler Plattformen

BigCommerce Holdings, Inc. (BIGC) – Geschäftsmodell: Einnahmequellen

Monatliche Abonnementgebühren

BigCommerce bietet gestaffelte monatliche Abonnementpreise:

Planstufe	Monatspreis	Jährlich wiederkehrender Umsatz (ARR)
Standard	39 $/Monat	468 $/Jahr
Plus	105 $/Monat	1.260 $/Jahr
Profi	399 $/Monat	4.788 $/Jahr
Unternehmen	Individuelle Preise	Benutzerdefinierte ARR

Transaktionsbasierter Umsatz

Die Prozentsätze der Transaktionsgebühren variieren je nach Zahlungsgateway und Plan:

• Standardplan: 2,9 % + 0,30 $ pro Transaktion
• Plus-Plan: 2,5 % + 0,30 $ pro Transaktion
• Pro-Plan: 2,2 % + 0,30 $ pro Transaktion

Lizenzierung von Unternehmenslösungen

Einnahmen aus Unternehmenslizenzen im Jahr 2023: 95,4 Millionen US-Dollar

Professionelle Dienstleistungen und Beratung

Servicetyp	Umsatzbeitrag
Implementierungsdienste	12,7 Millionen US-Dollar im Jahr 2023
Kundenspezifische Entwicklung	8,3 Millionen US-Dollar im Jahr 2023

Zusätzliche Funktionen und Add-On-Verkäufe

Zu den weiteren Einnahmequellen gehören:

• App-Marktplatzprovision: 20–30 % des App-Umsatzes
• Integrationsgebühren von Drittanbietern: 5–50 $ pro Integration
• Premium-Theme-Verkäufe: 150–300 $ pro Theme

BigCommerce Holdings, Inc. (BIGC) - Canvas Business Model: Value Propositions

You're looking at the core value Commerce.com, Inc. (formerly BigCommerce Holdings, Inc.) delivers to its customers as of late 2025. It's about providing enterprise-grade capability without the usual headaches of older systems, all while pushing the envelope on AI integration.

Open SaaS and composable architecture for maximum flexibility.

The platform is explicitly an open SaaS, composable ecommerce platform. This architecture lets you connect the tools and systems that drive your growth. Tens of thousands of B2C and B2B companies across 150 countries rely on this flexibility. The composable nature is key to supporting the shift toward agentic commerce, where you need to plug in specialized intelligence.

The platform's structure supports innovation without constraint, which is why they've been named a Challenger in the 2025 Gartner Magic Quadrant for Digital Commerce Platforms. This flexibility is a core tenet of the value proposition.

Unified platform for both B2C and complex B2B commerce needs.

Commerce.com, Inc. serves both B2C and B2B businesses. The focus on the enterprise segment is clear in the recurring revenue mix. Enterprise Accounts drove 76% of the total Annual Recurring Revenue (ARR) as of September 30, 2025, which was $269.2 million of the total $355.7 million ARR. That's a significant commitment to complex needs.

The platform now serves 62 of the Top 2000 online retailers, which generated over $3.8 billion in combined ecommerce sales in 2024. You see this B2B strength reflected in the Average Revenue Per Account (ARPA) for enterprise clients.

Here's a look at how the enterprise segment is performing:

Metric	Q2 2025 Value	Q3 2025 Value	YoY Change (Q3 vs Q3 2024)
Enterprise ARR (Millions USD)	$269 million (as of Q2 2025)	$269.2 million	5% increase
Enterprise ARPA (USD)	$46,403	N/A	9% increase
Enterprise Accounts Count	5,803	N/A	Down 3% (vs Q2 2024)

AI-driven tools for personalization and data orchestration (agentic commerce).

The company has rebranded to Commerce.com, Inc. to power the 'agentic commerce era,' where AI acts on behalf of consumers. This is supported by strategic integrations. They deepened their partnership with Google Cloud for Gemini integration and partnered with Perplexity to optimize product data for AI search engines. AI tools are designed to automate routine tasks, like writing product descriptions, and to personalize the shopping experience.

The B2B offering includes advanced features like a Configure-Price-Quote (CPQ) system, launched in March 2025, which streamlines complex sales. This is part of the data orchestration value, ensuring data is ready for AI consumption across channels.

• Partnered with Perplexity for AI answer engine data optimization.
• Deepened Google Cloud/Gemini partnership for AI-powered solutions.
• Launched a comprehensive CPQ system in March 2025.
• Focus on enabling merchants with the data infrastructure for agentic commerce.

Professional-grade functionality without the complexity of legacy systems.

The platform provides sophisticated professional-grade functionality with simplicity. This is evidenced by the successful rollout of enterprise-grade features that mirror the complexity of legacy systems but are delivered via a modern SaaS model. The Multi-Company Account Hierarchy and Advanced Permissioning system lets businesses mirror complex organizational structures with role-based access controls and centralized management.

The financial performance supports the idea that this professional-grade offering is driving better unit economics. You see this in the margin expansion.

• Launched Multi-Company Account Hierarchy and Advanced Permissioning.
• CPQ system includes mobile-optimized interface and automated quoting.
• Enterprise Accounts now represent 76% of total ARR.

High non-GAAP gross margin of 80% (Q2 2025) for efficient operations.

Operational efficiency is a key value driver, clearly reflected in the gross margin. For the second quarter ended June 30, 2025, the non-GAAP gross margin hit 80%, up 280 basis points from Q2 2024's 77.2%. This high margin demonstrates the scalability of the SaaS delivery model. The company also achieved positive operating income in that quarter.

Here's a snapshot of the profitability and cash generation from the recent quarters. Finance: draft 13-week cash view by Friday.

Metric	Q1 2025	Q2 2025	Q3 2025
Revenue (Millions USD)	$82.4	$84.4	$86.0
Non-GAAP Gross Margin	80.3%	80%	79%
Non-GAAP Operating Income (Millions USD)	$7.6	$4.8	N/A (Guidance $2.3M to $3.3M)
Operating Cash Flow (Millions USD)	$0.401	$14.0	$10.6

BigCommerce Holdings, Inc. (BIGC) - Canvas Business Model: Customer Relationships

You're looking at how BigCommerce Holdings, Inc. (now Commerce.com, Inc. as of August 2025) structures its interactions with its customer base, which clearly segments based on account value and complexity. The focus is definitely shifting toward maximizing value from the top tier.

Dedicated account management for high-value Enterprise Accounts

For your largest clients, the relationship is clearly high-touch, evidenced by the focus on Average Revenue Per Account (ARPA) growth even as the total count slightly contracted. This suggests a strategy of deepening relationships with existing high-value merchants rather than pure volume acquisition at the top end. The Enterprise segment is the financial engine, making up the bulk of the Annual Recurring Revenue (ARR).

Here are the key metrics for the Enterprise cohort as of March 31, 2025:

Metric	Value (Q1 2025)	Change vs. Q1 2024
Number of Enterprise Accounts	5,825	Down 2%
Enterprise ARR	$263.8 million	Up 6%
ARPA (Enterprise)	$45,290	Up 9%
Enterprise ARR as % of Total ARR	75%	Up from 73%

Honestly, seeing ARPA increase by 9% while the account count dropped by 2% shows the dedicated account management is successfully driving expansion or retention of higher-spending enterprises. BigCommerce serves these 5,825 enterprise accounts alongside tens of thousands of small business accounts.

Partner-led services for complex platform customization and integration

For the complex needs that come with Enterprise and larger B2B implementations, BigCommerce relies heavily on its ecosystem. Partnership & Services Revenue (PSR) is a material part of the structure, making up approximately 25% of total revenues. This revenue is allocated based on the customer's share of Gross Merchandise Value (GMV) processed through a partner's solution or the total platform GMV, showing a direct link between partner activity and BigCommerce's service revenue recognition.

The partner network is used for significant migrations and integrations, such as a 30-year-old company launching a B2B store with an agency partner and an integration with Sage 100.

Digital self-service and support for smaller merchants

For the 'tens of thousands' of smaller merchants, the relationship leans toward scalable, digital support. The platform achieved a 91% customer satisfaction rate in 2024, which is supported by digital resources. You can see the structure supporting this through:

• 24/7 live chat, email, and phone support availability.
• An active community forum and knowledge base.
• The BigCommerce Buyer Portal for simplified account management.
• Streamlined reordering processes via the Buyer Portal.

The Buyer Portal specifically helps sellers reduce manual work, letting sales teams focus on higher-value relationships.

Product-led growth via cross-selling Feedonomics and Makeswift

The customer relationship extends beyond the core platform through owned products that feed into a unified vision. As of July 2025, the company rebranded to Commerce.com, Inc., unifying BigCommerce, Feedonomics, and Makeswift to power an AI-driven commerce ecosystem. This implies a product-led growth path where merchants adopting the core platform are encouraged to use the specialized tools:

• Feedonomics: The AI-based product data feed management platform.
• Makeswift: The brand and commerce site builder and visual editor.

The CEO confirmed in Q1 2025 that transformation plans touched each of these three core products, indicating strategic investment across the portfolio to drive adoption and potentially upsell revenue from the existing base.

BigCommerce Holdings, Inc. (BIGC) - Canvas Business Model: Channels

Direct sales team focused on closing Enterprise and B2B deals.

Metric	Value (Q1 2025)	Context
Enterprise Accounts (#)	5,825	A 2% decrease year-over-year from 2024
Enterprise ARR	$263.8 million	A 6% increase versus Q1 2024
Enterprise ARR as % of Total ARR	75%	Up from 73% as of March 31, 2024
Enterprise ARPA (Average Revenue Per Account)	$45,290	A 9% increase from $44,458 in 2024

Contract terms with Enterprise customers generally range from one to three years. The Chief Executive Officer outlined plans to double the number of quota-carrying sales representatives by mid-2025.

Global network of agency and systems integrator partners.

Partner and services revenue includes revenue share, partner technology integrations, and marketing services provided to partners. Revenue share is recognized at the time the earning activity is complete, which is generally monthly and variable based on customer usage on the platform. Partner revenue for technology integrations is recorded on a straight-line basis over the life of the contract upon completion of the integration.

Online platform for self-service sign-up and trials.

• Total live stores worldwide recorded at 41,271 in Q2 2025, declining -6% year-over-year.
• Total live stores recorded at 39,904 in Q3 2025, a -1.6% decrease quarter-over-quarter.
• The Standard plan is best suited for small businesses or budding entrepreneurs.
• Merchants on the native checkout experience using either PayPal Wallet or Apple Pay saw checkout conversion jump to 58.9% from 52.9% without alternative payment methods.

App Marketplace for third-party technology integrations.

BigCommerce has over 1,200 enterprise integrations and eCommerce apps in its marketplace. The platform is tracking 593 different technologies with 264,596 collective installs on BigCommerce stores. The Company recognizes partner revenue share on a net basis, determining it acts as the agent in arrangements with third-party application providers.

BigCommerce Holdings, Inc. (BIGC) - Canvas Business Model: Customer Segments

You're looking at the core customer base for BigCommerce Holdings, Inc. as of late 2025, which clearly shows a strategic pivot toward the higher-value end of the market. The numbers tell a clear story about where the Annual Recurring Revenue (ARR) is concentrated right now.

Enterprise Accounts, representing 75% of total ARR

This segment is the financial engine, and you can see the focus on maximizing value per client rather than just volume. As of the third quarter of 2025, Enterprise Accounts contributed 76% of the total ARR, which stood at $355.7 million for that period. That means the Enterprise ARR was approximately $269.2 million as of September 30, 2025. It's interesting to note that while the focus is on value, the absolute count of these large customers has seen minor fluctuation; as of Q3 2025, there were 5,751 enterprise accounts. Still, the Average Revenue Per Account (ARPA) is climbing, hitting $46,806 in Q3 2025, which is up 7% year-over-year for that quarter. That's how you drive profitability when overall top-line growth moderates.

Metric	Q1 2025 Value	Q3 2025 Value
Enterprise ARR Contribution	75%	76%
Enterprise ARR Amount	$263.8 million	$269.2 million
Number of Enterprise Accounts	5,825	5,751
Enterprise ARPA	$45,290	$46,806

The platform is definitely designed to serve established players, which is why you see the emphasis on B2C and B2B brands that need enterprise-grade features. You're seeing a platform that has evolved past just serving the smallest shops.

Established B2C brands, retailers, and wholesalers.

The Retail sector remains the largest single industry vertical by customer count in 2025, accounting for 18% of the total customer base, which translates to 7,386 stores. This group includes established B2C brands and wholesalers who need robust, scalable infrastructure. The platform also supports significant activity in specific product categories, with Home & Garden being the largest sub-segment, housing 6,869 stores. Apparel is another major area, with 5,691 stores utilizing the platform.

B2B manufacturers and distributors (a key growth focus).

This is where management is placing a heavy bet for future acceleration. The company reports having nearly 12,000 B2B accounts on the platform as of early 2025. Furthermore, over 50% of their net new bookings in fiscal year 2024 were B2B-focused, signaling a clear strategic shift in sales efforts. Manufacturing is the second-largest industry segment by user count, representing 6% of the customer base, or 2,205 users in 2025. To support this, the plan was to double the quota-carrying sales team by mid-2025, specifically targeting this B2B growth.

Tens of thousands of small and medium-sized businesses.

While the focus is upmarket, the foundation is still built on a large volume of smaller merchants. BigCommerce Holdings, Inc. powers over 130,000+ merchants globally. As of the third quarter of 2025, the number of actively live stores on the platform was 40,929. This lower-tier segment is explicitly recognized in the company's restructured market positioning, which includes a dedicated Small Business segment. The introduction of a self-service version of Feedonomics, for example, was a move designed to better serve these smaller businesses with less complex needs.

• Total merchants powered worldwide: over 130,000.
• Active live stores as of Q3 2025: 40,929.
• Historical total of sites that have used the platform: 94,507.
• Retail sector share of customers (2025): 18%.

BigCommerce Holdings, Inc. (BIGC) - Canvas Business Model: Cost Structure

You're looking at the cost side of the ledger for Commerce.com, Inc. (formerly BigCommerce Holdings, Inc.) as of late 2025. The focus here is on controlling the burn while investing for scale, especially in the enterprise segment. We saw real progress in Q3 2025, where the company achieved a GAAP Loss from Operations of just ($0.435 million) on $86.0 million in revenue.

The overall cost base, represented by Total Operating Expenses in Q3 2025, was $67.87 million (or $67,869 thousand). This is the pool of money that covers everything outside of the Cost of Revenue (which resulted in a GAAP Gross Margin of 78% for the quarter). The story here is operating leverage; the Non-GAAP Operating Margin hit 19% in Q3 2025, a significant improvement year-over-year.

Here's a quick look at the key cost-related financial results for the third quarter ended September 30, 2025 (all figures in thousands, unless noted):

Metric	Q3 2025 Amount	Q3 2024 Amount	Notes
Total Revenue	$86,000	$83,710	3% increase year-over-year.
Total Operating Expenses	$67,869	$83,064	Significant reduction from prior year.
GAAP Loss from Operations	($435)	($19,217)	Approaching GAAP profitability.
Non-GAAP Operating Income	$8,000	$4,300	Exceeded guidance midpoint of $4.3M to $9.3M for Q4.
Cash, Cash Equivalents, & Securities	$143,200	Not specified	Strong liquidity position.

The management team explicitly called out cost discipline leading to operating leverage improvements across the board in their Non-GAAP reporting. This means they got more efficient with their spending relative to revenue growth.

High cost of Research and Development (R&D) for platform innovation

Platform innovation remains a core cost driver, essential for maintaining a competitive edge, especially with the push toward AI-enabled commerce. While the exact GAAP R&D dollar amount for Q3 2025 isn't explicitly broken out from the total operating expenses, we know the leverage story. The Non-GAAP Operating Margin improved by 2 percentage points due to R&D efficiency.

The cost to use the platform itself, which covers the underlying technology infrastructure, is reflected in the tiered pricing for merchants, which starts at $39 per month for the Standard plan and goes up to $399 per month for the Pro plan, with custom pricing for Enterprise solutions. This subscription revenue funds the R&D to keep those tiers competitive.

Sales and Marketing (S&M) expenses to drive enterprise pipeline

Driving the enterprise pipeline is expensive, but the returns are clear: Enterprise ARR reached $269.2 million, representing 76% of total ARR as of September 30, 2025. The cost structure reflects this focus. The Non-GAAP Operating Margin improvement attributed to S&M efficiency was the largest contributor at 4 percentage points. This suggests that while S&M spend is high, the return on investment (ROI) from the enterprise pipeline is improving faster than the spend itself.

The company is focused on scaling emerging self-serve product lines too, which likely have a lower initial S&M cost per acquisition.

Technology infrastructure and cloud hosting costs

As a Software as a Service (SaaS) platform, the cost of running the servers and maintaining the cloud environment is a significant, recurring expense. This is baked into the Cost of Revenue, which keeps the GAAP Gross Margin at 78% for Q3 2025. For merchants, this translates to a hosted solution that handles server maintenance and security, avoiding the need for them to budget for hosting that might range from $80 to $730 per month independently.

The platform's architecture, being open and composable, means costs are also incurred through maintaining and integrating with a vast ecosystem of third-party apps, some of which carry monthly subscription fees for merchants, though these are borne by the customer, not Commerce.com, Inc. directly.

General and Administrative (G&A) for corporate overhead

Corporate overhead, or G&A, is another area where the company has demonstrated cost control. The Non-GAAP Operating Margin saw an improvement of 2 percentage points from G&A efficiency. This is the cost of running the business-finance, legal, HR, and executive functions.

The company's strong cash position of $143.2 million as of September 30, 2025, helps absorb these fixed overhead costs without immediate pressure, especially given the $7.6 million in Free Cash Flow generated in the quarter.

Personnel costs for key leadership and sales team expansion

Personnel is almost always the largest component of operating expenses for a software company. The reinvestment mentioned in Q3 2025 was specifically in 'product development and sales enablement,' which directly translates to headcount costs for R&D and S&M teams. The efficiency gains in S&M and R&D suggest that the company is getting more revenue output per dollar spent on its teams, or that the growth in high-value enterprise sales is outpacing the growth in the associated sales team costs.

Key personnel costs are also impacted by stock-based compensation, which is excluded from Non-GAAP measures. The company is managing its overall compensation structure to drive the bottom line, as evidenced by the $8.0 million Non-GAAP Operating Income in Q3 2025.

• Enterprise ARR per account reached $46,806, a 7% increase year-over-year.
• Total common shares outstanding for Q3 2025 was approximately 80.8 million.
• The company is focused on scaling sustainable growth across core offerings.

BigCommerce Holdings, Inc. (BIGC) - Canvas Business Model: Revenue Streams

You're looking at how BigCommerce Holdings, Inc. brings in the money, which is key for understanding its valuation trajectory. Honestly, the revenue mix shows a clear focus on locking in that recurring software income, but services still play a material part.

The biggest piece comes from Subscription Solutions Revenue. For the first quarter of 2025, this segment brought in $62.1 million. That's the bedrock of the business, representing the fees customers pay for access to the core ecommerce platform, which is what we analysts really focus on for long-term predictability.

Then you have Partner and Services Revenue. This stream includes things like the professional services for implementing the platform and revenue from specialized offerings such as Feedonomics services. For Q1 2025, this segment generated $20.256 million, based on the total revenue of $\$82.370$ million for that quarter.

Here's a quick look at how those two main streams stacked up in Q1 2025:

Revenue Stream	Q1 2025 Amount (in millions)
Subscription Solutions Revenue	$62.114
Partner & Services Revenue	$20.256
Total Revenue	$82.370

You'll notice Transaction revenue from processing fees via the future BigCommerce Payments offering isn't a current stream yet. Management has signaled that the BigCommerce Payments offering, powered by PayPal, is on track for a launch in the U.S. in early 2026. That's a future lever for transaction fee revenue, which will change the overall mix when it goes live.

Also keep an eye on the smaller, but strategically important, revenue sources:

• Upsell revenue from paid features in Makeswift.
• Upsell revenue from paid features in Feedonomics.
• The company is pushing self-service versions of Feedonomics targeting smaller businesses in the second half of 2025.

The company's overall expectation for the year reflects the ongoing transformation efforts. For the full-year 2025 revenue guidance, BigCommerce Holdings, Inc. is projecting a range between $339.6 million and $346.6 million, as updated in their Q2 2025 commentary. That guidance range balances the expected upside from doubling sales capacity against macro uncertainty.

To give you a sense of momentum, Q2 2025 actual revenue reached $84.4 million, showing sequential growth from the Q1 2025 total of $\$82.4$ million. The first nine months of 2025 sales reached $252.8 million year-to-date.

Here are some other key metrics tied to revenue performance as of the first quarter:

• Total Annual Revenue Run-Rate (ARR) as of March 31, 2025: $350.8 million.
• Enterprise ARR as of March 31, 2025: $263.8 million.
• Enterprise ARR as a percent of total ARR as of March 31, 2025: 75%.
• Average revenue per enterprise account in Q1 2025: just over $45,000.

Finance: draft the Q3 2025 revenue forecast variance analysis by next Tuesday.