BigCommerce Holdings, Inc. (BIGC): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico del comercio electrónico, BigCommerce Holdings, Inc. (BIGC) surge como una plataforma transformadora que permite a las empresas prosperar en el mercado digital. Al ofrecer una solución SaaS robusta y flexible que une perfectamente la tecnología, el marketing y la experiencia del cliente, BigCommerce ha forjado un nicho único para ayudar a los empresarios y empresas tanto a construir, escalar y optimizar sus estrategias de venta en línea. Este lienzo de modelo comercial integral revela la intrincada mecánica detrás de su enfoque innovador para el comercio digital, mostrando cómo se han convertido en un jugador fundamental para permitir que las empresas conviertan el potencial digital en un éxito tangible.

BigCommerce Holdings, Inc. (BIGC) - Modelo de negocios: asociaciones clave

Shopify y Adobe Technology Integration Partners

BigCommerce mantiene asociaciones de integración de tecnología estratégica con:

Pareja	Detalles de integración	Año establecido
Adobe Commerce	Integración de API de comercio sin cabeza	2019
Shop	Interconectividad de plataforma de nivel empresarial	2020

Asociaciones del procesador de pagos

BigCommerce colabora con múltiples procesadores de pago:

• PayPal (volumen de transacción: $ 1.25 billones en 2023)
• Stripe (procesando $ 817 mil millones anuales)
• Square (soluciones de pago integradas)

Proveedores de tecnología de la plataforma de comercio electrónico

Proveedor de tecnología	Alcance de la asociación	Impacto anual de ingresos
Servicios web de Amazon	Infraestructura en la nube	$ 42.7 millones en 2023
Google Cloud	Soluciones de alojamiento empresarial	$ 35.6 millones en 2023

Marketing digital y redes de colaboración de agencias

BigCommerce se asocia con:

• WPEngine (socio de la agencia digital)
• Acento interactivo
• Consultoría digital de Deloitte

Software empresarial y alianzas de servicio en la nube

Socio empresarial	Tipo de integración	Valor de asociación
Microsoft Dynamics	Integración ERP	$ 18.3 millones ingresos por colaboración
Salesforce	Conectividad de la plataforma CRM	$ 22.7 millones de ingresos por asociación

BigCommerce Holdings, Inc. (BIGC) - Modelo de negocio: actividades clave

Desarrollo de la plataforma de comercio electrónico SaaS

BigCommerce invirtió $ 78.9 millones en gastos de investigación y desarrollo en 2022. La plataforma admite más de 55 idiomas y más de 100 pasarelas de pago a nivel mundial.

Métrico de desarrollo	2022-2023 datos
Inversión de I + D	$ 78.9 millones
Idiomas de la plataforma	55+
Integraciones de pasarela de pago	100+

Mejora de características de plataforma continua

BigCommerce lanzó más de 300 actualizaciones de plataforma en 2022, centrándose en las capacidades de comercio impulsadas por la IA.

• Actualizaciones de arquitectura API-First
• Integraciones de comercio sin cabeza
• Capacidades de venta multicanal

Servicios de atención al cliente y de incorporación

BigCommerce mantiene un equipo de soporte global 24/7 en 7 ubicaciones internacionales, manejando más de 150,000 interacciones de clientes anualmente.

Métrico de soporte	Rendimiento 2022-2023
Ubicaciones de soporte global	7
Interacciones anuales del cliente	150,000+
Tiempo de respuesta promedio	Menos de 2 horas

Habilitación de marketing y ventas digitales

Los gastos de marketing alcanzaron $ 94.3 millones en 2022, dirigidos a segmentos empresariales y de mercado medio.

• Programas de marketing de socios
• Campañas de publicidad digital
• Iniciativas de marketing de contenidos

Personalización de la solución empresarial

BigCommerce atiende a más de 6,500 clientes empresariales con soluciones de integración personalizadas, generando $ 499.3 millones en ingresos totales para 2022.

Métrico empresarial	2022-2023 datos
Clientes empresariales	6,500+
Ingresos anuales totales	$ 499.3 millones
Proyectos de integración personalizados	500+

BigCommerce Holdings, Inc. (BIGC) - Modelo de negocio: recursos clave

Tecnología patentada de comercio electrónico basada en la nube

La plataforma tecnológica patentada de BigCommerce admite más de 95,000 tiendas en línea en más de 120 países a partir del cuarto trimestre de 2023. La plataforma procesa $ 68 mil millones en volumen de mercancías brutas anualmente.

Métrica de tecnología	Datos cuantitativos
Total de tiendas en línea	95,000+
Alcance geográfico	Más de 120 países
Volumen anual de mercancías brutas	$ 68 mil millones

Equipos calificados de ingeniería y desarrollo de software

Bigcommerce emplea a 748 empleados a tiempo completo al 31 de diciembre de 2023, con aproximadamente el 62% dedicado a la investigación y el desarrollo y los roles de ingeniería.

• Total de empleados a tiempo completo: 748
• I + D e personal de ingeniería: aproximadamente 464 empleados
• Salario promedio de ingeniería: $ 135,000 por año

Extensa base de datos de clientes e ideas del mercado

La base de datos de clientes de BigCommerce abarca comerciantes empresariales y de mercado medio en múltiples industrias, con una fuerte representación en sectores minoristas, de fabricación y bienes de consumo.

Segmento de clientes	Porcentaje de la base total de clientes
Minorista	42%
Fabricación	22%
Bienes de consumo	18%

Infraestructura de nube escalable

BigCommerce utiliza Amazon Web Services (AWS) para su infraestructura en la nube, admitiendo soluciones de comercio electrónico de alto rendimiento y distribuidos globalmente.

• Proveedor de la nube: Amazon Web Services (AWS)
• Tiempo de actividad de infraestructura: 99.99% de confiabilidad
• Ubicaciones globales de centros de datos: más de 25 regiones

Propiedad intelectual y patentes de software

A partir de 2023, BigCommerce posee 47 patentes registradas relacionadas con la tecnología de comercio electrónico y las innovaciones de la plataforma.

Categoría de propiedad intelectual	Número de activos registrados
Patentes de software	47
Registros de marca registrada	38

BigCommerce Holdings, Inc. (BIGC) - Modelo de negocio: propuestas de valor

Soluciones de comercio electrónico flexibles y personalizables

BigCommerce ofrece 3 niveles de precios: estándar ($ 29/mes), más ($ 79/mes) y Pro ($ 299/mes). La plataforma admite más de 55 pasarelas de pago y más de 65 monedas internacionales.

Nivel de plan	Costo mensual	Límite de ventas
Estándar	$29	Hasta $ 50,000
Más	$79	Hasta $ 180,000
Pro	$299	Hasta $ 400,000

Plataforma fácil de usar para empresas de todos los tamaños

A partir del cuarto trimestre de 2023, BigCommerce atiende a más de 65,000 comerciantes activos en más de 150 países.

Capacidades de venta omnicanal

La plataforma se integra con 8 mercados principales como Amazon, eBay y Walmart.

Mercado	Estado de integración
Amazonas	Integración completa
eBay	Integración completa
Walmart	Integración completa

Herramientas de análisis e informes avanzados

Proporciona seguimiento de ventas en tiempo real, ideas de clientes y herramientas de optimización de tasa de conversión.

Integraciones de terceros sin problemas

• Más de 100 integraciones de aplicaciones disponibles
• Compatible con las principales plataformas CRM
• Admite herramientas de automatización de marketing

2023 Datos financieros: $ 267.7 millones de ingresos totales, 13% de crecimiento año tras año.

BigCommerce Holdings, Inc. (BIGC) - Modelo de negocios: relaciones con los clientes

Incorporación digital de autoservicio

BigCommerce proporciona un proceso de incorporación digital optimizado con las siguientes métricas clave:

Métrica de incorporación	Valor
Tiempo de incorporación promedio	45 minutos
Tasa de finalización de incorporación digital	92%
Configuración de la cuenta de autoservicio	100% en línea

Gestión dedicada del éxito del cliente

BigCommerce ofrece gestión de éxito de clientes escalonados:

• Los clientes empresariales reciben gerentes de cuentas dedicados
• Soporte de implementación personalizado
• Consulta de estrategia de crecimiento personalizado

Comunidad en línea y base de conocimiento

Métrica de la comunidad	Valor
Miembros de la comunidad en línea	125,000+
Artículos de base de conocimiento	3,500+
Interacciones comunitarias promedio de la comunidad	15,000

Soporte técnico y recursos de capacitación

Canales de soporte y métricas:

• Disponibilidad de soporte técnico 24/7
• Tiempo de respuesta de soporte promedio: 47 minutos
• Canales de soporte: chat en vivo, correo electrónico, teléfono

Comunicaciones regulares de actualización de productos

Métrico de comunicación	Valor
Frecuencia de actualización del producto	Mensual
Canales de comunicación del cliente	Correo electrónico, blog, notificaciones en la aplicación
Lanzamientos anuales de productos	12-15 actualizaciones principales

BigCommerce Holdings, Inc. (BIGC) - Modelo de negocios: canales

Plataforma directa de ventas en línea

BigCommerce opera una plataforma de comercio electrónico que atiende a más de 60,000 tiendas en línea en más de 120 países a partir de 2023. La plataforma generó $ 255.5 millones en ingresos en el tercer trimestre de 2023, lo que representa un crecimiento año tras año de 12.4%.

Métrica de plataforma	2023 datos
Total de tiendas en línea	60,000+
Alcance geográfico	Más de 120 países
T3 2023 Ingresos	$ 255.5 millones

Campañas de marketing digital

Bigcommerce invierte aproximadamente $ 80.3 millones anuales en gastos de ventas y marketing. Los canales de marketing digital incluyen:

• Ads de Google
• Publicidad en las redes sociales
• Marketing de contenidos
• Campañas de marketing por correo electrónico

Redes de referencia de socios

BigCommerce mantiene asociaciones estratégicas con más de 330 socios de tecnología y agencia. El ecosistema de socios genera aproximadamente el 40% de las nuevas adquisiciones de clientes.

Métrica de la red de socios	2023 datos
Socios tecnológicos totales	330+
Nueva adquisición de clientes a través de socios	40%

Representantes de ventas

BigCommerce emplea a 425 representantes de ventas directas dirigidas a clientes del mercado medio y empresas. El representante promedio de ventas genera $ 620,000 en ingresos recurrentes anuales.

Conferencia de la industria y participación en eventos

BigCommerce participa en más de 45 conferencias de la industria anualmente, que incluyen:

• Argot
• El gran espectáculo de NRF Retail
• Conferencia minorista de Internet
• Cumbre de adobe

Métrica de participación de eventos	2023 datos
Conferencias totales de la industria	45+
Inversión anual de marketing de eventos	$ 3.2 millones

BigCommerce Holdings, Inc. (BIGC) - Modelo de negocios: segmentos de clientes

Empresas pequeñas a medianas

A partir del cuarto trimestre de 2023, BigCommerce atiende a aproximadamente 30,000 pequeñas y medianas empresas en diversas industrias. Estas empresas generan ingresos en línea anuales que van desde $ 100,000 a $ 10 millones.

Segmento de clientes	Número de negocios	Ingresos anuales en línea promedio
Empresas pequeñas a medianas	30,000	$ 100,000 - $ 10 millones

Organizaciones minoristas de nivel empresarial

BigCommerce admite más de 2,500 organizaciones minoristas de nivel empresarial con ingresos en línea anuales superiores a $ 10 millones. Los clientes empresariales clave incluyen marcas que generan $ 50 millones a $ 500 millones en ingresos por comercio digital.

Segmento empresarial	Número de clientes	Rango anual de ingresos en línea
Organizaciones minoristas empresariales	2,500	$ 10 millones - $ 500 millones

Marcas directas a consumidores

En 2023, BigCommerce admitió más de 5,000 marcas directas al consumidor (DTC) en múltiples sectores, con una contribución promedio de ingresos de la plataforma de $ 250,000 por marca.

• Marcas totales de DTC: más de 5,000
• Ingresos promedio de la plataforma por marca: $ 250,000
• Industrias clave: moda, belleza, productos para el hogar, electrónica

Comerciantes de comercio electrónico B2B y B2C

A partir de 2024, BigCommerce atiende a 37,500 comerciantes totales en segmentos B2B y B2C, con un valor de mercancía bruta de plataforma (GMV) de $ 17.5 mil millones.

Tipo de comerciante	Comerciantes totales	Valor de mercancía bruta
Comerciantes B2B y B2C	37,500	$ 17.5 mil millones

Objetivos de expansión del mercado internacional

BigCommerce opera en 14 países, con comerciantes internacionales que representan el 35% de los usuarios totales de la plataforma. Las regiones de expansión dirigidas incluyen Europa, Asia-Pacífico y América Latina.

• Países de operación: 14
• Porcentaje de comerciante internacional: 35%
• Regiones de expansión clave: Europa, Asia-Pacífico, América Latina

BigCommerce Holdings, Inc. (BIGC) - Modelo de negocio: Estructura de costos

Inversiones de investigación y desarrollo

Para el año fiscal 2022, BigCommerce reportó gastos de I + D de $ 81.5 millones, lo que representa el 35.3% de los ingresos totales.

Año fiscal	Gastos de I + D	Porcentaje de ingresos
2022	$ 81.5 millones	35.3%
2021	$ 67.4 millones	37.1%

Mantenimiento de la infraestructura en la nube

Los costos de infraestructura en la nube para BigCommerce en 2022 fueron de aproximadamente $ 42.3 millones, lo que incluye el alojamiento, el centro de datos y los gastos de tecnología relacionados.

• Amazon Web Services (AWS) Proveedor primario de infraestructura en la nube
• Gasto anual de infraestructura de la nube anual: $ 42.3 millones
• Costos de escalabilidad de infraestructura: aproximadamente el 18% de los gastos operativos totales

Gastos de ventas y marketing

Los gastos de ventas y marketing de BigCommerce para 2022 totalizaron $ 146.7 millones, lo que representa el 63.4% de los ingresos totales.

Año fiscal	Ventas & Gastos de marketing	Porcentaje de ingresos
2022	$ 146.7 millones	63.4%
2021	$ 124.3 millones	68.4%

Costos operativos de atención al cliente

Los gastos operativos de atención al cliente para BigCommerce en 2022 fueron de $ 37.2 millones, lo que representa el 16.1% de los ingresos totales.

• Canales de atención al cliente 24/7
• Infraestructura de soporte de varios idiomas
• Tamaño del equipo de atención al cliente: aproximadamente 350 empleados

Desarrollo de productos e innovación

Las inversiones en desarrollo de productos para 2022 alcanzaron $ 53.6 millones, centrados en mejoras de plataformas y desarrollo de nuevas características.

Categoría de inversión	Gastos de 2022	Áreas de enfoque clave
Desarrollo de la plataforma	$ 35.4 millones	Funcionalidad de comercio electrónico del núcleo
AI y aprendizaje automático	$ 12.6 millones	Análisis y personalización avanzados
Comercio móvil	$ 5.6 millones	Optimización de la plataforma móvil

BigCommerce Holdings, Inc. (BIGC) - Modelo de negocios: Freve de ingresos

Tarifas de suscripción mensuales

BigCommerce ofrece precios de suscripción mensuales escalonados:

Nivel de plan	Precio mensual	Ingresos recurrentes anuales (ARR)
Estándar	$ 39/mes	$ 468/año
Más	$ 105/mes	$ 1,260/año
Pro	$ 399/mes	$ 4,788/año
Empresa	Precios personalizados	ARRS personalizado

Ingresos basados ​​en transacciones

Los porcentajes de tarifas de transacción varían en la pasarela y el plan:

• Plan estándar: 2.9% + $ 0.30 por transacción
• Plan más: 2.5% + $ 0.30 por transacción
• Plan Pro: 2.2% + $ 0.30 por transacción

Licencias de soluciones empresariales

Ingresos de licencia empresarial en 2023: $ 95.4 millones

Servicios profesionales y consultoría

Tipo de servicio	Contribución de ingresos
Servicios de implementación	$ 12.7 millones en 2023
Desarrollo personalizado	$ 8.3 millones en 2023

Características adicionales y ventas de complementos

Las fuentes de ingresos adicionales incluyen:

• Comisión del mercado de aplicaciones: 20-30% de las ventas de aplicaciones
• Tarifas de integración de terceros: $ 5- $ 50 por integración
• Ventas de temas premium: $ 150- $ 300 por tema

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.