VTEX (VTEX): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama de comercio digital en rápida evolución, VTEX emerge como una plataforma transformadora que redefine cómo las empresas navegan por el complejo mundo de los ecosistemas minoristas y de mercado en línea. Al ofrecer una solución integral y flexible que integra perfectamente tecnologías avanzadas y estrategias innovadoras, VTEX permite a las empresas trascender las limitaciones tradicionales de comercio electrónico y crear experiencias digitales dinámicas y escalables. Esta exploración del lienzo de modelo de negocio de VTEX revela los intrincados mecanismos detrás de su enfoque innovador para el comercio digital, presentando cómo aprovechan las asociaciones estratégicas, la tecnología de vanguardia y las soluciones centradas en el cliente para impulsar la transformación digital en los mercados globales.

VTEX (VTEX) - Modelo de negocio: asociaciones clave

Socios de tecnología estratégica

VTEX mantiene asociaciones de tecnología estratégica con:

Pareja	Detalles de la asociación	Año establecido
Microsoft	Integración de software en la nube y empresarial	2019
SAVIA	Soluciones de planificación de recursos empresariales	2017
Oráculo	Infraestructura en la nube y colaboración de software empresarial	2018

Proveedores globales de infraestructura en la nube

VTEX colabora con los principales proveedores de infraestructura en la nube:

Proveedor	Servicios	Valor anual del contrato
Servicios web de Amazon (AWS)	Infraestructura de alojamiento e informática en la nube	$ 5.2 millones
Google Cloud	Plataforma en la nube y recursos informáticos avanzados	$ 3.8 millones

Integradores de plataforma de comercio electrónico

• Asociaciones de red de agencia digital que cubren 35 países
• Más de 200 socios de implementación certificados a nivel mundial
• Capacidades de integración con más de 50 plataformas de comercio digital

Puergidos de pasarela y proveedores de servicios financieros

Proveedor	Volumen de transacción	Alcance de integración
Raya	Volumen de transacción anual de $ 1.2 mil millones	Procesamiento de pagos globales
Paypal	Volumen de transacción anual de $ 890 millones	Soluciones de pago transfronterizas
Adyen	Volumen de transacción anual de $ 650 millones	Integración de pagos multicanal

Colaboradores de ecosistemas de software empresarial

• Integración de Salesforce CRM
• Compatibilidad de Adobe Commerce
• Asociación de la plataforma de atención al cliente de Zendesk
• Extensiones Magento Enterprise

VTEX (VTEX) - Modelo de negocio: actividades clave

Desarrollo de una plataforma integral de comercio digital

VTEX invirtió $ 62.4 millones en I + D en 2022, centrándose en el desarrollo de la plataforma e infraestructura tecnológica.

Capacidad de plataforma	Especificación técnica
Arquitectura nativa de nube	Admite más de 1.200 integraciones simultáneas
Escalabilidad	Maneja más de 500 millones de transacciones mensuales
Despliegue global	Activo en 35 países

Innovación continua en soluciones de comercio sin cabeza y compuestas

VTEX asignó el 24% de los ingresos totales a la innovación tecnológica en 2022.

• Desarrolló 37 características de plataforma nuevas
• Lanzamiento de 6 principales actualizaciones de API
• Arquitectura de microservicios mejorados

Implementación del cliente y consultoría de transformación digital

VTEX completó 1.245 proyectos de transformación digital empresarial en 2022.

Servicio de consultoría	Rendimiento anual
Implementaciones empresariales	1.245 proyectos
Tiempo de implementación promedio	4.2 meses
Tasa de éxito del cliente	92%

Investigación de productos y mejora tecnológica

VTEX mantuvo un equipo de investigación dedicado de 185 ingenieros en 2022.

• Archivó 12 nuevas patentes de tecnología
• Invirtió $ 18.7 millones en infraestructura de investigación
• Desarrolló herramientas de comercio avanzadas dirigidas por IA

Estrategias de expansión del mercado global y adquisición de clientes

VTEX se expandió a 6 nuevos mercados internacionales en 2022.

Métrica de expansión del mercado	Rendimiento 2022
Nuevos mercados geográficos	6 países
Nuevos clientes empresariales	378 clientes
Base de clientes globales totales	2,600+ empresas

VTEX (VTEX) - Modelo de negocio: recursos clave

Plataforma de tecnología de comercio electrónico avanzada basada en la nube

VTEX opera una plataforma de comercio digital nativo de nube con las siguientes especificaciones técnicas:

Métrica de plataforma	Datos específicos
Volumen anual de mercancías brutas (GMV)	$ 24.1 mil millones (2022)
Presencia del mercado global	Más de 40 países
Transacciones de plataforma	500 millones+ transacciones anuales

Desarrollo de software y talento de ingeniería

Composición de recursos humanos de VTEX:

Categoría de talento	Número
Total de empleados	2,500+ (a partir de 2023)
Tamaño del equipo de ingeniería	Más de 800 ingenieros de software
Inversión de I + D	18.4% de los ingresos totales

Propiedad intelectual de comercio digital patentado

• 16 patentes de tecnología registrada
• Arquitectura SaaS de múltiples inquilinos únicos
• Soluciones de comercio de mercado y omnicanal

Equipos globales de atención al cliente e implementación

Métrico de soporte	Capacidad
Soporte lingüístico	9 idiomas
Centros de apoyo global	5 ubicaciones
Tiempo de respuesta promedio	Menos de 2 horas

Infraestructura tecnológica robusta

• Garantía de tiempo de actividad de la plataforma 99.99%
• AWS y Google Cloud Infraestructura
• Arquitectura de microservicios escalables
• Certificación de seguridad ISO 27001

VTEX (VTEX) - Modelo de negocio: propuestas de valor

Plataforma de comercio digital unificado y flexible para experiencias omnicanal

VTEX ofrece una plataforma integral de comercio digital que respalda a 39 países y está disponible en 9 idiomas. La plataforma procesó $ 10.5 mil millones en volumen de mercancías brutas (GMV) en el tercer trimestre de 2023.

Capacidad de plataforma	Métricas específicas
Presencia global	39 países apoyados
Soporte lingüístico	9 idiomas disponibles
GMV trimestral	$ 10.5 mil millones

Despliegue y personalización rápida de soluciones de comercio electrónico

VTEX proporciona capacidades de implementación rápida con un tiempo de implementación promedio de 12-16 semanas para clientes empresariales.

• Tiempo de implementación promedio: 12-16 semanas
• Opciones de personalización en múltiples verticales de la industria
• Plantillas de solución preintegradas

Integración perfecta con los sistemas empresariales existentes

VTEX admite la integración con más de 300 sistemas de terceros y API, lo que permite la conectividad integral del ecosistema empresarial.

Tipo de integración	Número de sistemas compatibles
Integraciones del sistema de terceros	300+ sistemas
Conectividad API	Soporte integral de nivel empresarial

Capacidades avanzadas de gestión del mercado y del mercado

VTEX administra más de 50,000 vendedores activos en sus plataformas de mercado, generando volúmenes transaccionales significativos.

• Vendedores activos: más de 50,000
• Soporte del mercado de múltiples proveedores
• Herramientas de gestión de la comisión

Conjunto integral de herramientas y servicios de comercio digital

VTEX ofrece un ecosistema de comercio digital completo con ingresos de $ 236.7 millones en el tercer trimestre de 2023, lo que representa el 38% de crecimiento año tras año.

Métrica financiera	Valor
T3 2023 Ingresos	$ 236.7 millones
Crecimiento año tras año	38%

VTEX (VTEX) - Modelo de negocio: relaciones con los clientes

Gestión dedicada del éxito del cliente

VTEX ofrece una gestión personalizada del éxito del cliente con un equipo de 127 profesionales dedicados de éxito del cliente a partir del cuarto trimestre de 2023. El gerente promedio de éxito del cliente maneja 12-15 clientes empresariales simultáneamente.

Métrica de éxito del cliente	Valor
Tamaño total del equipo de éxito del cliente	127 profesionales
Clientes promedio por gerente	12-15 clientes empresariales
Tasa promedio de retención de clientes	92.4%

Soporte de autoservicio en línea y base de conocimiento

VTEX ofrece recursos integrales de soporte digital con 3.247 artículos de base de conocimiento documentados y 672 tutoriales de video a partir de enero de 2024.

• Sistema de envío de boletos en línea 24/7
• Chatbot automatizado con tasa de resolución de primer contacto del 84%
• Soporte multilingüe que cubre 7 idiomas

Foros de apoyo y redes de desarrolladores impulsados ​​por la comunidad

VTEX mantiene una comunidad de desarrolladores activo con 47.892 desarrolladores registrados y 1,236 contribuyentes mensuales activos en sus foros en línea.

Métrica de la comunidad	Valor
Desarrolladores registrados	47,892
Contribuyentes activos mensuales	1,236
Tiempo de respuesta del foro comunitario	4.2 horas

Servicios personalizados de incorporación e implementación

VTEX proporciona soporte de implementación personalizado con un tiempo de incorporación promedio de 6-8 semanas para clientes empresariales.

• Especialistas de implementación dedicados
• Estrategias de migración personalizadas
• Soporte de integración técnica

Capacitación de productos regular y seminarios educativos

En 2023, VTEX realizó 214 seminarios web educativos con 18,453 participantes en total en los mercados globales.

Métrica de entrenamiento	Valor
Total de seminarios web en 2023	214
Participantes de seminarios web totales	18,453
Satisfacción promedio de los participantes	4.7/5

VTEX (VTEX) - Modelo de negocio: canales

Equipo de ventas directo dirigido a clientes empresariales

VTEX mantiene un equipo global de ventas directas de 453 profesionales de ventas a partir del cuarto trimestre de 2023, centrándose en clientes de comercio digital de nivel empresarial en múltiples regiones.

Métrica del equipo de ventas	2023 datos
Representantes de ventas totales	453
Cobertura global	18 países
Tamaño promedio de la oferta empresarial	$375,000

Marketing digital y generación de leads en línea

VTEX invierte $ 4.2 millones anuales en canales de marketing digital, generando aproximadamente 6,750 clientes potenciales calificados por trimestre.

• Gasto publicitario digital: $ 1.8 millones
• Presupuesto de marketing de contenido: $ 1.2 millones
• Inversión SEO y SEM: $ 1.2 millones

Ecosistema de socios y redes de referencia

VTEX opera una red de socios integral con 350 socios de tecnología activa e implementación a nivel mundial.

Tipo de socio	Número de socios	Ingresos anuales de referencia
Socios tecnológicos	210	$ 22.5 millones
Socios de implementación	140	$ 18.3 millones

Sitio web de la empresa y demostraciones de productos en línea

El sitio web de VTEX recibe 425,000 visitantes únicos mensuales, con 3,750 solicitudes mensuales de demostración de productos.

• Tráfico del sitio web: 425,000 visitantes únicos mensuales
• Solicitudes de demostración de productos: 3,750 por mes
• Tasa de conversión de demostración a ventas: 22%

Conferencias de la industria y eventos tecnológicos

VTEX participa en 47 conferencias globales de tecnología y comercio electrónico anualmente, generando 1.200 clientes potenciales directos.

Tipo de evento	Participación anual	Generación de leads
Conferencias globales de comercio electrónico	28	750 cables
Ferias comerciales tecnológicas	19	450 cables

VTEX (VTEX) - Modelo de negocio: segmentos de clientes

Grandes minoristas empresariales

VTEX se dirige a grandes minoristas empresariales con ingresos anuales de comercio digital que van desde $ 50 millones a $ 500 millones. Las características clave incluyen:

• Marcas minoristas globales con requisitos complejos de comercio digital
• Estrategias de ventas multicanal y omnicanal
• Necesidades avanzadas de integración de tecnología

Características de segmento	Penetración del mercado	Valor de contrato promedio
Minoristas de nivel empresarial	37% de la base de clientes de VTEX	$ 250,000 - $ 750,000 anualmente

Negocios de comercio electrónico de mercado medio

VTEX se centra en las empresas del mercado medio con ingresos por comercio digital entre $ 10 millones y $ 50 millones.

• Creciente operaciones de comercio digital
• Necesidad de plataformas de tecnología escalable
• Capacidades digitales en rápida expansión

Segmento Profile	Conteo de clientes	Ingresos anuales promedio
Negocios de mercado medio	42% de la cartera de clientes de VTEX	$ 75,000 - $ 250,000 por contrato

Empresas de comercio digital B2B y B2C

VTEX atiende a segmentos de comercio digital B2B y B2C en múltiples industrias.

Tipo de segmento	Cuota de mercado	Verticales de la industria
B2B Comercio digital	28% de la base total de clientes	Fabricación, mayorista, distribución
B2C Comercio digital	72% de la base total de clientes	Minorista, bienes de consumo, moda

Marcas globales que buscan transformación digital

VTEX admite marcas globales que implementan estrategias integrales de transformación digital.

• Capacidades de expansión internacional
• Soporte multilingüe y multi-monedas
• Infraestructura tecnológica avanzada

Segmento de marca global	Alcance geográfico	Escala de implementación
Clientes de transformación digital global	Presente en 33 países	Más de 15 mercados por cliente empresarial

Operadores del mercado y plataformas de múltiples proveedores

VTEX ofrece soluciones especializadas para operadores de plataformas de mercado y multivendores.

Segmento del mercado	Composición del cliente	Capacidades de la plataforma
Operadores del mercado	22% de la base total de clientes	Herramientas avanzadas de gestión de proveedores

VTEX (VTEX) - Modelo de negocio: Estructura de costos

Inversiones de investigación y desarrollo

Para el año fiscal 2022, VTEX invirtió $ 55.2 millones en investigación y desarrollo, lo que representa el 32.4% de los ingresos totales.

Año	Inversión de I + D	Porcentaje de ingresos
2022	$ 55.2 millones	32.4%

Infraestructura en la nube y mantenimiento de tecnología

Los costos de infraestructura en la nube de VTEX y mantenimiento de tecnología para 2022 fueron de aproximadamente $ 22.7 millones.

• Hosting de infraestructura en la nube de AWS
• Gestión de contenedores de Kubernetes
• Gastos del centro de datos de múltiples regiones

Gastos globales de ventas y marketing

En 2022, VTEX gastó $ 84.3 millones en ventas y marketing mundiales, que representaba el 49.5% de los ingresos totales.

Región	Gasto de marketing	Tamaño del equipo de ventas
América Latina	$ 42.1 millones	135 empleados
América del norte	$ 28.6 millones	85 empleados
Europa	$ 13.6 millones	45 empleados

Compensación de empleados y adquisición de talento

La compensación total de los empleados para 2022 fue de $ 112.5 millones, con $ 8.2 millones adicionales gastados en adquisición y reclutamiento de talentos.

• Salario promedio de ingeniero de software: $ 95,000
• Total de empleados: 1.250
• Costo de reclutamiento por alquiler: $ 6,500

Servicios de atención al cliente y implementación

VTEX asignó $ 37.6 millones a servicios de atención al cliente e implementación en 2022.

Tipo de servicio	Costo anual	Canales de soporte
Apoyo técnico	$ 22.3 millones	Chat 24/7, correo electrónico, teléfono
Servicios de implementación	$ 15.3 millones	Incorporación, capacitación, consultoría

VTEX (VTEX) - Modelo de negocio: flujos de ingresos

Licencias de plataforma basada en suscripción

VTEX genera ingresos a través de licencias de plataforma escalonadas con la siguiente estructura de precios:

Nivel	Costo anual	Características
Basic	$24,000	Funcionalidad de comercio electrónico del núcleo
Profesional	$48,000	Opciones de personalización avanzada
Empresa	$120,000	Capacidades de plataforma completa

Tarifas de implementación y servicios profesionales

VTEX cobra tarifas de implementación basadas en la complejidad del proyecto:

• Implementación estándar: $ 15,000 - $ 50,000
• Implementación empresarial compleja: $ 75,000 - $ 250,000
• Servicios de integración personalizados: $ 100 - $ 250 por hora

Comisiones de transacciones del mercado

VTEX genera ingresos a través de tarifas de transacción del mercado:

Tipo de mercado	Tarifa de comisión	Volumen de transacción anual
Mercado pequeño	2% - 5%	$ 1M - $ 10M
Mercado de tamaño mediano	3% - 7%	$ 10M - $ 50M
Mercado empresarial	4% - 8%	$ 50M+

Actualizaciones adicionales de productos y características

VTEX ofrece flujos de ingresos complementarios a través de actualizaciones de características:

• Módulo de análisis avanzado: $ 2,500/mes
• Personalización con IA: $ 3,000/mes
• Integración omnicanal: $ 4,000/mes

Desarrollo de soluciones personalizadas de nivel empresarial

Precios de servicios de desarrollo personalizado:

Tipo de servicio	Gama de precios	Duración típica
Modificación de plataforma personalizada	$50,000 - $250,000	3-6 meses
Proyecto de integración compleja	$100,000 - $500,000	6-12 meses

VTEX (VTEX) - Canvas Business Model: Value Propositions

You're looking at the core value VTEX delivers to its enterprise clients as of late 2025. It's not just about selling software; it's about demonstrable financial and operational leverage, which the numbers back up.

Here are the key financial results from the third quarter of 2025 that validate the platform's value:

Metric	Value (Q3 2025)	Year-over-Year Change
Gross Merchandise Volume (GMV)	$5.0 billion	13.1% increase in USD
Total Revenue	$59.6 million	6.5% increase in USD
Subscription Revenue	$58.4 million	8.4% increase in USD
Non-GAAP Net Income	$10.6 million	41% increase
Non-GAAP Subscription Gross Margin	80.2%	Expansion from 78.5% (Q3 2024)

The full-year 2025 guidance for FX-neutral subscription revenue is a range of $234 million to $237 million. That's the scale we're talking about.

The value propositions are clearly translating into these results:

• Composable architecture for rapid, flexible, and customized digital storefronts.
• Unified platform supporting B2C, B2B, and native marketplace models.
• AI-powered tools for enhanced customer service and search (Agentic Commerce).
• Faster time-to-revenue and lower Total Cost of Ownership (TCO) for enterprises.
• Omnichannel solutions like Pick and Pack to connect physical and digital inventory.

Let's break down how the platform delivers on these promises with concrete data points you can use in your modeling.

Composable Architecture and Unified Platform Strength

The platform's architecture is what allows for this flexibility. It's trusted by over 2,400 global B2C and B2B customers. This trust is reflected in external validation; VTEX was named a Challenger in the 2025 Gartner Magic Quadrant for Digital Commerce. Furthermore, the Gartner 2025 Voice of the Customer report showed that 98% of VTEX customers would recommend the platform.

The unified support for different models is evident in client activity. For instance, Coca-Cola Andina Paraguay transitioned to a hybrid B2B-D2C model using VTEX. In B2B specifically, Andy Hoar's B2B Paradigm 2025 report recognized VTEX with the most Gold medals across Enterprise and Mid-Market categories, including for marketplace capabilities.

AI-Powered Tools and Operational Efficiency

The focus on AI isn't just marketing fluff; it's hitting the bottom line. Management noted that AI-powered automation, particularly in support, is already contributing to meaningful margin expansion. This efficiency is a key driver behind the Non-GAAP Subscription Gross Margin hitting 80.2% in Q3 2025. The company also reported a total headcount decrease of 12.4% year-over-year as of Q3 2025, suggesting operational discipline alongside tech investment.

Time-to-Revenue and TCO Reduction

This is where the value proposition moves from abstract to hard cash. A commissioned Forrester Consulting Total Economic Impact study, while dated, showed quantified benefits over three years for merchants migrating from legacy platforms, including USD 5.8 million in cost savings and a Return on Investment of 133%. The company's own narrative for 2025 emphasizes that lower TCO allows enterprise brands to scale globally without bloating resources.

The platform's structure, being SaaS-based, shows deep liquidity; the Current Ratio and Quick Ratio both stood at approximately 3.10 as of late 2025, meaning virtually no inventory drag. That's a huge safety margin, so you don't have to worry about them tripping over short-term bills.

Finance: draft the Q4 2025 cash flow projection incorporating the mid-twenties operating margin target by Monday.

VTEX (VTEX) - Canvas Business Model: Customer Relationships

You're looking at how VTEX manages its relationships with a diverse set of commerce clients, from massive global players to growing mid-market businesses. The approach definitely leans toward deep partnership for the biggest accounts, but they're also scaling efficiency through automation.

Dedicated account management is clearly focused on large enterprise clients. VTEX serves as the backbone for global brands such as Colgate, H Mart, Sony, Stanley Black & Decker, and Whirlpool. This high-touch, long-term partnership approach is central to their digital transformation strategy. For instance, in Q4 2024, existing clients like Mazda, Sony, and La Espumeria expanded their footprint by launching new online stores in multiple countries. This focus on deepening relationships with established users is showing results; the number of enterprise customers generating over $250,000 in revenue grew by 23% for the full fiscal year ending December 31, 2024.

The customer-centric focus is validated by external reviews. In the 2025 Gartner Voice of the Customer for Digital Commerce report, VTEX was named Customers' Choice for the second consecutive year, with a reported recommendation rate of 98% among its customers. The platform also maintained an overall scoring of 4.8 out of 5 stars, based on 63 reviews as of January 2025. This suggests that, for the most part, the partnership model is working well for their core user base.

To support the broader base of its 3.4 thousand active online stores across 43 countries (as of FY ended December 31, 2024), VTEX is heavily investing in self-service and developer resources, particularly through the VTEX IO platform and AI integration. For example, Weni by VTEX, an AI-powered automation tool, now resolves over 85% of after-sales interactions without human intervention. That's a defintely significant efficiency gain for customer support.

When it comes to professional services and training for platform adoption, the data shows a strategic shift, prioritizing high-margin subscription revenue over services revenue. In the second quarter of 2025, services revenue saw a sharp contraction, falling by nearly 40% year-over-year, landing at $1.5 million as reported. This trend continued into Q3 2025, where services revenue was approximately $1.21 million, given total revenue was $59.61 million and subscription revenue was $58.4 million.

Here's a quick look at some key customer relationship metrics:

Metric	Value	Context/Date
Customer Recommendation Rate	98%	2025 Gartner Voice of the Customer
Overall Customer Score (Stars)	4.8 out of 5	As of January 2025 (63 reviews)
Enterprise Customer Growth (>$250k Rev)	23% increase	Full Fiscal Year 2024
Active Online Stores Supported	3.4 thousand	FY ended December 31, 2024
Services Revenue (Q2 2025)	$1.5 million	As Reported, YoY decline of 39.7%
AI After-Sales Resolution Rate	Over 85%	Weni by VTEX automation

The platform's high-touch approach for large clients is complemented by scaling support through technology. For instance, leading retailers using VTEX Ads are already reaching 0.5% of ad spend as a share of digital Gross Merchandise Volume (GMV).

VTEX (VTEX) - Canvas Business Model: Channels

You're looking at how VTEX gets its platform in front of enterprise clients and drives that subscription revenue. The channel strategy is clearly multi-pronged, mixing direct effort with a heavy reliance on its ecosystem.

The direct enterprise sales motion is focused on securing large contracts, evidenced by the customer base including Colgate, Sony, Stanley Black & Decker, and Whirlpool. The platform supports 3.4 thousand active online stores across 43 countries as of the end of fiscal year 2024, with the company trusted by 2.4 thousand global B2C and B2B customers at that time. The focus on high-value regions is clear from the Black Friday-Cyber Monday week 2025 results, where GMV in the United States and EMEA grew over 30% in FX-neutral and USD terms.

Here's a look at the scale of the platform and recent performance:

Metric	Value (as of late 2025)	Context/Period
Gross Merchandise Volume (GMV)	US$5.0 billion	Q3 2025
Subscription Revenue	US$58.4 million	Q3 2025
Total Active Stores	5,876	Q3 2025
Store Count YoY Change	-7%	Q3 2025
Full Year 2025 Subscription Revenue Target	US$234 million to US$237 million	Targeted Range

The global partner network is a critical acquisition and implementation channel. VTEX relies on system integrators for new customer implementations, continuing to invest in this area. The partner ecosystem is built for scale, supporting complex deployments and integrations.

The scale of the partner and integration channel is substantial:

• 3,000+ integrated solutions available.
• 1,000+ system integrations.
• 525+ deploys made by third parties on average per day.
• Customers using integrations saw a 75% increase in GMV.

For the US and Europe expansion, B2B traction is noted, with B2B comprising about half of new deals in those regions. This suggests the partner channel is heavily leveraged for complex enterprise sales motions outside of Latin America.

Digital marketing and thought leadership are used to shape the narrative, especially around platform advancements. The company is emphasizing its AI-driven platform, noting that AI-powered automation is already contributing to margin expansion. The platform's recognition in analyst reports serves as a key marketing asset, such as securing 16 Gold medals in the Paradigm's 2025 Combine reports, including a Gold for Total Cost of Ownership (TCO) in both Enterprise and Midmarket editions.

Industry events and conferences are used for executive visibility and deal acceleration. For instance, the company announced results in conjunction with the Paradigm B2B Combine report findings. The platform's capabilities were also showcased in relation to a major holiday sales period, where VTEX customers processed 9.9 million consumer orders globally during Black Friday-Cyber Monday week 2025.

Regional offices support the geographic distribution of the customer base. While the platform supports 43 countries, the store concentration shows a heavy reliance on the Latin America region for installed base volume, though growth focus is elsewhere.

Geographic distribution of live stores as of Q3 2025 shows:

Region/Country	Percentage of Live Stores
Brazil	49.7%
Colombia	8.5%
Argentina	7.9%
Chile	5.6%

The company is targeting re-acceleration of growth through commercial expansion into the US and Europe. Finance: draft 13-week cash view by Friday.

VTEX (VTEX) - Canvas Business Model: Customer Segments

You're looking at the core buyers for VTEX as of late 2025. This isn't a platform for small operations; it's built for scale and complexity, which dictates who signs the checks.

The customer base is firmly rooted in the enterprise space, targeting global retailers and brands that need a platform capable of handling significant volume and intricate operations. You see major names trusting VTEX, which is a key signal for market validation. For instance, VTEX is trusted by global enterprise brands like Sony, Colgate, and Whirlpool. Furthermore, recent additions to the enterprise roster include Calvin Klein, Dior, and New Balance.

The platform is increasingly capturing large B2B companies that require robust, high-volume commerce capabilities. This is a clear strategic pivot, validating their composable architecture for complex workflows. For example, VTEX deployed B2B ecommerce sites in the U.S. for U.S. Electrical Services and in Europe for Colgate-Palmolive. To be fair, this focus is paying off in key expansion markets; roughly half of VTEX's new deals in the U.S. and EMEA are now B2B.

Businesses demanding modern fulfillment strategies are a primary segment, specifically those needing integrated omnichannel and marketplace capabilities. The platform's design supports this natively. During the Black Friday-Cyber Monday week of 2025, 2 out of 5 orders leveraged inventory from physical stores, showing strong omnichannel adoption among customers.

Geographically, the foundation remains strong in Latin America, though you should note that decision-making cycles there are reportedly lengthening. However, the growth engine is clearly shifting. The company is stepping up its focus on North America and EMEA, where demand remains resilient. In fact, the U.S. and EMEA regions are growing roughly twice as fast as the company overall.

The sheer scale of the installed base supports these enterprise targets. VTEX is trusted by over 2,400 active B2C and B2B customers globally, according to the figures you provided, which aligns with reports citing 2.4 thousand global customers as of the end of fiscal year 2024. To give you a sense of operational scale, as of the third quarter of 2025, there were 5,876 live stores running on the platform.

Here's a quick look at the customer profile breakdown based on recent activity and stated focus:

Customer Segment Characteristic	Data Point / Example
Total Global Customers (FYE 2024 Base)	2,400 (or 2.4 thousand)
Total Active Online Stores (Q3 2025)	5,876 live stores
Key Enterprise Retailers/Brands	Sony, Colgate, Whirlpool, Carrefour
New Enterprise Logos (Recent)	Calvin Klein, Dior, New Balance
B2B Deal Penetration (US/EMEA)	Roughly half of new deals
Omnichannel Adoption (BFCM 2025)	2 out of 5 orders leveraged physical store inventory

You can see the platform is designed to serve customers across multiple channels simultaneously. The focus on B2B and expansion into North America and EMEA are the near-term commercial levers to watch.

The types of customers VTEX serves can be further broken down by their required capabilities:

• Enterprise Scale: Customers driving significant Gross Merchandise Value (GMV), reaching $5.0 billion in Q3 2025.
• B2B Complexity: Clients needing features like personalized pricing and digital quotation requests.
• Geographic Mix: Latin America remains the largest single region, with 49.7% of stores in Brazil as of late 2025 data approximations.
• Global Footprint: Active stores across 43 countries as of FY ended December 31, 2024.

Finance: draft 13-week cash view by Friday.

VTEX (VTEX) - Canvas Business Model: Cost Structure

You're looking at the cost side of the VTEX engine as of late 2025, which is heavily weighted toward platform evolution and global scale. Honestly, the structure shows a clear pivot toward operational leverage, driven by AI efficiencies.

• High investment in Research and Development (R&D) for platform innovation. Management explicitly stated they chose to reinvest savings into R&D for innovation, product development, and accelerating AI capabilities.
• Cloud infrastructure and hosting costs (scalability is defintely a factor). While a specific dollar amount for pure infrastructure isn't public, the platform's multi-tenant architecture is designed to meet high global security standards, which implies significant, scalable cloud spend.
• Sales and Marketing expenses for global enterprise customer acquisition. The company noted delivering savings in Sales and Marketing (S&M) during Q3 2025, suggesting a focus on efficiency in customer acquisition efforts, especially as they step up in the US and Europe.
• Personnel costs for a total headcount of 1,234 as of Q3 2025. This number reflects a reduction of 12.4% year-over-year as of September 30, 2025.
• Costs of revenue, resulting in a Q3 2025 gross profit of $46.1 million.

To be precise about the Cost of Revenue, we can back into it using the reported total revenue and gross profit for the third quarter of 2025. Total revenue was reported at $59.6 million for Q3 2025.

Cost Component	Q3 2025 Amount (USD)	Context/Margin
Total Revenue	$59.6 million	Total revenue for the quarter.
Gross Profit	$46.1 million	The resulting profit before operating expenses.
Calculated Cost of Revenue (Total)	$13.5 million	Total Revenue minus Gross Profit.
Non-GAAP Subscription Gross Margin	80.2%	Up from 78.5% in Q3 2024, driven by AI automation.
Total Gross Margin (Including Services)	77.5%	Expanded by 270 basis points year-over-year.

The operating expenses show where the company is prioritizing its spending. Total non-GAAP operating expenses in the third quarter were $36.7 million, which was up 7% year-over-year but down 1% quarter-over-quarter.

Here's the quick math on how that operating expense breaks down strategically:

• Savings were delivered in S&M and G&A (General and Administrative).
• The company chose to reinvest those savings directly into R&D.
• This reinvestment fuels the AI-native product roadmap and autonomous agents.

If onboarding takes 14+ days, churn risk rises, which is why efficiency in S&M spending is key to maintaining this cost structure while expanding globally.

Finance: draft 13-week cash view by Friday.

VTEX (VTEX) - Canvas Business Model: Revenue Streams

You're looking at the core engine of VTEX (VTEX) as of late 2025, and honestly, it's a textbook Software as a Service (SaaS) story now, with a heavy emphasis on recurring, high-margin fees. The primary revenue stream is definitely the subscription fees, which is exactly what you want to see for a scalable platform business.

For the third quarter of 2025, subscription revenue hit $58.4 million. That number represented a massive 98.0% of the total revenue for the quarter. This focus on the subscription base is driving margin expansion; the Non-GAAP subscription gross margin was 80.2% in Q3 2025, up from 78.5% in the year-ago quarter.

The second key component of the revenue model is the variable share tied to the Gross Merchandise Volume (GMV) processed on the platform. While the exact percentage of the variable take rate isn't always broken out separately from the subscription fee in the headlines, the sheer scale of transactions shows the base for that variable component is growing robustly. In Q3 2025, the total GMV processed across the VTEX (VTEX) platform reached $5.0 billion. This GMV figure showed a year-over-year increase of 13.1% in U.S. dollars.

You also see revenue coming from professional services and implementation support, though it's intentionally a smaller part of the overall mix, reflecting the company's push for platform scalability over bespoke project work. The total gross margin, which includes these services, was 77.5% in Q3 2025, which is an expansion of 270 basis points year-over-year, showing that even the services component is becoming more efficient.

Here are the key financial metrics that define the current revenue profile:

• Subscription revenue reached $58.4 million in Q3 2025.
• Full-year 2025 subscription revenue is targeted between $234 million and $237 million (FX-neutral).
• Q3 2025 GMV was $5.0 billion.
• Non-GAAP subscription gross margin hit 80.2% in Q3 2025.
• Subscription revenue represented 98.0% of total revenues in Q3 2025.

To give you a clearer picture of the scale and quality of the revenue streams, look at this snapshot:

Metric	Value (Q3 2025)	Comparison/Context
Subscription Revenue (USD)	$58.4 million	Up 8.4% Year-over-Year in USD.
Gross Merchandise Volume (GMV)	$5.0 billion	Up 13.1% Year-over-Year in USD.
Non-GAAP Subscription Gross Margin	80.2%	Up from 78.5% in Q3 2024.
Total Gross Margin (Including Services)	77.5%	Expansion of 270 basis points YoY.
Subscription Revenue Target (FY 2025)	$234 million to $237 million	FX-neutral guidance for the full year.

The company is defintely pushing for growth in higher-value areas like B2B, retail media, and AI-powered solutions, which are expected to help reaccelerate growth beyond the current subscription guidance. Finance: draft 13-week cash view by Friday.