BigCommerce Holdings, Inc. (BIGC): Business Model Canvas [Jan-2025 Mis à jour]

Dans le monde dynamique du commerce électronique, BigCommerce Holdings, Inc. (BIGC) apparaît comme une plate-forme transformatrice qui permet aux entreprises de prospérer sur le marché numérique. En offrant une solution SaaS robuste et flexible qui plie de manière transparente la technologie, le marketing et l'expérience client, BigCommerce a creusé un créneau unique pour aider les entrepreneurs et les entreprises à construire, à mettre à l'échelle et à optimiser leurs stratégies de vente en ligne. Cette toile complète du modèle commercial révèle la mécanique complexe derrière leur approche innovante du commerce numérique, montrant comment ils sont devenus un acteur central pour permettre aux entreprises de transformer le potentiel numérique en succès tangible.

BigCommerce Holdings, Inc. (BIGC) - Modèle d'entreprise: partenariats clés

Partenaires d'intégration de la technologie Shopify et Adobe

BigCommerce maintient des partenariats d'intégration de technologie stratégique avec:

Partenaire	Détails de l'intégration	Année établie
Adobe Commerce	Intégration de l'API de commerce sans tête	2019
Faire du shoprif	Interconnectivité de la plate-forme de niveau de l'entreprise	2020

Partenariats de processeur de paiement

BigCommerce collabore avec plusieurs processeurs de paiement:

• PayPal (volume de transaction: 1,25 billion de dollars en 2023)
• Stripe (traitement de 817 milliards de dollars par an)
• Carré (solutions de paiement intégrées)

Fournisseurs de technologies de plate-forme de commerce électronique

Fournisseur de technologie	Portée du partenariat	Impact annuel sur les revenus
Services Web Amazon	Infrastructure cloud	42,7 millions de dollars en 2023
Google Cloud	Solutions d'hébergement d'entreprise	35,6 millions de dollars en 2023

Réseaux de marketing numérique et de collaboration d'agence

BigCommerce s'associe à:

• WPEngine (partenaire de l'agence numérique)
• Accenture Interactive
• Deloitte Digital Consulting

Logiciels d'entreprise et alliances de services cloud

Partenaire d'entreprise	Type d'intégration	Valeur de partenariat
Microsoft Dynamics	Intégration ERP	Renus de collaboration de 18,3 millions de dollars
Salesforce	Connectivité de la plate-forme CRM	22,7 millions de dollars de revenus de partenariat

BigCommerce Holdings, Inc. (BIGC) - Modèle d'entreprise: Activités clés

Développement de la plate-forme de commerce électronique SaaS

BigCommerce a investi 78,9 millions de dollars dans les frais de recherche et de développement en 2022. La plate-forme prend en charge plus de 55 langues et plus de 100 passerelles de paiement dans le monde.

Métrique de développement	Données 2022-2023
Investissement en R&D	78,9 millions de dollars
Langages de plate-forme	55+
Intégrations de passerelle de paiement	100+

Amélioration des fonctionnalités de plate-forme continue

BigCommerce a publié plus de 300 mises à jour de la plate-forme en 2022, en se concentrant sur les capacités de commerce axées sur l'IA.

• Mises à jour de l'architecture API-First
• Intégrations de commerce sans tête
• Capacités de vente multicanal

Support client et services d'intégration

BigCommerce maintient une équipe de support mondiale 24/7 sur 7 emplacements internationaux, gérant plus de 150 000 interactions clients par an.

Métrique de soutien	Performance 2022-2023
Emplacements de support global	7
Interactions annuelles du client	150,000+
Temps de réponse moyen	Moins de 2 heures

Marketing numérique et activation des ventes

Les dépenses de marketing ont atteint 94,3 millions de dollars en 2022, ciblant l'entreprise et les segments du marché intermédiaire.

• Programmes de marketing partenaire
• Campagnes publicitaires numériques
• Initiatives de marketing de contenu

Personnalisation de la solution d'entreprise

BigCommerce dessert plus de 6 500 clients d'entreprise avec des solutions d'intégration personnalisées, générant 499,3 millions de dollars de revenus totaux pour 2022.

Métrique d'entreprise	Données 2022-2023
Clients de l'entreprise	6,500+
Revenu annuel total	499,3 millions de dollars
Projets d'intégration personnalisés	500+

BigCommerce Holdings, Inc. (BIGC) - Modèle commercial: Ressources clés

Technologie de commerce électronique basée sur le cloud propriétaire

La plate-forme technologique propriétaire de BigCommerce prend en charge plus de 95 000 magasins en ligne dans plus de 120 pays au 423.

Métrique technologique	Données quantitatives
Magasins en ligne total	95,000+
Portée géographique	120+ pays
Volume annuel de marchandises brutes	68 milliards de dollars

Équipes de génie logiciel qualifié et de développement

BigCommerce emploie 748 employés à temps plein au 31 décembre 2023, avec environ 62% dédiés aux rôles de recherche et de développement et d'ingénierie.

• Total des employés à temps plein: 748
• Personnel de R&D et d'ingénierie: environ 464 employés
• Salaire d'ingénierie moyen: 135 000 $ par an

Base de données des clients approfondies et informations sur le marché

La base de données des clients de BigCommerce englobe les commerçants des entreprises et des marchés mi-marchés dans plusieurs secteurs, avec une forte représentation dans les secteurs de la vente au détail, de la fabrication et des biens de consommation.

Segment de clientèle	Pourcentage de la clientèle totale
Vente au détail	42%
Fabrication	22%
Biens de consommation	18%

Infrastructure cloud évolutive

BigCommerce utilise Amazon Web Services (AWS) pour son infrastructure cloud, prenant en charge les solutions de commerce électronique de haute performance et distribuées à l'échelle mondiale.

• Fournisseur de cloud: Amazon Web Services (AWS)
• Infrastructure Affiche: 99,99% de fiabilité
• Emplacements du centre de données mondial: 25+ régions

Propriété intellectuelle et brevets logiciels

En 2023, BigCommerce détient 47 brevets enregistrés liés à la technologie du commerce électronique et aux innovations de plate-forme.

Catégorie de propriété intellectuelle	Nombre d'actifs enregistrés
Brevets logiciels	47
Inscriptions de la marque	38

BigCommerce Holdings, Inc. (BIGC) - Modèle d'entreprise: propositions de valeur

Solutions de commerce électronique flexibles et personnalisables

BigCommerce propose 3 niveaux de prix: Standard (29 $ / mois), plus (79 $ / mois) et Pro (299 $ / mois). La plate-forme prend en charge plus de 55 passerelles de paiement et plus de 65 devises internationales.

Niveau de plan	Coût mensuel	Limite de vente
Standard	$29	Jusqu'à 50 000 $
Plus	$79	Jusqu'à 180 000 $
Pro	$299	Jusqu'à 400 000 $

Plateforme facile à utiliser pour les entreprises de toutes tailles

Au quatrième trimestre 2023, BigCommerce dessert plus de 65 000 marchands actifs dans plus de 150 pays.

Capacités de vente omnicanal

La plate-forme s'intègre à 8 grands marchés, dont Amazon, eBay et Walmart.

Marché	Statut d'intégration
Amazone	Intégration complète
eBay	Intégration complète
Walmart	Intégration complète

Outils d'analyse avancée et de rapports

Fournit un suivi des ventes en temps réel, des informations sur les clients et des outils d'optimisation des taux de conversion.

Intégrations tierces sans couture

• Plus de 100 intégrations d'applications disponibles
• Compatible avec les principales plateformes CRM
• Prend en charge les outils d'automatisation du marketing

2023 Données financières: 267,7 millions de dollars de revenus totaux, une croissance de 13% en glissement annuel.

BigCommerce Holdings, Inc. (BIGC) - Modèle d'entreprise: relations avec les clients

Intégration numérique en libre-service

BigCommerce fournit un processus d'intégration numérique rationalisé avec les mesures clés suivantes:

Métrique d'intégration	Valeur
Temps d'intégration moyen	45 minutes
Taux d'achèvement numérique	92%
Configuration du compte en libre-service	100% en ligne

Gestion de réussite client dédiée

BigCommerce offre une gestion de la réussite des clients à plusieurs niveaux:

• Les clients d'entreprise reçoivent des gestionnaires de comptes dédiés
• Assistance de mise en œuvre personnalisée
• Consultation de stratégie de croissance personnalisée

Communauté et base de connaissances en ligne

Métrique communautaire	Valeur
Membres de la communauté en ligne	125,000+
Articles de base de connaissances	3,500+
Interactions mensuelles moyennes communautaires	15,000

Ressources de soutien technique et de formation

Canaux de support et métriques:

• Disponibilité du support technique 24/7
• Temps de réponse moyen du soutien: 47 minutes
• Channeaux de support: chat en direct, e-mail, téléphone

Communications de mise à jour des produits réguliers

Métrique de communication	Valeur
Fréquence de mise à jour du produit	Mensuel
Canaux de communication clients	Email, blog, notifications intégrées
Délaies de produits annuels	12-15 mises à jour majeures

BigCommerce Holdings, Inc. (BIGC) - Modèle d'entreprise: canaux

Plateforme de vente en ligne directe

BigCommerce exploite une plateforme de commerce électronique desservant plus de 60 000 magasins en ligne dans plus de 120 pays à partir de 2023. La plate-forme a généré des revenus de 255,5 millions de dollars au troisième trimestre 2023, ce qui représente une croissance de 12,4% d'une année sur l'autre.

Métrique de la plate-forme	2023 données
Magasins en ligne total	60,000+
Portée géographique	120+ pays
T1 2023 Revenus	255,5 millions de dollars

Campagnes de marketing numérique

BigCommerce investit environ 80,3 millions de dollars par an en frais de vente et de marketing. Les canaux de marketing numérique comprennent:

• Publicités Google
• Publicité sur les réseaux sociaux
• Marketing de contenu
• Envoyer des campagnes de marketing par e-mail

Réseaux de référence partenaires

BigCommerce maintient des partenariats stratégiques avec plus de 330 partenaires de technologie et d'agence. L'écosystème partenaire génère environ 40% des acquisitions de nouvelles clients.

Métrique du réseau partenaire	2023 données
Partenaires technologiques totaux	330+
Nouvelle acquisition de clients via des partenaires	40%

Représentants des ventes

BigCommerce emploie 425 représentants des ventes directes ciblant les clients du marché intermédiaire et des entreprises. Le représentant des ventes moyens génère 620 000 $ de revenus récurrents annuels.

Conférence de l'industrie et participation à l'événement

BigCommerce participe à plus de 45 conférences de l'industrie par an, notamment:

• Shopping
• Big Show de NRF Retail
• Conférence des détaillants Internet
• Adobe Summit

Métrique de la participation des événements	2023 données
Conférences totales de l'industrie	45+
Investissement annuel sur le marketing des événements	3,2 millions de dollars

BigCommerce Holdings, Inc. (BIGC) - Modèle d'entreprise: segments de clientèle

Petites et moyennes entreprises

Depuis le quatrième trimestre 2023, BigCommerce dessert environ 30 000 petites et moyennes entreprises dans diverses industries. Ces entreprises génèrent des revenus en ligne annuels allant de 100 000 $ à 10 millions de dollars.

Segment de clientèle	Nombre d'entreprises	Revenus en ligne annuels moyens
Petites et moyennes entreprises	30,000	100 000 $ - 10 millions de dollars

Organisations de vente au détail de niveau d'entreprise

BigCommerce prend en charge plus de 2 500 organisations de vente au détail de niveau d'entreprise avec des revenus en ligne annuels dépassant 10 millions de dollars. Les principaux clients de l'entreprise comprennent des marques générant de 50 à 500 millions de dollars en revenus de commerce numérique.

Segment d'entreprise	Nombre de clients	Gamme de revenus en ligne annuelle
Organisations de vente au détail d'entreprise	2,500	10 millions de dollars - 500 millions de dollars

Marques directes aux consommateurs

En 2023, BigCommerce a soutenu plus de 5 000 marques directes aux consommateurs (DTC) dans plusieurs secteurs, avec une contribution moyenne des revenus de la plate-forme de 250 000 $ par marque.

• Marques totales DTC: 5 000+
• Revenus de plate-forme moyen par marque: 250 000 $
• Industries clés: mode, beauté, articles de maison, électronique

Marchands de commerce électronique B2B et B2C

En 2024, BigCommerce dessert 37 500 marchands au total à travers les segments B2B et B2C, avec une valeur de marchandise brute (GMV) de la plate-forme de 17,5 milliards de dollars.

Type marchand	Total des marchands	Valeur de marchandise brute
Marchands B2B et B2C	37,500	17,5 milliards de dollars

Cibles d'expansion du marché international

BigCommerce opère dans 14 pays, les marchands internationaux représentant 35% du total des utilisateurs de la plate-forme. Les régions d'expansion ciblées comprennent l'Europe, l'Asie-Pacifique et l'Amérique latine.

• Pays d'opération: 14
• Pourcentage de marchand international: 35%
• Régions principales d'expansion: Europe, Asie-Pacifique, Amérique latine

BigCommerce Holdings, Inc. (BIGC) - Modèle d'entreprise: Structure des coûts

Investissements de recherche et développement

Pour l'exercice 2022, BigCommerce a déclaré des dépenses de R&D de 81,5 millions de dollars, ce qui représente 35,3% des revenus totaux.

Exercice fiscal	Dépenses de R&D	Pourcentage de revenus
2022	81,5 millions de dollars	35.3%
2021	67,4 millions de dollars	37.1%

Maintenance des infrastructures cloud

Les coûts d'infrastructure cloud pour BigCommerce en 2022 étaient d'environ 42,3 millions de dollars, ce qui comprend l'hébergement, le centre de données et les dépenses technologiques connexes.

• Amazon Web Services (AWS) Fournisseur d'infrastructures cloud primaire
• Dépenses annuelles des infrastructures cloud estimées: 42,3 millions de dollars
• Coûts d'évolutivité des infrastructures: environ 18% du total des dépenses opérationnelles

Dépenses de vente et de marketing

Les frais de vente et de marketing de BigCommerce pour 2022 ont totalisé 146,7 millions de dollars, ce qui représente 63,4% des revenus totaux.

Exercice fiscal	Ventes & Frais de marketing	Pourcentage de revenus
2022	146,7 millions de dollars	63.4%
2021	124,3 millions de dollars	68.4%

Coûts opérationnels du support client

Les dépenses opérationnelles du support client pour BigCommerce en 2022 étaient de 37,2 millions de dollars, représentant 16,1% des revenus totaux.

• Canaux de support client 24/7
• Infrastructure de support multi-langues
• Taille de l'équipe du support client: environ 350 employés

Développement et innovation de produits

Les investissements en développement de produits pour 2022 ont atteint 53,6 millions de dollars, axé sur les améliorations de la plate-forme et le développement de nouvelles fonctionnalités.

Catégorie d'investissement	2022 dépenses	Domaines d'intervention clés
Développement de plate-forme	35,4 millions de dollars	Fonctionnalité de commerce électronique de base
IA et apprentissage automatique	12,6 millions de dollars	Analyse et personnalisation avancées
Commerce mobile	5,6 millions de dollars	Optimisation de la plate-forme mobile

BigCommerce Holdings, Inc. (BIGC) - Modèle d'entreprise: Strots de revenus

Frais d'abonnement mensuels

BigCommerce offre un prix d'abonnement mensuel à plusieurs niveaux:

Niveau de plan	Prix ​​mensuel	Revenus récurrents annuels (ARR)
Standard	39 $ / mois	468 $ / an
Plus	105 $ / mois	1 260 $ / an
Pro	399 $ / mois	4 788 $ / an
Entreprise	Prix ​​personnalisés	Arr personnalisé

Revenus basés sur les transactions

Les pourcentages de frais de transaction varient selon la passerelle et le plan de paiement:

• Plan standard: 2,9% + 0,30 $ par transaction
• Plan plus: 2,5% + 0,30 $ par transaction
• Plan Pro: 2,2% + 0,30 $ par transaction

Licence de solution d'entreprise

Revenus de licence d'entreprise en 2023: 95,4 millions de dollars

Services professionnels et conseil

Type de service	Contribution des revenus
Services de mise en œuvre	12,7 millions de dollars en 2023
Développement personnalisé	8,3 millions de dollars en 2023

Fonctionnalités et ventes supplémentaires

Les sources de revenus supplémentaires comprennent:

• Commission du marché des applications: 20 à 30% des ventes d'applications
• Frais d'intégration tiers: 5 $ - 50 $ par intégration
• Ventes de thème premium: 150 $ - 300 $ par thème

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.