BigCommerce Holdings, Inc. (BIGC): Modelo de negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico do comércio eletrônico, a BigCommerce Holdings, Inc. (BIGC) surge como uma plataforma transformadora que capacita as empresas a prosperar no mercado digital. Ao oferecer uma solução de SaaS robusta e flexível que preenche perfeitamente a tecnologia, marketing e experiência do cliente, a BigCommerce criou um nicho único para ajudar empreendedores e empresas a construir, dimensionar e otimizar suas estratégias de venda on -line. Essa tela abrangente do modelo de negócios revela a intrincada mecânica por trás de sua abordagem inovadora do comércio digital, mostrando como eles se tornaram um participante fundamental, permitindo que as empresas transformem o potencial digital em sucesso tangível.

BigCommerce Holdings, Inc. (BIGC) - Modelo de negócios: Parcerias -chave

Shopify e Adobe Technology Integration Partners

BigCommerce mantém parcerias estratégicas de integração de tecnologia com:

Parceiro	Detalhes da integração	Ano estabelecido
Adobe Commerce	Integração da API de comércio sem cabeça	2019
Shopify	Interconectividade da plataforma no nível da empresa	2020

Parcerias do processador de pagamento

O BigCommerce colabora com vários processadores de pagamento:

• PayPal (volume de transações: US $ 1,25 trilhão em 2023)
• Stripe (processando US $ 817 bilhões anualmente)
• Quadrado (soluções de pagamento integrado)

Provedores de tecnologia da plataforma de comércio eletrônico

Provedor de tecnologia	Escopo da parceria	Impacto anual da receita
Amazon Web Services	Infraestrutura em nuvem	US $ 42,7 milhões em 2023
Google Cloud	Soluções de hospedagem corporativa	US $ 35,6 milhões em 2023

Redes de colaboração de marketing e agência digital

BigCommerce faz parceria com:

• WPengine (parceiro da agência digital)
• Accenture Interactive
• Deloitte Consulting Digital

Software corporativo e alianças de serviço em nuvem

Parceiro corporativo	Tipo de integração	Valor da parceria
Microsoft Dynamics	Integração do ERP	Receita de colaboração de US $ 18,3 milhões
Salesforce	Conectividade da plataforma CRM	Receita de parceria de US $ 22,7 milhões

BigCommerce Holdings, Inc. (BIGC) - Modelo de negócios: Atividades -chave

Desenvolvimento da plataforma de comércio eletrônico SaaS

A BigCommerce investiu US $ 78,9 milhões em despesas de pesquisa e desenvolvimento em 2022. A plataforma suporta mais de 55 idiomas e mais de 100 gateways de pagamento em todo o mundo.

Métrica de Desenvolvimento	2022-2023 dados
Investimento em P&D	US $ 78,9 milhões
Idiomas da plataforma	55+
Integrações de gateway de pagamento	100+

Melhoramento contínuo da plataforma

A BigCommerce lançou mais de 300 atualizações da plataforma em 2022, concentrando-se nos recursos de comércio orientados a IA.

• Atualizações de arquitetura da API-primeiro
• Integrações de comércio sem cabeça
• Recursos de venda de vários canais

Serviços de suporte ao cliente e integração

A BigCommerce mantém uma equipe de suporte global 24/7 em 7 locais internacionais, lidando com mais de 150.000 interações com clientes anualmente.

Métrica de suporte	2022-2023 Desempenho
Locais de suporte global	7
Interações anuais do cliente	150,000+
Tempo médio de resposta	Menos de 2 horas

Marketing digital e capacitação de vendas

As despesas de marketing atingiram US $ 94,3 milhões em 2022, direcionando os segmentos corporativos e intermediários do mercado.

• Programas de marketing de parceiros
• Campanhas de publicidade digital
• Iniciativas de marketing de conteúdo

Personalização da solução corporativa

A BigCommerce atende a mais de 6.500 clientes corporativos com soluções de integração personalizadas, gerando US $ 499,3 milhões em receita total para 2022.

Métrica corporativa	2022-2023 dados
Clientes corporativos	6,500+
Receita anual total	US $ 499,3 milhões
Projetos de integração personalizados	500+

BigCommerce Holdings, Inc. (BIGC) - Modelo de negócios: Recursos -chave

Tecnologia de comércio eletrônico baseado em nuvem

A plataforma de tecnologia proprietária da BigCommerce suporta mais de 95.000 lojas on -line em mais de 120 países a partir do quarto trimestre 2023. A plataforma processa US $ 68 bilhões em volume de mercadorias brutos anualmente.

Métrica de tecnologia	Dados quantitativos
Total de lojas online	95,000+
Alcance geográfico	Mais de 120 países
Volume anual de mercadoria bruta	US $ 68 bilhões

Equipes de engenharia e desenvolvimento de software qualificadas

A BigCommerce emprega 748 funcionários em período integral em 31 de dezembro de 2023, com aproximadamente 62% dedicados a funções de pesquisa e desenvolvimento e engenharia.

• Total de funcionários em tempo integral: 748
• Pessoal de P&D e engenharia: aproximadamente 464 funcionários
• Salário médio de engenharia: US $ 135.000 por ano

Extenso banco de dados de clientes e insights de mercado

O banco de dados de clientes da BigCommerce abrange comerciantes corporativos e de mercado intermediário em vários setores, com forte representação nos setores de varejo, manufatura e bens de consumo.

Segmento de clientes	Porcentagem da base total de clientes
Varejo	42%
Fabricação	22%
Bens de consumo	18%

Infraestrutura em nuvem escalável

A BigCommerce utiliza a Amazon Web Services (AWS) para sua infraestrutura em nuvem, suportando soluções de comércio eletrônico de alto desempenho e distribuído globalmente.

• Provedor de nuvem: Amazon Web Services (AWS)
• Tempo de atividade na infraestrutura: 99,99% de confiabilidade
• Locais globais de data center: 25+ regiões

Propriedade intelectual e patentes de software

A partir de 2023, a BigCommerce possui 47 patentes registradas relacionadas à tecnologia de comércio eletrônico e inovações de plataforma.

Categoria de propriedade intelectual	Número de ativos registrados
Patentes de software	47
Registros de marca registrada	38

BigCommerce Holdings, Inc. (BIGC) - Modelo de negócios: proposições de valor

Soluções de comércio eletrônico flexíveis e personalizáveis

O BigCommerce oferece 3 níveis de preços: padrão (US $ 29/mês), mais (US $ 79/mês) e Pro (US $ 299/mês). A plataforma suporta mais de 55 gateways de pagamento e mais de 65 moedas internacionais.

Planejar camada	Custo mensal	Limite de vendas
Padrão	$29	Até US $ 50.000
Mais	$79	Até US $ 180.000
Pró	$299	Até US $ 400.000

Plataforma fácil de usar para empresas de todos os tamanhos

A partir do quarto trimestre de 2023, o BigCommerce atende mais de 65.000 comerciantes ativos em mais de 150 países.

Recursos de venda omnichannel

A plataforma se integra a 8 grandes mercados, incluindo Amazon, eBay e Walmart.

Marketplace	Status de integração
Amazon	Integração completa
eBay	Integração completa
Walmart	Integração completa

Ferramentas avançadas de análise e relatório

Fornece rastreamento de vendas em tempo real, insights do cliente e ferramentas de otimização da taxa de conversão.

Integrações de terceiros sem costura

• Mais de 100 integrações de aplicativos disponíveis
• Compatível com as principais plataformas de CRM
• Suporta ferramentas de automação de marketing

2023 Dados financeiros: US $ 267,7 milhões receita total, 13% de crescimento ano a ano.

BigCommerce Holdings, Inc. (BIGC) - Modelo de negócios: Relacionamentos do cliente

Auto-serviço digital a integração

O BigCommerce fornece um processo de integração digital simplificado com as seguintes métricas -chave:

Métrica de integração	Valor
Tempo médio de integração	45 minutos
Taxa de conclusão de integração digital	92%
Configuração da conta de autoatendimento	100% online

Gerenciamento dedicado ao sucesso do cliente

O BigCommerce oferece gerenciamento de sucesso em camadas do cliente:

• Os clientes corporativos recebem gerentes de conta dedicados
• Suporte personalizado de implementação
• Consulta de estratégia de crescimento personalizada

Comunidade on -line e base de conhecimento

Métrica comunitária	Valor
Membros da comunidade online	125,000+
Artigos da base de conhecimento	3,500+
Interações médias mensais da comunidade	15,000

Suporte técnico e recursos de treinamento

Canais de suporte e métricas:

• Disponibilidade de suporte técnico 24/7
• Tempo médio de resposta de suporte: 47 minutos
• Canais de suporte: bate -papo ao vivo, e -mail, telefone

Comunicações de atualização regular de produtos

Métrica de comunicação	Valor
Frequência de atualização do produto	Mensal
Canais de comunicação do cliente	Email, blog, notificações no aplicativo
Lançamentos anuais de produtos	12-15 Atualizações principais

BigCommerce Holdings, Inc. (BIGC) - Modelo de negócios: canais

Plataforma de vendas on -line direta

A BigCommerce opera uma plataforma de comércio eletrônico que atende mais de 60.000 lojas on-line em mais de 120 países a partir de 2023. A plataforma gerou US $ 255,5 milhões em receita no terceiro trimestre de 2023, representando um crescimento de 12,4% ano a ano.

Métrica da plataforma	2023 dados
Total de lojas online	60,000+
Alcance geográfico	Mais de 120 países
Q3 2023 Receita	US $ 255,5 milhões

Campanhas de marketing digital

A BigCommerce investe aproximadamente US $ 80,3 milhões anualmente em despesas de vendas e marketing. Os canais de marketing digital incluem:

• Google anúncios
• Publicidade nas mídias sociais
• Marketing de conteúdo
• Campanhas de marketing por email

Redes de referência de parceiros

A BigCommerce mantém parcerias estratégicas com mais de 330 parceiros de tecnologia e agência. O ecossistema de parceiros gera aproximadamente 40% das novas aquisições de clientes.

Métrica de rede de parceiros	2023 dados
Total Technology Partners	330+
Nova aquisição de clientes via parceiros	40%

Representantes de vendas

A BigCommerce emprega 425 representantes de vendas diretas direcionadas aos clientes de mercado intermediário e corporativo. O representante médio de vendas gera US $ 620.000 em receita recorrente anual.

Conferência da indústria e participação de eventos

O BigCommerce participa de mais de 45 conferências do setor anualmente, incluindo:

• ShopTalk
• Big Show da NRF Retail
• Conferência de varejista da Internet
• Adobe Summit

Métrica de participação do evento	2023 dados
Conferências totais da indústria	45+
Investimento anual de marketing de eventos	US $ 3,2 milhões

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

Pequenas e médias empresas

A partir do quarto trimestre de 2023, o BigCommerce atende a aproximadamente 30.000 empresas pequenas e médias em vários setores. Essas empresas geram receitas anuais on -line que variam de US $ 100.000 a US $ 10 milhões.

Segmento de clientes	Número de negócios	Receita online média anual
Pequenas a médias empresas	30,000	US $ 100.000 - US $ 10 milhões

Organizações de varejo no nível da empresa

A BigCommerce suporta mais de 2.500 organizações de varejo em nível corporativo, com receitas on-line anuais superiores a US $ 10 milhões. Os principais clientes da empresa incluem marcas que gera US $ 50 milhões a US $ 500 milhões em receita de comércio digital.

Segmento corporativo	Número de clientes	Faixa anual de receita online
Organizações de varejo corporativas	2,500	US $ 10 milhões - US $ 500 milhões

Marcas diretas ao consumidor

Em 2023, a BigCommerce apoiou mais de 5.000 marcas diretas ao consumidor (DTC) em vários setores, com uma contribuição média da receita da plataforma de US $ 250.000 por marca.

• Total de marcas DTC: 5.000+
• Receita média da plataforma por marca: US $ 250.000
• Principais indústrias: moda, beleza, bens domésticos, eletrônicos

Comerciantes de comércio eletrônico B2B e B2C

A partir de 2024, o BigCommerce atende a 37.500 comerciantes totais nos segmentos B2B e B2C, com um valor de mercadoria bruto de plataforma (GMV) de US $ 17,5 bilhões.

Tipo de comerciante	Total de comerciantes	Valor de mercadoria bruta
Comerciantes B2B e B2C	37,500	US $ 17,5 bilhões

Metas de expansão do mercado internacional

A BigCommerce opera em 14 países, com comerciantes internacionais representando 35% do total de usuários da plataforma. As regiões de expansão direcionadas incluem a Europa, a Ásia-Pacífico e a América Latina.

• Países de operação: 14
• Porcentagem internacional de comerciantes: 35%
• Regiões de expansão-chave: Europa, Ásia-Pacífico, América Latina

BigCommerce Holdings, Inc. (BIGC) - Modelo de negócios: estrutura de custos

Investimentos de pesquisa e desenvolvimento

Para o ano fiscal de 2022, a BigCommerce registrou despesas de P&D de US $ 81,5 milhões, representando 35,3% da receita total.

Ano fiscal	Despesas de P&D	Porcentagem de receita
2022	US $ 81,5 milhões	35.3%
2021	US $ 67,4 milhões	37.1%

Manutenção da infraestrutura em nuvem

Os custos de infraestrutura em nuvem para o BigCommerce em 2022 foram de aproximadamente US $ 42,3 milhões, o que inclui as despesas de hospedagem, data center e tecnologia relacionada.

• Amazon Web Services (AWS) Provedor de infraestrutura em nuvem primária
• Gastos anuais estimados para infraestrutura em nuvem: US $ 42,3 milhões
• Custos de escalabilidade de infraestrutura: aproximadamente 18% do total de despesas operacionais

Despesas de vendas e marketing

As despesas de vendas e marketing da BigCommerce em 2022 totalizaram US $ 146,7 milhões, representando 63,4% da receita total.

Ano fiscal	Vendas & Despesas de marketing	Porcentagem de receita
2022	US $ 146,7 milhões	63.4%
2021	US $ 124,3 milhões	68.4%

Custos operacionais de suporte ao cliente

As despesas operacionais de suporte ao cliente do BigCommerce em 2022 foram de US $ 37,2 milhões, representando 16,1% da receita total.

• Canais de suporte ao cliente 24/7
• Infraestrutura de suporte em vários idiomas
• Tamanho da equipe de suporte ao cliente: aproximadamente 350 funcionários

Desenvolvimento de produtos e inovação

Os investimentos em desenvolvimento de produtos para 2022 atingiram US $ 53,6 milhões, focados em aprimoramentos de plataformas e desenvolvimento de novos recursos.

Categoria de investimento	2022 Despesas	Principais áreas de foco
Desenvolvimento da plataforma	US $ 35,4 milhões	Funcionalidade do comércio eletrônico central
AI e aprendizado de máquina	US $ 12,6 milhões	Análise avançada e personalização
Comércio móvel	US $ 5,6 milhões	Otimização da plataforma móvel

BigCommerce Holdings, Inc. (BIGC) - Modelo de negócios: fluxos de receita

Taxas mensais de assinatura

BigCommerce oferece preços mensais de assinatura em camadas:

Planejar camada	Preço mensal	Receita recorrente anual (ARR)
Padrão	US $ 39/mês	US $ 468/ano
Mais	US $ 105/mês	US $ 1.260/ano
Pró	US $ 399/mês	US $ 4.788/ano
Empresa	Preços personalizados	ARR personalizado

Receita baseada em transações

As porcentagens da taxa de transação variam de acordo com o gateway de pagamento e o plano:

• Plano padrão: 2,9% + $ 0,30 por transação
• Plano mais: 2,5% + $ 0,30 por transação
• Plano Pro: 2,2% + $ 0,30 por transação

Licenciamento da solução corporativa

Receita de licenciamento corporativo em 2023: US $ 95,4 milhões

Serviços profissionais e consultoria

Tipo de serviço	Contribuição da receita
Serviços de implementação	US $ 12,7 milhões em 2023
Desenvolvimento personalizado	US $ 8,3 milhões em 2023

Recurso adicional e vendas adicionais

Fluxos de receita adicionais incluem:

• Comissão de App Marketplace: 20-30% das vendas de aplicativos
• Taxas de integração de terceiros: US $ 5 a US $ 50 por integração
• Vendas de temas premium: US $ 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.