CommerceIQ - Best Electronic Commerce Solution

Company: CommerceIQ, Palo Alto CA
Company Description: We help brands like J&J make the shift from brick and mortar to ecommerce by providing a single source of truth across sales, advertising and operations on Amazon, Instacart and Walmart where changes in price, marketing and supply chains are governed by algorithms that make 1,000's of moves a day. Our AI-powered platform is a modern operating system for ecommerce proven to increase sales by 20%.
Nomination Category: New Product & Service Categories - Business Technology
Nomination Sub Category: Electronic Commerce Solution

Nomination Title: CommerceIQ's Advertising Managed Service

CommerceIQ launched an Advertising Managed Servicein July 2020 based on its Ecommerce Channel Optimization platform. Recognizing that some customers may choose to manage their advertising media spend in-house and have tighter control over their advertising strategy, CommerceIQ Advertising Managed Service offers two levels of service model and support to brands. Consumer brands that prefer to manage the advertising budget in-house can opt into CommerceIQ Advertising Platform along with support and training services. Brands that prefer holistic management of their advertising budget can avail the entire gamut of day-to-day advertising management services and strategic advisory services along with the CommerceIQ platform delivered with support from ecommerce experts and data scientists. https://blog.commerceiq.ai/announcements/commerceiq-launches-industry-first-advertising-managed-service/

The offering ushers in a new approach to ecommerce advertising that moves beyond typical advertising strategies that only focus on optimizing return on advertising spend (ROAS), and instead focuses on using advertising to drive profitable market share growth. This is achieved through ecommerce channel optimization that connects advertising data, strategies and execution with key ecommerce growth levers including inventory, incremental sales, share of voice, promotions, pricing and content that are dynamically changing in the algorithmic world of ecommerce.

”Having spent many years at Walmart and Amazon, I knew we needed an ecommerce partner with a technology-first approach to help us optimize supply chain, sales operations and retail media spend on Amazon,” said Steven Daigh, Senior Director of Ecommerce at Spectrum Brands. “I’ve been impressed by how quickly the CommerceIQ’s ecommerce experts have become an integral part of how we run and profitably grow our Amazon business. Today, we are operating at 1.7 million automations per month, resulting in a 75% increase across our Top-3 organic SOV keywords and positively impacting revenue. We’re now extending our partnership to take the same approach with Display Advertising on Amazon DSP and search advertising on other retail channels. I couldn’t be happier with our relationship.”

In the 6 months since launch, the service has been used to manage over $100M in ad spend and has gained acceptance to the Amazon Partner Directory - helping advertisers utilize AI for the planning, execution, and optimization of large scale advertising campaigns on Amazon.https://blog.commerceiq.ai/announcements/commerceiq-is-now-an-amazon-advertising-partner/

With AI at its core, CommerceIQ’s Ecommerce Channel Optimization approach provides a single source of truth for ecommerce leaders to collaborate between sales, marketing and supply chain operations. The software helps brands adopt a “hands off the wheel” approach by sharing data-driven insights in real-time in response to changing variables across hundreds of products on Amazon. We call this the practice of E-commerce Channel Optimization (ECO), used by brands like Georgia Pacific and Johnson & Johnson to win at the moment of purchase and drive profitable market share growth. ECO uses AI to provide three critical ecommerce functions: 1) Optimize product assortment 2) Identify, organize, and/or fill digital shelves and 3) Identify promotions and advertising opportunities.

CommerceIQ Advertising Managed Service uses an ECO approach to support full-funnel channel optimization on Amazon across Sponsored Products, Sponsored Brands and Display Advertising. It provides detailed reporting and visibility into the impact of full-funnel advertising investments on the entire shopper journey from awareness, consideration, purchase, advocacy and loyalty for Amazon. From a single unified dashboard, clients receive reporting on KPIs including: Total Sales, Ad Sales, Search Media Spend, Display Media Spend, Incremental ROAS and SOV.

It uses a Share of Voice Builder to track thousands of constantly changing keywords, impacting SoV across retailers and automatically allocating advertising spend to trending keywords with a low share of search. This approach ensures the majority of advertising spend is allocated to capture incremental demand rather than cannibalizing sales the brand would have captured organically. It uses ML to anticipate consumer behavior, market trends and competitive actions. These findings are integrated with retail point of sales, profitability and inventory data to optimize the ecommerce channel at scale. Using CommerceIQ’s Outcome-Based Strategy Builder, ecommerce experts from CommerceIQ partner with consumer brands to set business objectives for each of their product categories. The service then creates custom strategies and automates 1000’s of actions driven by machine learning algorithms in near real time to achieve specific business outcomes including awareness, SOV, profitability, ROAS, in stock rate, conversion, and competitor conquesting.

CommerceIQ solutions have been adopted by leading consumer brands accounting for more than $6 billion in ecommerce sales on Amazon and $100M in Amazon Advertising spend. Customers include: Nestle, Kellogg’s, Kimberly-Clark, Georgia-Pacific, Spectrum Brands, Nature’s Bounty, Logitech and 3 of the top-5 Fast-Moving Consumer Goods Companies in the U.S. Using CommerceIQ as a single source of truth, customers have driven 40% increase in incremental sales, 20% improvement in profitability and 32% reduction in out of stock rates on Amazon.https://www.commerceiq.ai/customers/

Following the launch of the CommerceIQ Advertising Managed Service in July 2020, 30% of our current customers have already adopted the service. The service provides a differentiated, retail and inventory-aware advertising solution that allows customers to achieve 20% incremental sales and 20% improvement in Share of Voice (SoV), at a 15% efficiency gain on average. We also connect off-Amazon display advertising effectively with on-Amazon search and display ads to provide customers an end-to-end ad optimization solution.

Below are a few examples of how our customers have benefited from our products:

Avery Products:
Achieved incremental sales growth with reduced ad spend
27% improvement in glance views
7.4x incremental ad-driven revenue growth

Homestyles:
25% improvement in glance views
20% incremental ad-driven revenue growth
Fortune 1000 CPG Company (hardlines - pet, home & garden, personal appliances)
$8.3B in revenue, $250M+ of Ecommerce Revenue, $8M+ of media spend under CommerceIQ management
Results: 13.8% increase in incremental revenue; 75% increase in top-3 organic search rankings on Amazon; 17% reduction in out of stock
NBG Home: Share of Voice in Harmony: How NBG Home Found its Single Source of E-Comm Truth
https://consumergoods.com/share-voice-harmony-how-nbg-home-found-its-single-source-e-comm-truth

“In the fast-moving world of ecommerce, we consider CommerceIQ a ‘domain expert’ from both a strategy and execution perspective with best in class machine learning technology and service offerings.Their ecommerce channel optimization approach has become the operating system we rely on to manage all of the moving parts and intricacies of our ecommerce business.”

Customer Awards (Georgia Pacific, Johnson & Johnson): Visionaries 2020: Honoring Today's Most Remarkable Leaders During the Most Extraordinary Times
https://consumergoods.com/visionaries-2020-honoring-todays-most-remarkable-leaders-during-most-extraordinary-times?utm_source=omeda&;utm_medium=email&utm_campaign=NL_CGT+Weekender+Insights+%26+Reports&utm_keyword=&oly_enc_id=9774C4182945D3T

CommerceIQhas achieved two consecutive years of triple-digit revenue growth with 2.6x year-over-year revenue increase in 2020. All of CommerceIQ’s revenues are delivered on a subscription-basis (Software as a Service), and we are on target to double the business in 2021.This month, the companyappointed a new VP of Customer Success & Professional Services, Jonathan Young,to its leadership team. Young’s appointment strengthens CommerceIQ’s team of executive business and technology leaders including Prasun Kumaras VP of Engineering, former Microsoft and Amazon exec, Piyush Lumba, as COO and Guru Hariharanas CEO, a 15+ year ecommerce visionary and AI expert who is credited with building out Amazon’s automated 3P vendor management system and eBay’s massively scalable shipping and returns system. Throughout 2020, CommerceIQ experienced unprecedented demand for its integrated sales, advertising and supply chain automation solution and new Advertising Managed Service, contributing to a year of strong growth and earning the trust of both new and recurring customers including Duracell, Georgia Pacific, Henkel, Nature’s Bounty Co., Nestle USA and Spectrum Brands. Today, CommerceIQ is the solution of choice for consumer brands used to manage over $6B in Amazon gross sales and $100M+ in ad spend.

Forbes: How Machine Learning And Automation Give Brands A Boost In E-Commerce Advertising
Global Chief Digital Officer Don Brettat NBG Home: https://commerceiq.wistia.com/medias/jedn788cig
Neil Greensteinof Johnson & Johnson: https://commerceiq.wistia.com/medias/2k5qjia5ux