New York City, August 23, 2023 – VTEX (NYSE: VTEX), the global enterprise digital commerce platform is named a Visionary in the 2023 Gartner Magic Quadrant™ for Digital Commerce for its Ability to Execute and Completeness of Vision. VTEX has also ranked second for the following Use Cases: B2C Digital Commerce (4.14/5), B2C and B2B Digital Commerce on the Same Platform (3.96/5), and Complex Business Models (4.01/5); And it is rated third for the Composable Commerce (4.25/5) Use Case, and fifth for the B2B Digital Commerce (3.85/5) Use Case in the 2023 Gartner Critical Capabilities for Digital Commerce.
“I am proud to see the disruption VTEX is causing globally,” said Mariano Gomide de Faria, founder, and co-CEO of VTEX. “The pragmatic composability aspect of VTEX allows enterprises to go fast and choose the best components for their business in a more cost-effective way. Forward-thinking CIOs are migrating off their legacy platforms to VTEX to give their business the flexibility it needs and to reduce commerce platform total cost of ownership (TCO).”
As Gartner mentioned in the 2023 Gartner Hype Cycle™ for Digital Commerce report, several factors drive the move towards composable commerce, including “the need to adopt a modular approach that provides more flexibility to a digital commerce technology stack by allowing companies to swap out functionality with best-of-breed modules from a different vendor, or a solution that they develop themselves”.
“The main reasons for migrating to VTEX were business and solution agility. We wanted a future proof product in terms of investing in technology,” said Venkat Gopalan, Chief Digital Officer (CDO) & Chief Technology Officer (CTO) at Belcorp, which recently implemented VTEX across six countries and was able to go-live with the global platform in only five months. “We were looking for a composable, but complete architecture, and we chose VTEX because they are visionaries disrupting the ecommerce and direct to consumer market, bringing in new capabilities at a faster pace. With that, they help us to take advantage of those innovations to our consumers and our consultants.”
VTEX has succeeded by taking on the complexity of headless and composable commerce by building pragmatic architectures that allow brands and retailers to connect their entire commerce ecosystem, helping them to uncover new revenue streams. In the last twelve months, VTEX has more than twice as many reviews as any other vendor and has an Overall Rating of 4.7 out of 5 and a Willingness to Recommend score of 96%, based on 67 customer reviews in the Digital Commerce Platforms market on Gartner Peer Insights™, as of August 21, 2023.
To read the complete 2023 Gartner Magic Quadrant for Digital Commerce report, and learn more about VTEX’s Strengths an Cautions and why Gartner recognized the global platform as a Visionary, click here (or type bit.ly/GARTNERMQ23). For the 2023 Gartner Critical Capabilities report, visit this link here (or type bit.ly/VTEXinGartnerCC23. For more information about VTEX, its composable and complete commerce capabilities, and its work with some of the world’s largest brands, please visit vtex.com.
Gartner Disclaimer:
Magic Quadrant for Digital Commerce, Mike Lowndes, Yanna Dharmasthira, Sandy Shen, Penny Gillespie, Aditya Vasudevan, Jason Daigler, August 21, 2023. Critical Capabilities for Digital Commerce, Aditya Vasudevan, Yanna Dharmasthira, Sandy Shen, Penny Gillespie, Jason Daigler, Mike Lowndes, August 21, 2023. Gartner, Hype Cycle for Digital Commerce, 2023, Sandy Shen, 17 July 2023. GARTNER is a registered trademark and service mark of Gartner, Inc. and/or its affiliates in the U.S. and internationally, MAGIC QUADRANT, HYPE CYCLE, and PEER INSIGHTS are registered trademarks of Gartner, Inc. and/or its affiliates and are used herein with permission. All rights reserved. Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner’s research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose. Gartner Peer Insights content consists of the opinions of individual end users based on their own experiences with the vendors listed on the platform, should not be construed as statements of fact, nor do they represent the views of Gartner or its affiliates. Gartner does not endorse any vendor, product or service depicted in this content nor makes any warranties, expressed or implied, with respect to this content, about its accuracy or completeness, including any warranties of merchantability or fitness for a particular purpose.
About VTEX
VTEX (NYSE: VTEX) is the enterprise digital commerce platform where forward-thinking CEOs and CIOs smarten up their investments. Our composable and complete platform helps brands and retailers modernize their stack and reduce maintenance costs by rapidly migrating from legacy systems, connecting their entire value chain, and making inventory and fulfillment their strength.
As a leader in digital commerce, VTEX is trusted by more than 2,600 B2C and B2B customers, including Carrefour, Colgate, Motorola, Sony, Stanley Black & Decker, and Whirlpool, having over 3,400 active online stores across 38 countries (as of FY ended on December 31, 2022). For more information, visit www.vtex.com.
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