Institutional

The commerce platform with the fastest growth rate is VTEX, according to the IDC Market Share

VTEX
VTEX October 5, 2020
The commerce platform with the fastest growth rate is VTEX, according to the IDC Market Share

If 2020 has taught us anything, it is that we are truly stronger together. Since our last round of funding of $140M USD from Softbank in the fall of 2019, we have been working tirelessly to further strengthen our commerce platform capabilities and grow our presence in new markets. In doing so, this past year we’ve been acknowledged as a Visionary by Gartner, a Leader in the IDC MarketScape, and the fastest growing commerce platform worldwide according to IDC market share data. 

Our success is collaborative in nature thanks to the hard-working ecosystem of VTEX employees, partners and most importantly customers, who see the value we bring to the market. 

We are excited to grow quickly in new and existing markets, and offer even more brands a platform that embraces the future of commerce, which is about being collaborative, leveraging marketplaces, and delivering customer experiences that are second-to-none.

Mariano Gomide de Faria, VTEX co-founder and co-CEO

Between our valued partners, cherished VTEX team members and amazing customers, we wouldn’t be where we are today! In September 2020, less than a year from our last round, we closed on a Series D funding of $225 million USD, earning us a $1.7 billion USD valuation and the coveted status of tech unicorn.

This injection of funding will undoubtedly support us in achieving our mission to accelerate digital commerce transformation around the world.

Mariano Gomide de Faria, VTEX co-founder and co-CEO

How did we get here?

Although we were founded back in 2000, our real catapult started when our first, largest customer in Brazil, Walmart, embarked on their digital transformation journey with us. It was 2007 and with over 500 stores, this formidable enterprise-class retailer pushed VTEX to build a fully integrated solution. It was here, where we built the core functionality for commerce, marketplace and OMS (order management system). 

From there, our modern, microservices-based architecture and powerful business and developer tools have enabled us to future-proof our customers’ businesses and free them from software updates. The rise of VTEX as a MACH architecture – microservice-based, API-first, cloud-native, headless architecture and commerce technology provider is confirmation of the importance our customers place on agility, flexibility, and the ability to quickly innovate. As we continue to invest in our collaborative commerce solutions and customer success teams, delivering a flexible and easy to use solution that doesn’t require upgrades is always top of our mind to ensure our customers’ business is future-proof. 

This could not have been more true as when COVID-19 disrupted the world.

As the global pandemic radically shifted how goods are being bought and sold, a record number of global enterprise brands from Fortune 1000 companies are turning to VTEX.

Partnering with VTEX has simplified our online ordering process and expanded our contactless pick-up and delivery, giving us the agility and flexibility to not only keep customers at the heart of everything we do, but also do it safely and effectively in unprecedented times.

France Roy, Global Head of Engineering, AB InBev

Today’s Visionaries are Tomorrow’s Leaders

The 2020 coronavirus pandemic has accelerated the online GMV (gross merchandise value) growth for our costumes, which include major brands such as Sony, Walmart, Whirlpool, Coca-Cola, Stanley Black & Decker, AB InBev and Nestlé, plus 3,000+ active customers in 42 countries. 

Brands and businesses have accelerated their digital initiatives like never before in preparation for a contactless future. This immediacy has put heavy pressure on IT departments to implement and launch commerce solutions with OMS capabilities much faster than they would have done pre-pandemic. With the massive increase in online marketplace sales, our commerce platform’s native marketplace capabilities are a key differentiator as more businesses look to launch their own online marketplace experiences. 

The top online marketplaces in the world sold $2.03 trillion in 2019. Third party sellers accounted for 50% of Amazon’s revenue for the same year. In addition, over 200,000 businesses are selling to over 2 million unique customers via Amazon Business. The growth of marketplace ecommerce has many businesses adopting a marketplace-first strategy to sustain market share and set them apart from the competition.

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