Mission Statement, Vision, & Core Values (2024) of BigCommerce Holdings, Inc. (BIGC)

An Overview of BigCommerce Holdings, Inc. (BIGC)

An Overview of BigCommerce Holdings, Inc. (BIGC)

BigCommerce Holdings, Inc. (BIGC) is a leading SaaS e-commerce platform that enables businesses to create and manage online stores. Founded in 2009, the company has grown significantly, particularly after its IPO in 2020. BigCommerce offers a range of products and services, including subscription solutions, partner services, and professional services aimed at helping businesses scale their online operations. As of 2024, BigCommerce reported a total revenue of $245.9 million for the nine months ended September 30, a 9.2% increase from $225.2 million in the same period of 2023.

Company's Financial Performance in the Latest Financial Reports

In the latest financial report for the three months ended September 30, 2024, BigCommerce recorded total revenue of $83.7 million, up 7.3% from $78.0 million in the same quarter of 2023. The revenue growth was driven by increases in both subscription solutions and partner services revenue:

For the nine months ended September 30, 2024, subscription solutions revenue reached $185.6 million, marking a 10.0% increase from $168.7 million in the same period of 2023. The company’s gross profit for this period was $187.8 million, up 10.5% from $170.0 million the previous year, resulting in a gross margin of 76.4%.

Despite the growth, BigCommerce reported a net loss of $6.99 million for Q3 2024, a significant improvement compared to a net loss of $20.3 million in Q3 2023. Over the nine months ending September 30, 2024, the net loss was $24.6 million, down from $61.5 million in the same period of 2023.

Introduction to Company as a Leader in the Industry

BigCommerce is recognized as one of the leading companies in the e-commerce platform industry, catering primarily to mid-market and enterprise-level clients. As of September 30, 2024, the company had approximately 5,892 enterprise accounts, with annual recurring revenue (ARR) attributable to these accounts reaching $256.9 million, which represents 74% of the total ARR. The average revenue per account (ARPA) was approximately $43,600, indicating strong customer value. BigCommerce continues to innovate and expand its offerings, solidifying its position as a key player in the rapidly evolving e-commerce landscape.

Mission Statement of BigCommerce Holdings, Inc. (BIGC)

Mission Statement of BigCommerce Holdings, Inc. (BIGC)

BigCommerce Holdings, Inc. (BIGC) aims to empower businesses of all sizes to grow and succeed through innovative e-commerce solutions. The company's mission statement reflects its commitment to providing a robust platform that enables merchants to sell their products seamlessly across various channels, including online marketplaces and brick-and-mortar stores.

The significance of a mission statement lies in its ability to guide the company's long-term goals, ensuring that all strategic decisions align with its core purpose. BigCommerce's mission emphasizes its dedication to delivering high-quality products and services that enhance the e-commerce experience for retailers and consumers alike.

Core Component 1: Empowerment of Businesses

BigCommerce's mission emphasizes the empowerment of businesses, allowing them to leverage technology to enhance their operations. The company provides tools that enable merchants to create customizable online stores, manage inventory efficiently, and analyze sales data to make informed decisions.

As of September 30, 2024, BigCommerce reported a total revenue of $245.9 million for the nine months ended, reflecting a 9.2% increase from $225.2 million during the same period in 2023. This growth can be attributed to the rising demand for e-commerce solutions, particularly in the mid-market and enterprise segments, where BigCommerce has seen significant traction.

Core Component 2: Innovation in E-Commerce

Innovation is a pivotal aspect of BigCommerce's mission. The company continually invests in research and development to enhance its platform's capabilities. For instance, BigCommerce focuses on integrating cutting-edge technologies such as artificial intelligence and machine learning to offer personalized shopping experiences and optimize inventory management.

In the nine months ended September 30, 2024, BigCommerce's subscription solutions revenue increased by 10.0% to $185.6 million, driven by advancements in platform features and increased enterprise activity. This demonstrates the effectiveness of BigCommerce's commitment to innovation in meeting the evolving needs of its clients.

Core Component 3: Commitment to Customer Success

BigCommerce places a strong emphasis on customer success, ensuring that its clients have access to the resources and support necessary to thrive in the competitive e-commerce landscape. The company provides extensive customer service, educational resources, and community support to help merchants maximize their use of the platform.

As part of its mission, BigCommerce has achieved a remarkable annual recurring revenue (ARR) of $347.8 million as of September 30, 2024, indicating strong customer retention and satisfaction. Additionally, the average revenue per account (ARPA) stands at $43,600, highlighting the value that BigCommerce delivers to its clients.

This commitment to customer success is reflected in BigCommerce's net revenue retention rate, which was 100% for enterprise accounts as of December 31, 2023, indicating that existing customers are not only staying but also expanding their use of the platform.

Vision Statement of BigCommerce Holdings, Inc. (BIGC)

Vision for Empowering Online Businesses

BigCommerce Holdings, Inc. envisions a future where online businesses of all sizes can thrive in a competitive digital landscape. The company's vision is centered around providing robust e-commerce solutions that empower merchants to build and scale their businesses efficiently and effectively.

Commitment to Innovation

As of 2024, BigCommerce is committed to continuous innovation in its platform offerings. This includes enhancing the user experience through advanced technology integrations and optimizing performance for merchants. The company's research and development expenses were approximately $61.1 million for the nine months ended September 30, 2024, reflecting a strategic focus on innovation despite a 4.4% decrease compared to the previous year.

Focus on Customer Success

BigCommerce's vision emphasizes a strong commitment to customer success, aiming to provide support and resources that enable merchants to achieve their business goals. The company's subscription annual revenue run-rate (ARR) as of September 30, 2024, was approximately $347.8 million, indicating a stable growth trajectory.

Global Expansion

In 2024, BigCommerce is also focused on expanding its global footprint, allowing businesses to reach international markets more effectively. The enterprise account metrics show that the company had 5,892 enterprise accounts as of September 30, 2024, with an ARR attributable to these accounts reaching $256.9 million.

Sustainable Growth

BigCommerce envisions sustainable growth through strategic partnerships and services, aiming to enhance the value provided to customers. Total revenue for the nine months ended September 30, 2024, was reported at $245.9 million, a 9.2% increase from the previous year.

Advocacy for E-commerce Ecosystem

The company also aims to advocate for a thriving e-commerce ecosystem, providing tools and resources that support merchants in navigating the complexities of online retail. The increase in total revenue underscores BigCommerce's commitment to fostering a supportive environment for e-commerce businesses.

Core Values of BigCommerce Holdings, Inc. (BIGC)

Customer Success

The core value of Customer Success emphasizes the importance of ensuring that clients achieve their desired outcomes while using BigCommerce's products and services. This value underlines the company's commitment to providing exceptional support and resources to help customers thrive in their eCommerce ventures.

• As of September 30, 2024, BigCommerce reported an Annual Recurring Revenue (ARR) of $347.8 million, reflecting a strong focus on customer retention and satisfaction.
• BigCommerce has established a dedicated customer success team, which has contributed to a net revenue retention rate of 100% for enterprise accounts.
• The company has invested in customer training programs and support resources, resulting in a significant increase in customer engagement and satisfaction scores.

Innovation

Innovation is a fundamental value that drives BigCommerce to continuously enhance its platform and services. The company is committed to developing cutting-edge solutions that meet the evolving needs of its customers.

• In 2024, BigCommerce expanded its platform capabilities by integrating AI-powered tools, which have led to an increase in customer adoption rates.
• The company has allocated approximately $61.1 million to research and development for the nine months ended September 30, 2024, underscoring its commitment to innovation.
• BigCommerce has launched several new features, including enhanced analytics tools, which have improved overall user experience and increased customer satisfaction.

Integrity

Integrity represents BigCommerce's commitment to ethical business practices and transparency in all operations. This value is vital for building trust with customers, employees, and stakeholders.

• BigCommerce has implemented strict compliance measures to ensure adherence to industry regulations, which has helped maintain a strong reputation in the market.
• The company reported a net loss of $6.99 million for the three months ended September 30, 2024, but has been transparent about its financial challenges and restructuring initiatives.
• BigCommerce's board of directors actively engages in governance practices that promote ethical decision-making and accountability.

Collaboration

Collaboration is a core value at BigCommerce that emphasizes teamwork and partnership both internally and with external stakeholders. This value fosters a culture of unity and shared goals.

• The company has a diverse workforce of approximately 1,000 employees, promoting collaboration across various departments to drive innovation and efficiency.
• BigCommerce actively collaborates with third-party developers and partners, which has resulted in a growing ecosystem of apps and integrations, enhancing the platform's capabilities.
• The company has reported a 10% increase in partner and services revenue, totaling $60.3 million for the nine months ended September 30, 2024, reflecting successful collaborative efforts.

Accountability

Accountability is a crucial value that reflects BigCommerce's commitment to taking responsibility for its actions and decisions. This value ensures that the company remains accountable to its stakeholders.

• BigCommerce has established clear performance metrics to evaluate employee performance and align individual goals with company objectives.
• The company has embraced a culture of feedback, encouraging employees to take ownership of their roles and contributions.
• As part of its accountability measures, BigCommerce regularly communicates financial performance and strategic updates to its investors and stakeholders.

Updated on 16 Nov 2024

Resources:

1. BigCommerce Holdings, Inc. (BIGC) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of BigCommerce Holdings, Inc. (BIGC)' financial performance, including balance sheets, income statements, and cash flow statements.
2. SEC Filings – View BigCommerce Holdings, Inc. (BIGC)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.