CommerceIQ – the e-commerce decision management platform, has announced its expansion into India. This comes in response to the growing demand from global brands for solutions that can help them manage and capitalise on the growing $ 5 trillion global e-commerce boom.
Based in California, USA, CommerceIQ supports global brands such as Kellogg’s, Mondelez International, Nestle, Whirlpool, and Colgate, Johnson & Johnson, and others in adopting algorithmic retail.
It uses machine learning, analytics, and automation to aggregate data across sales, marketing, and supply chain operations, helping trusted companies gain shoppers at the moment of purchase and maintain customer loyalty.
The technology behind CommerceIQ’s platform has been developed out of CommerceIQ’s Bengaluru facilities. To service the Indian market, CommerceIQ has tweaked its algorithmic components to optimally respond to shoppers’ behaviour on local retailers like Amazon.in and added support for local websites like Flipkart.
The company is also building out its customer success, sales and marketing team in-country to support the expansion.
“It is our mission to help our customers capture their consumer at the point of purchase, regardless of geography or retail channel,” said Guru Hariharan, CEO, and Founder of CommerceIQ. “The Indian e-commerce market is exploding, and we intend to deliver the same results to regional operators here as we have for our customers based in the U.S. Whether in India or elsewhere, the challenges are the same – keeping up with the world of algorithmic retail through retail-aware, automated decision-making.”
Augmented by the pandemic, the Indian e-commerce industry is set to expand by 84% to reach US$111 billion by 2024, as per IBEF.
By connecting all aspects of the e-commerce ecosystem with a single source of truth, extracting insights and driving automations, CommerceIQ helps to turn what are otherwise manual and siloed processes into streamlined AI-driven automations that deliver on average 20% higher share of voice, 20% greater profitability and 40% more incremental sales, as per the company.
“To win in modern commerce today, new capabilities are required to profitably grow sales and market share on third-party e-commerce platforms like Amazon and Walmart,” said Prasun Kumar, VP Engineering and Head of India Operations, CommerceIQ. “With 27% YoY growth, India has emerged as the fastest-growing retail e-commerce market in 2021. It is indeed imperative at this juncture for brands to apply automation and machine learning to power Indian retail channels.”