The Top 5 Analyst Questions From Commerce's Q4 Earnings Call

Commerce’s fourth quarter results were met with a negative market reaction, as the company missed Wall Street’s revenue expectations and delivered only modest year-on-year growth. Management pointed to strong adoption of its B2B ecommerce solutions and early traction from new product launches as positive factors, but also cited weaker-than-anticipated performance in the business-to-consumer (B2C) segment, particularly in the latter part of the year. CEO Travis Hess acknowledged that agentic commerce trends—where buyers increasingly use AI-driven interfaces—are reshaping customer journeys and may have impacted replatforming activity among larger retailers, noting, “We were disappointed in what we delivered in the back half of the year.”

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While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.

Our Top 5 Analyst Questions From Commerce’s Q4 Earnings Call

• Karnikatou Raju (Barclays): Asked about Commerce’s positioning in agentic commerce and opportunities with PayPal and Stripe. CEO Travis Hess explained alignment with major partners, highlighting schema integration and ongoing agentic checkout testing.
• Ken Wong (Oppenheimer): Inquired about declining take rates and payments monetization. CFO Daniel Lentz detailed plans for higher monetization through product launches and emphasized transparency with new GMV and NRR metrics.
• David E. Hynes (Canaccord): Sought clarification on the discontinuation of enterprise ARR metrics. Lentz confirmed ongoing disclosure of company-wide ARR, with a focus on GMV and NRR for broader transparency.
• Koji Ikeda (Bank of America): Questioned the sub-100 NRR and strategies to improve it. Lentz outlined investment in R&D and product innovation, while Hess stressed foundational changes to drive better expansion and retention.
• Brian Christopher Peterson (Raymond James): Asked about agentic commerce’s effect on platform migrations. Hess noted a slowdown in B2C replatforming due to evolving buyer journeys and the complexity of integrating agentic solutions with existing systems.

Catalysts in Upcoming Quarters

Looking ahead, the StockStory team will be watching (1) the adoption rate and margin impact of BigCommerce Payments as it rolls out, (2) the pace and breadth of customer uptake for AI-powered products like Feedonomics Surface and MakeSwift, and (3) incremental improvements in net revenue retention as new monetization strategies take hold. We will also track how effectively the company links ARR growth to its expanding GMV base.

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