Ecommerce platform BigCommerce (BIGC) recently reported its fourth-quarter results that outpaced market expectations. The company is looking to tap into the growing social commerce market to help its customers expand their market reach.

BigCommerce’s Financials

Revenue in the first quarter grew 50% to $64.9 million. GAAP net loss was ($34.2) million, compared to ($14.2) million from the fourth quarter of 2021. Non-GAAP net loss per share was ($0.17). Analysts had expected a loss of ($0.13) per share on revenue of $62.04 million.

By segment, subscription solutions revenue increased 58% to $46.9 million. Partner and services revenue (PSR) grew 33.4% to $64.9 million and accounted for 29.5% of its Q4 revenue. Among other business metrics, ARR from Enterprise accounts was up 72% to $172.9 million. The number of accounts greater than $2,000 in annual contract value (ACV) was up by 25%. The average revenue per account (ARPA) of accounts greater than $2,000 in ACV was up 27% to $18,598.

For the first quarter of 2021, BigCommerce expects total revenue between $61.9 million and $65.1 million and non-GAAP operating loss between ($11.5) million and ($13.5) million. For the full year 2022, it expects total revenue between $271.6 million and $283.6 million and non-GAAP operating loss between ($45.9) million and ($53.9) million.

BigCommerce’s New Offerings and Partnerships

Recently, BigCommerce announced an integration with Digital River to provide mid-market and enterprise BigCommerce merchants with an all-in-one global commerce solution that manages payments, tax, fraud and compliance to simplify cross-border selling and accelerate global expansion. The tie-up will allow merchants to integrate Digital River’s Merchant of Record business model to mitigate risks and maximize conversions by delivering localized checkout experiences for both onshore and cross-boulder sales directly from within the BigCommerce store. Merchants will be able to deploy entry into new markets in nearly six weeks and simplify cross-border selling processes to decrease operational costs.

BigCommerce realizes the importance of social commerce in the current markets. It recently announced plans to expand its TikTok For Business offering to support merchants in France, the Netherlands, Italy, and New Zealand. BigCommerce already leverages TikTok’s partnership in the U.S., Canada, the U.K., and Australia. It allows BigCommerce merchants to showcase their brand personality, build stronger connections with current customers, reach out to new shoppers and drive traffic to their storefronts.  TikTok has grown to a social media platform with more than 1 billion users globally. By expanding its presence on TikTok, BigCommerce will help its customers get access to this wide user base.

According to eMarketer, retail social commerce is expected to more than double to $56.17 billion by 2023 from $27 billion in 2020. The industry is expected to grow to $79.64 billion by 2025 in the US alone. TikTok has been a late entrant to the social media game, but it has made big inroads. The service already has over a billion monthly active users and has tie-ups with other commercial services such as Shopify and Square. BigCommerce is banking on leveraging this high growth phenomenon.

BigCommerce went public in August of 2020 at a list price of $24 and raised $216 million. Its stock is currently trading at $21.92 with a market cap of $1.58 billion. It hit a 52-week high of $72.20 in July last year and a 52-week low of $20.13 earlier this month.

Photo Credit: Kon Zografos from Pixabay