The e-commerce services provider, which helps merchants sell via online marketplaces, reports a 25% revenue gain for 2014.

ChannelAdvisor Corp. this week reported fourth quarter 2014 revenue of $23.8 million, up 16% from the same period in 2013. Full-year revenue increased about 25% compared with 2013.

The e-commerce services provider, which went public in May 2013, specializes in helping retailers sell on web shopping malls like Amazon, eBay, Rakuten Shopping, Walmart.com and others, as well as facilitating sales through comparison shopping sites and search marketing.

For the fourth quarter, ChannelAdvisor reports:

• Total revenue of $23.8 million, up about 16.1% compared with $20.5 million in the fourth quarter of 2013. • A net loss of about $6.5 million compared with a net loss of $8.6 million for the same period in 2013.

• The addition of 60 net core customers, giving ChannelAdvisor 2,841 core customers, up 17% from the same period last year. Core customers are those who subscribe to at least one product, excluding those from two companies ChannelAdvisor acquired prior to 2008. And those customers have more outlets to sell their goods, ChannelAdvisor says. “We added integrations with Bigcommerce, Alibaba’s Tmall, Yahoo Gemini, Rakuten.de in Germany, MeinPaket, Zalando, Pinterest, One ELO, Polyvore and House,” ChannelAdvisor CEO Scot Wingo told investors on a conference call this week, according to a Seeking Alpha transcript.

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• Average revenue per core customer, calculated on a trailing 12-month basis, increased 2% year over year to $31,400.

• Fixed subscription fees accounted for 74% of total revenue, up from 67% for the same period in 2013. Variable subscription fees accounted for 26% of revenue, down from 33%.

Wingo said revenue growth rate was not up to the company’s “expectations or potential,” according to the Seeking Alpha transcript. He cited several factors, including consumers preferring to buy from larger retailers, “which resulted in a GMV [gross merchandise value] shift away from smaller sellers and impacted our overall take rates” and a “significant uptick in customers upgrading to higher committed tiers but at a lower take rate than they had previously.” (Take rate is the calculation of all revenue generated by ChannelAdvisor customers as a percentage of the GMV they process through the firm’s platform.)

ChannelAdvisor has gained additional big brand and retailer clients that can negotiate smaller ChannelAdvisor commissions, which shrinks profit margin, says a research note today from investment firm Janney. “We would expect the addition of larger customers to drive lower take  rates near term, but also higher committed revenue,” the note says. ChannelAdvisor “is evaluating changes to its pricing matrix to narrow the discount range associated with tier upgrades.”

Wingo told investors that bigger growth is coming. “We remain optimistic about our long-term prospects and believe that we can return to year-over-year top line growth of 20% or more over time,” Wingo said. “However, we expect growth will be below this level in 2015 as it will take some time for our initiatives to gain traction and the macro trends to be realized.”

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For the full year 2014, ChannelAdvisor reports:

• Revenue of $84.9 million, up 24.9% from $68.0 million in 2013.

• A net loss of about $34.5 million compared with a net loss of $20.6 million in 2013.

• $5.7 billion in gross merchandise volume handled by ChannelAdvisor in 2014, up about 30% from $4.4 billion in 2013.

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