The third quarter was a busy period for ecommerce technology vendor VTEX, which reported technology platform upgrades, increased gross merchandise value and revenue, and new B2B and B2C client activity.

The company says its ecommerce platform surpassed $4 billion in gross merchandise value as it added more than a dozen companies to its international base of customers. Founded in Brazil and with a strong client presence in Latin America, VTEX reported gains with B2B and B2C customers in the United States and Europe.

VTEX expands across categories and channels

Mariano Gomide de Faria, Co-CEO, VTEX

“In the United States and Europe, our portfolio is expanding across categories [and] omnichannel marketplace customers,” founder and co-CEO Mariano Gomided de Faria, who is based in the company’s U.S. headquarters in New York, said on a Q3 earnings call, according to a Seeking Alpha transcript. VTEX also operates an international headquarters office in London.

VTEX describes its ecommerce platform as “composable and complete,” referring to the ability of client companies to use its API-driven architecture to compose a customized, best-of-breed ecommerce presence that can include integrated VTEX technology for such extensions as online marketplaces, fulfillment operations and drop-shipping.

In the U.S., VTEX’s new B2B clients include U.S. Electrical Services, which is comprised of 12 regionally managed electrical distribution and service-related companies. Most of U.S. Electrical Services’ companies operate ecommerce sites, including EW Electrical Wholesalers Inc., HZ Electrical Supply Co., Maurice Electrical Supply Co., Standard Electric, U.S. Renewable Solutions, Walters Wholesale Electric Co. and Yale Electric Supply Co.

In Europe, consumer products manufacturer Colgate-Palmolive Co. expanded its existing VTEX ecommerce technology to launch a B2B online store in Switzerland, adding to its online operations in the U.S. and Brazil. VTEX said that, following other VTEX B2B ecommerce site deployments in the U.S., Colgate-Palmolive “recently launched Oral Professional in Switzerland, its first European B2B site on VTEX.”

In Brazil, retail chain Fast Shop deployed VTEX to replace a legacy ecommerce platform and expanded into B2B commerce. Fast Shop operates 83 stores and 15 distribution centers and sells online at FastShop.br. 

“Now all operations — stores, online, marketplace and B2B — are integrated into one platform,” VTEX says.

VTEX launches platform upgrades

VTEX also announced third-quarter ecommerce technology upgrades on its platform, including:

⦁ VTEX Sales App, which the company says is designed to support omnichannel commerce operations by allowing sales associates to sell in-store and via online “endless aisle” product listings in a single checkout process.

⦁ VTEX Ad Network provides new ad types for diverse formats, including sponsored products in search auto-complete systems and online product galleries.

⦁ VTEX Data Pipeline, a secure data-sharing service, offers VTEX clients additional data models for catalog, promotion and external marketplace data along with “access to all their commerce data without expensive custom integrations.” It adds that Data Pipeline is “now compatible with any preferred data warehouse, business intelligence tools and CRM systems,” letting companies build a “unified view of their commerce operations.”

⦁ VTEX Pick and Pack has new fulfillment features designed to increase logistical efficiency through “smart store selection, optimized product location, and multi-picking capabilities.” VTEX adds that the upgrade administrative interface provides real-time order tracking and instant notifications, “while the AI-powered returns module facilitates expedited customer feedback.

VTEX reports rise in subscription gross profit

For the third quarter ended Sept. 30, VTEX reported:

⦁ Gross merchandise value (GMV) transacted by merchants on the VTEX ecommerce platform was $4.38 billion, up 9.5% year over year. VTEX said the increase was 17.1% adjusted for constant currency.
⦁ Revenue of $56.0 million, up 10.7% or 18.7% under constant currency.
⦁ Subscription gross profit of $42.3 million, up from $36.1 million.
⦁ Income from operations of $2.9 million, up from a loss of $3.5 million. Non-GAAP income from operations, which excludes shared-based compensation expense, amortization related to acquisitions, and “earn out expenses” related to acquisitions, was $7.7 million, up from $1.7 million.

For the nine months ended Sept. 30, VTEX reported:

⦁ GMV was $12.85 billion, up 15.4% or 18.8% under constant currency.
⦁ Revenue of $165.2 million, up 17.3% or 20.6% under constant currency.
⦁ Subscription gross profit of $123.4 million, up from $99.3 million.
⦁ Income from operations of $3.7 million, up from a loss of $3.5 million. Non-GAAP income was $17.1 million, up from a loss of $3.9 million.

Paul Demery is a Digital Commerce 360 contributing editor covering B2B digital commerce technology and strategy. [email protected].

Sign up

Sign up for a complimentary subscription to Digital Commerce 360 B2B News, published 4x/week. It covers technology and business trends in the growing B2B ecommerce industry. Contact Mark Brohan, senior vice president of B2B and Market Research, at [email protected]. Follow him on Twitter @markbrohan. Follow us on LinkedIn, Twitter, Facebook and YouTube.