Markets
SaaStr: BigCommerce's Flat Subscription Against Shopify's GMV Take Rate Cost It About 1,000x in Market Cap
SaaStr published a post-mortem on BigCommerce, now renamed Commerce.com and trading as CMRC at roughly $200M, under 1x ARR. The revenue gap with Shopify went from 19x in 2020 to about 44x on this year's guidance, with BigCommerce growth running 36%, 44%, 27%, 11%, 7%, 3% and now negative while Shopify held 26 to 30% at $11B+. The single decision SaaStr isolates is pricing: Shopify gets paid more as a merchant's GMV grows, BigCommerce gets paid the same at $1M or $50M, which is the same usage-versus-seat argument now hitting every AI-era SaaS renewal.
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