November GMV performance demonstrates the resiliency of the VTEX customer base, despite challenging macro conditions
VTEX, the global enterprise digital commerce platform for premier brands and retailers, discloses a strong performance during the start of the holiday shopping season (November). Total Gross Merchandise Value (GMV) of US$1.75 billion, representing an increase of 33% in USD over November 2021 and 27% on an FX Neutral basis. With the opening of the holiday shopping season, VTEX recorded in November a 30% increase of orders year-over-year, demonstrating the long-term trend of consumers going online through multiple channels to buy products from their preferred brands.
This November, VTEX witnessed a significant GMV increase in verticals such as electronics (+47% YoY), grocery (+45% YoY) and apparel & accessories (+40% YoY) in the more than 38 countries where it currently operates. This is a result of the increase in penetration of ecommerce as well as the influence of FIFA’s World Cup — which led to an even higher growth in categories such as sports & fitness (+55% YoY) and food & beverage (+45% YoY).
VTEX demonstrated the resiliency of its business model by outpacing the market, despite a challenging macroeconomic environment that resulted in a Black Friday performance below the company’s expectations.
“Retailers and brands have gone through a lot over the past couple of years. Customer acquisition costs shot to the roof, supply chain challenges caused inventory chaos, and now inflation is also squeezing merchant’s margins,” says Mariano Gomide de Faria, founder and co-CEO at VTEX. “VTEX is well positioned to help merchants drive profitable ecommerce growth. By deploying B2C, B2B and Marketplace models on a single platform — our merchants can make omnichannel inventory and fulfillment strengths while rapidly testing new ways to engage and retain customers. Our highly-flexible and low-maintenance platform helps customers optimize IT investments with agility and ultimately grow their profits,” he added.
“We are no longer in the era of ‘growth at all costs’ — now it’s all about choosing your bets and testing them quickly,” concludes Gomide de Faria. “When customer acquisition cost is high — you need to run new engagement strategies to keep your existing customers coming back — like live streaming events.” VTEX saw an increase in the adoption of Live Shopping and Conversational Commerce solutions before Black Friday — as merchants extended their customer engagement strategies throughout November.
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- November sales reached the highest peak on Black Friday, November 25th, at 8:27 pm ET, when VTEX customers registered 2.5 thousand orders per minute.
- VTEX enabled 1.5 million consumer orders globally from their preferred brands and retailers during Black Friday 2022, representing a year-over-year increase of 9%.
- Total number of orders among VTEX customers increased 30% year-over-year in November 2022 versus 25% in the same month last year.
- The top five countries with the highest year-over-year growth in absolute sales volume were Brazil, Mexico, Argentina, Chile and the United States.
Along with the global sales growth, VTEX platform has also delivered scalability, reliability, and security, giving peace of mind for its customers with 100% uptime during Black Friday and Cyber Monday week.
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