BigCommerce vs. Shopify: When Second Place Is a Very Tough Place to Be

Jason Lemkin writes for SaaStr that six years after its blockbuster IPO, BigCommerce—now trading as Commerce dot com—has shrunk to roughly a two hundred million dollar market value and is guiding 2026 revenue below last year's level. Meanwhile Shopify continues to grow thirty percent annually, pulling in over two hundred billion dollars in market cap and earning about forty percent of its revenue from transactions. The revenue multiple gap has ballooned from around twenty‑times in 2020 to roughly forty‑four times today, showing how the transaction‑based model has outpaced the subscription‑focused approach. As SaaStr notes, the latest quarter showed a one percent dip in subscription revenue even as merchandise volume rose fourteen percent.

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