CommentSold Reaches Over $1 Billion in GMV as Live Selling Continues to Grow in the US
CommentSold, the leading digital commerce solution that enables small and medium-sized retail businesses (SMBs) to unlock sales growth through live and social selling, today announced its gross merchandise value (GMV) increased by nearly 40% between January and November year-over-year, reaching more than $1 billion before year-end 2021.
"We've seen tremendous growth as more and more consumers turn to live commerce to meet both their social and shopping needs, and we're excited to see that momentum pick up throughout 2022," said Brandon Kruse, CEO of CommentSold. "Live streaming continues to expand in popularity each year as more retailers turn to digital technologies to power their businesses, and these latest GMV numbers and Black Friday earnings are a testament to CommentSold's strength at the forefront of this movement."
While the retail industry recorded a decrease in overall Black Friday sales as reported by Adobe, CommentSold increased its GMV by 15% to $20.3 million over the Black Friday weekend as compared to last year, highlighting the strength of its platform. In line with this growth, Q4 data revealed that there were 2.5 million more produts shown, a 27% increase, across the platform's live streams than there were in Q4 2020, with live-sale GMV per viewer increasing by 31%. This growth comes as the live streaming market continues to take hold in the U.S., and according to Coresight Research, projections show this sector to reach $11 billion in 2021 and $25 billion by 2023, matching growth seen in Asia.
CommentSold's record growth follows the company's recent announcement regarding its strategic investment from Permira, the global private equity firm which backs leading, scaling, tech-enabled businesses, and new leadership additions with Finn Faldi as Chief Commercial Officer and Helaine de Tomasi as VP of B2B Marketing.
CommentSold provides the complete technology infrastructure retail SMBs need to operate and grow their businesses. The digital platform simplifies inventory and order management, payments, invoicing, labeling, packaging and fulfillment processing for business owners, and enables live and social selling on social media, mobile apps and websites. The company was named for "comment selling," which refers to retailers posting on social networks and enabling shoppers to purchase items in real time by typing "sold" in the comments of a post. Led by entrepreneur Brandon Kruse and based in Huntsville, Alabama, CommentSold currently powers e-commerce operations, including live and social selling, for more than 7,000 companies. For more information, please visit CommentSold.com.
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