- aCommerce’s revenue grew 18% to $200M in 2023, cutting net loss by 55%.
- The company achieved EBITDA breakeven and Q4 profitability.
- Despite layoffs, aCommerce plans AI investments and live commerce expansion.
Surfing the e-commerce tsunami
Thailand-based ecommerce enabler aCommerce reported a total revenue of 7.3 billion baht ($200 million) for 2023, marking a 17.9% increase from the previous year, according to data from the Department of Business Development of Thailand.
The company also managed to cut its net loss by 54.9% to $4.6 million despite a 14% increase in total expenses. aCommerce achieved EBITDA breakeven across all four quarters of 2023 and reached net income profitability in Q4 2023, stated CEO and co-founder Paul Srivorakul.
The company, backed by MDI Ventures, had previously experienced two profitable years in 2020 and 2021. Srivorakul confirmed that eCommerce remains on track to return to profitability this year.
Breaking even like a boss
The exec highlighted the potential boost from increased involvement of omnichannel retailers, advertising firms, marketplaces, and technology companies looking to capitalize on the high-margin retail media market.
However, he cautioned the need to remain vigilant due to ongoing global geopolitical situations and potential economic headwinds in some of their operating markets. Last year, aCommerce underwent layoffs at the corporate and regional levels.
Operating offices in Indonesia, Malaysia, Singapore, and the Philippines, aCommerce plans to invest in AI to leverage its ecommerce data and analytics, transforming insights for firms across all sectors.
The company is also growing in live commerce. Earlier reports suggested that aCommerce’s founders were considering divesting their shares in a deal valuing the company between $200 million and $300 million. The firm has raised at least $120 million in total disclosed funding.
To read the original article: https://www.techinasia.com/thailandbased-acommerce-cuts-net-loss-posts-200m-revenue-2023
