ChannelEngine, the online marketplace integration platform, has closed a Series B funding round for 45.5 million euros ($49.8 million), according to a press release.
The company wants to “become the world’s largest ecommerce network and operating platform” using its management suite, which connects brands, wholesalers and retailers with its global eCommerce market.
The release said ChannelEngine is aiming to “boost international sales” through tools like automated repricing, content, stock and order management.
Brands and retailers will be able to reach millions of new customers and benefit from the partner network and orchestration and automation layer to help them sell better.
The release noted that the eCommerce market has been doing well for now and could be worth $5.9 trillion in 2023 as more global marketplaces take form. The release added that established players like Amazon and eBay are now being joined by more brick and mortar stores moving their markets online.
“We’re in the midst of a profound shift in eCommerce as brands are increasingly selling directly to consumers via open online marketplaces such as Amazon, Walmart and Zalando,” said ChannelEngine CEO and founder Jorrit Steinz. “Already 60% of e-commerce happens this way and the growth rate is phenomenal.”
PYMNTS wrote that U.S. consumers spent $1.7 trillion on eCommerce during the pandemic, according to Adobe.
Read more: U.S. Consumers Made $1.7T in Pandemic eCommerce Purchases
That included $885 billion in 2021, an 8.9% year-over-year increase.
There was $32 billion that customers had to pay more for to get the same things, due to inflation.
The two-year tally is reportedly almost $610 billion more than the eCommerce spending total from March 2018 through February 2020, according to the report.
The Adobe report also expected online U.S. spending to be over $1 trillion for the first time in 2022.
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