Mirakl reaches profitability and achieves 20% revenue growth

Category: Marketplaces
Mirakl reaches profitability and achieves 20% revenue growth

Mirakl, have announced its 2023 results, revealing consistent growth in 2023 and reaching first-time profitability of its flagship product, Mirakl Platform, by the end of 2023.

2023 financial highlights

  • Mirakl surpassed $8.6 billion in GMV transacted on its Mirakl-powered marketplace & dropship platforms, a record 50% year-over-year increase
  • Mirakl generated nearly $160 million in ARR, a solid 20% growth despite a challenging market environment
  • In Q4 2023, Mirakl Platform, Mirakl’s flagship product, reached profitability as a result of consistent revenue generated in 2023; Mirakl Platform is now in a self-sustaining financial model
  • Mirakl Ads and Mirakl Payout rolled-out to customers for the first time, generating additional revenue streams and critical monetization opportunities for its customers
  • Completion of Target2Sell integration into Mirakl suite of solutions and delivering synergies with Mirakl Ads
  • Mirakl successfully secured a €100 million revolving credit facility to finance potential acquisitions, demonstrating its financial maturity

Record GMV growth and new clients in 2023

Mirakl achieved a record $1 billion in monthly GMV in November 2023. More than 30 Mirakl-powered platforms surpassed the $100M GMV threshold in 2023, reinforcing Mirakl’s market-leading position as an enabler of scalable long-term growth for enterprises. Furthermore, multiple operators surpassed $500M in annual GMV for the first time.

In 2023, Mirakl has seen dozens of leading global enterprises and fast-growing disruptors join its customer base by implementing marketplace, dropship, personalization, payments, and catalog management powered by Mirakl, including Asos, Baby Bunting, Bestsecret, Bloomingdales, Business France, Cencora (formerly AmerisourceBergen), Driven Brands, Freedom Furniture, and UFA.

Hundreds of leading global brands also joined Mirakl Connect to sell on Mirakl-powered marketplace and dropship platforms in 2023, including Aubert, Balmain, Burberry, Groupe Beaumanoir, Karcher, Songmics Home, Whirlpool, and Zadig & Voltaire.

Platforms are the future of ecommerce, but launching a marketplace is only one component of a true platform business strategy. With the growth of Mirakl’s suite of solutions, we are empowering our customers to take a more comprehensive approach to their entire business, maximizing growth and profitability. With the launch of Mirakl Ads and our newly signed global partnership with Havas, Mirakl is positioned to be a leading player in the exponentially growing retail media ecosystem in 2024. With the growth of our suite of solutions and the financial maturity of Mirakl Platform, Mirakl’s business is financially sustainable, profitable, and uniquely positioned to help operators capture new revenue streams.

– Philippe Corrot, co-Founder and co-CEO, Mirakl

2023 has been the year of maturity for Mirakl. Not only did we significantly increase our annual recurring revenue, despite the intensifying market pressures faced by the tech ecosystem globally, we are also now financially self-sustaining. Most importantly, this growth demonstrates the real value that we create for the 450+ enterprises that power their eCommerce with Mirakl. While online sales are predicted to grow in 2024, the same goes for consumers’ expectations, and companies face even tougher competition to attract customers and convert sales. From payment to personalization, from advertising to dropshipping, from marketplaces to catalog integration, the Mirakl suite is able to address all of our customers’ needs to help them thrive in a digital world.

– Adrien Nussenbaum, co-Founder and co-CEO, Mirakl

Increasing investments in artificial intelligence

In 2023, Mirakl strengthened its leadership in AI with the introduction of Artificial Mirakl Intelligence (AMI) across the entire Mirakl suite, increasing the business value of AI for customers.

AMI is now integrated across Mirakl Platform, Mirakl Catalog Platform, Mirakl Target2Sell and Mirakl Ads. Representing the next generation of artificial intelligence in the Mirakl Suite, AMI prioritises high confidence levels and high quality outputs in the most critical areas, and is already being used to accelerate catalog onboarding by 14x, increase conversions by 15% through personalization, and reduce customer care incident resolution time by 90%.

Mirakl is the first marketplace and dropship technology provider to integrate generative artificial intelligence (AI) into its technology. Through a feature developed on generative AI, Mirakl customers can enhance the data quality and completeness of product catalogs, boost search engine rankings (SEO), and increase conversions automatically by optimizing product titles, descriptions and attributes. Through AI-powered translations, they can also expand their business into new territories at scale, removing manual effort and cost. Mirakl is also exploring new features with Mistral AI.

Reinforcing Mirakl’s preeminence in retail media

Mirakl Ads’ AI-powered platform led the next generation of retail media in 2023, leveraging the company’s unique positioning in the ecosystem to bring together more than 450 enterprises representing nearly 2 billion monthly website visits, with an ecosystem of 100,000+ sellers. Following the general availability of Mirakl Ads in 2023, Mirakl continues to expand on its technology leadership in retail media thanks to:

  • 10 new enterprise customers across Europe and the United States signed on Mirakl Ads since September 2023
  • The launch of a global partnership with Havas Group, creating the most powerful independent retail media network and providing seamless access to Mirakl’s leading tech suite for brands globally.
  • 100% of sellers already have access to Mirakl Ads directly in their back office

Boosting innovation

In 2023, Mirakl reinforce the innovation, stability and security in its products suite:

  • Releasing more than 340 new features and enhancements in 2023 across the suite including major products update such as sponsored product & display in Mirakl Ads, the launch of Mirakl Insights within Mirakl Platform, and the introduction of Mirakl Catalog Platform
  • At the peak of Cyber Week sales, Mirakl handled 65 orders per second and scaled flawlessly, maintaining 100% uptime even as it received 2.5 billion API calls (+56% over 2022) and 34 billion product updates (+48% over 2022).
  • Mirakl Ads and Mirakl Payout rolled out to customers for the first time, generating additional revenue streams and critical monetization opportunities for its customers;
  • Completion of the Target2Sell integration into Mirakl’s suite of solutions, creating new synergies in particular with Mirakl Ads;
  • Becoming one of the first tech companies to be certified ISO 22301 for Business Continuity management, adding to existing certifications for ISO 27001, ISO 27018, SOC 1 Type II and SOC 2 Type II and maintaining Mirakl’s position as the provider with the most complete security certifications on the market.

Strengthening Mirakl’s leadership as the technology partner of choice to drive digital growth

Mirakl advanced its standing in the tech ecosystem in 2023, forging new partnerships with enterprise technology and eCommerce leaders, including by:

  • Becoming an official member of the MACH Alliance reinforcing Mirakl’s long-standing commitment to building future-proof, open and best-of-breed
  • Launching Mirakl Catalog Platform, which offers faster and more flexible supplier catalog onboarding and delivers tools to collect, control and enrich product data for operational efficiency and better buyer experience.
  • Introducing new connectors for sellers through Mirakl Connect, including connectors for Amazon Multi-Channel Fulfillment, Adobe, and Salesforce Commerce Cloud, giving companies more ways to sell on Mirakl marketplace and dropship platforms directly from their eCommerce back office.

Deepening Mirakl’s commitments to social & environmental sustainability In 2023, Mirakl achieved a bronze Medal in its first-ever Ecovadis certification, scoring a solid 55/100 and entering in the 61 percentile. This achievement highlights two significant strengths within our organization:

  • A demonstrated commitment to upholding human and social rights, as well as maintaining the highest ethical standards in our operations.
  • A positive stride in addressing environmental concerns, as Mirakl is carbon Neutral since 2020.

To further enhance their engagements, Mirakl is committing to:

● 30% reduction in scope 1 & 2 absolute greenhouse gas (GHG) emissions by 2027

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