The ecommerce tech market is already firmly consolidated within the top three cloud suites. The space is dominated by Salesforce, Oracle and Adobe, which bought Magento last year to create the Adobe Commerce Cloud.
But Kibo is pursuing a different cloud opportunity centered on commerce and retail, Sheik said.
And although Shopify has grown considerably with individual merchants and online sellers, there’s still limited competition for enterprise retail and marketing accounts, he said. IBM divested its marketing and ecommerce cloud to a private equity company this year.
Kibo’s subsidiaries can still be used independently as standalone products, and the brand names won’t be folded into holistic cloud platforms, as is often the case with the cloud biggies like Adobe or Salesforce.
The reason most retailers and brands with large ecommerce businesses typically end up consolidating on one platform is because of the data and pricing improvements they get when the products are connected by the cloud provider on the back end, Sheik said.
“All of us providers have to be client-centric and partner with each other,” he said. “We won’t force a client to take everything in the Kibo suite.”