Second place decayed: BigCommerce's 19x revenue gap to Shopify is now 44x
Six years after turning down a $1.5B Intuit bid to IPO for a $4.8B market cap, BigCommerce (now Commerce.com) trades under 1x ARR and is fielding a hostile bid. The revenue gap to Shopify swelled from 19x to 44x, not on collapse but on pure deceleration: 44% growth to negative, while a company 20x its size held steady at roughly 26-30%. The B2B wedge failed too, as Shopify's B2B volume grew 76% to BigCommerce's 17%. A sharp, data-dense case study on why second place doesn't compound.