Commerce One Holdings Inc.
4496・Growth Market・Information & Communication
Business
Commerce One Holdings, Inc. is a pure holding company operating a single-segment EC Platform Business that provides end-to-end SaaS-based solutions—from front-end to back-end—for EC (e-commerce) sites, primarily targeting mid-sized and small domestic EC businesses. The group comprises seven companies: Future Shop, which provides the EC site construction platform "futureshop"; Softel, which provides the multi-store back-office management system "Tsuhan Suru Kura"; TradeSafe, which offers EC authentication and analytics tools; Sorairo, which handles UGC marketing; Kidoku, which specializes in AI-driven creative work; Commerce Connect, which is developing a next-generation integrated EC platform; and AttendMe, which engages in VTuber influencer marketing. Since its establishment in 2006, the company has expanded the group through M&A and new business establishment, aiming to establish its position as business infrastructure for EC operators.
Business Model
The flagship service futureshop secures stable recurring revenue through a fixed monthly subscription fee starting from ¥24,000 (multiple plans based on the number of registered products) plus initial setup fees, and aims to improve ARPU by expanding the use of optional features and alliance services. Softel builds up continuing revenue through a combination of initial customization fees (from ¥1,500,000) and monthly maintenance fees (from ¥70,000). The structure also seeks to expand revenue from existing customers through cross-selling across the group.
Company Strengths
As of the end of March 2026, the number of stores using futureshop reached over 2,730, forming stable recurring revenue through a monthly fixed-fee billing model. GMV per contracted store increased from ¥72,368 thousand in FY2025 (ended March 2025) to ¥76,910 thousand in FY2026 (ending March 2026), confirming an increase in unit price driven by the growth of existing customers.
The company has established a system capable of providing EC site construction (futureshop), multi-store back-office management (Tsuhan Suru Kura), EC authentication (TradeSafe), UGC marketing (Sorairo), and AI creative (Kidoku) within a single group. The ability to allow EC operators to procure the services they need on a one-stop basis represents a structural advantage that competitors would find difficult to replicate in a short period of time.
futureshop's GMV reached ¥212,070,807 thousand (equivalent to approximately ¥212.1 billion) in FY2026 (ending March 2026), demonstrating its track record as a platform supporting the sales growth of EC operators. The platform has continued to expand since surpassing ¥100 billion in cumulative distribution volume as of December 2018, with years of operational know-how and an experienced EC advisor system supporting continued customer usage.
ENVALITH's Perspective
Performance Trend
Revenue maintained five consecutive periods of growth, rising from ¥2,940 million in FY2022 to ¥3,896 million in FY2026 (up 5.5% year on year in FY2026). On the other hand, operating profit peaked at ¥677 million in FY2022 and has continued on a declining trend, falling to ¥380 million in FY2026, the lowest level of the past five periods. Both cost of sales (¥1,761 million, up 10.6% year on year) and SG&A expenses (¥1,754 million, up 19.9% year on year) increased at a pace exceeding revenue growth, causing the operating margin to decline sharply from 17.3% (FY2025) to 9.8% (FY2026). As for the external environment, the domestic BtoC-EC market has continued to grow steadily even after the normalization of economic activity, and this tailwind in the market environment persists; however, growth investment costs within the group are weighing on profit. The company has disclosed its forecast for FY2027 (ending March 2027) of revenue of ¥4,345 million (up 11.5%) and operating profit of ¥500 million (up 31.5%), indicating an anticipated recovery.
Growth Strategy
Four-pillar strategy: deepening the end-to-end EC SaaS offering, developing AI-powered new services, pursuing group synergies, and expanding into the environmental energy business
Implemented infrastructure rebuilding including a full overhaul of the product management screen, introduction of a new authentication system, LINE integration, multi-channel order management, and API enhancement. Positioned as structural infrastructure development in anticipation of AI utilization and business automation, the company plans revenue of ¥2,943 million (up 3.6% year on year) for FY2027 (ending March 2027), driven by increased revenue per customer and expansion of gross merchandise value.
At Commerce Connect Co., Ltd., established in April 2025, an integrated EC platform featuring AI-driven next-generation order management and unified inventory management functions is under development, leveraging Softel's know-how from Tsuhan Suru Kura. Software in progress surged from ¥1 million at the end of the previous fiscal year to ¥108 million, indicating that development investment is now in full swing.
By focusing on proposing customization projects tailored to customer needs, the company achieved substantial profit growth in FY2026 (ending March 2026), with revenue of ¥899 million (up 5.5% year on year) and operating profit of ¥90 million (up 60.6% year on year). For FY2027 (ending March 2027), revenue of ¥990 million (up 10.1% year on year) is planned, with forecasts formulated taking into account the acceptance timing of prospective orders and securing of development resources.
Supporting back-office operational efficiency for EC operators through the deployment of solutions utilizing generative AI. Aims to expand optional and alliance services and increase revenue per customer by addressing diversifying EC utilization needs, including social commerce support, omnichannel adoption, and cross-border EC support.
Through Enecycle Corporation, a biochar manufacturing survey business targeting Southeast Asia was selected for a Ministry of Economy, Trade and Industry subsidy. The "digital biochar methodology," jointly developed with Estonian company Carbontribe Labs, has been submitted for application to the international certification body Earthood Services Limited. The group aims for global expansion leveraging its proprietary technology.
Last updated: July 19, 2026