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Technology 21 April 2022

Last year Latvia’s leading e-commerce company Magebit significantly increased its turnover and quadrupled its profits

Forbes

Baltic edition

In 2021 Latvia’s leading e-commerce company Magebit, which specialises in e-commerce IT solutions, homepage development and maintenance and digital marketing returned profits of EUR 1.06 million, which is more than quadruple the size of its profits in 2020. The company mainly exports its services and last year it succeeded in boosting its turnover by 78%.

In 2021 Magebit significantly improved its internal processes to make its operations more efficient both in person and remotely, including by combining both operating modes. The company has developed e-commerce solutions for several Fortune 500 clients (who are among on Fortune magazine’s annual list of the 500 biggest companies in the United States, based on their total revenue during the relevant financial year) and other businesses. The company devoted considerable attention to employee development, expanding and developing its internal employee training.

“Our competitive advantages are high quality, an individual approach to our customers, full-cycle e-commerce solutions and their maintenance, as well as 24/7 support. There are not many agencies that are capable of establishing and maintaining complex or large Internet stores. We possess in-depth technical knowledge and experience of working with non-standard Internet stores in various countries, industries and commerce types (B2B, B2C). This is one of the reasons why we are approached by clients from other agencies, who globally occupy leading positions in the development of digital commerce solutions,” says Magebit CEO Artūrs Krūze.

In 2021 Magebit’s EBITDA (Earnings before Interest, Taxes, Depreciation and Amortization deductions) reached EUR 1,148,391, which is 3.8 times more than in 2020...

In 2022, in addition to driving the further growth of the business, the company plans to expand its office premises, creating additional work spaces and a rest zone akin to a restaurant with a bar employee and  customer conveniences. It also intends to increase its number of employees, devise assorted training and guest lectures for public education purposes, as well as to engage in charitable and sustainability projects.

Magebit offers full-cycle e-commerce solutions and their maintenance, working with various e-commerce platforms: Magento or Adobe Commerce, Shopify Plus, Vercel, Shopware, etc., combining various technologies or platforms in the majority of projects. Magebit is one of the first businesses in the world to develop a serverless AMP type project – their own Internet website, receiving a positive review from the Google AMP team. It is also the only company from Latvia, which Amazon Web Services (AWS) has highlighted as an innovative application of a project, using an AWS machine learning system in data analytics, in order to find anomalies in employee productivity and to be able to resolve problems before they affect KPI indicators.

Magebit was founded in 2014. The team is comprised of 86 professionals and certified programmers and strategical specialists. The company’s specialists are certified to work with Magento, Shopify Plus, Shopware, Vercel and other platforms, build infrastructures (AWS, Google Cloud, etc.), offer advice on various non-standard solutions, as well as to help to devise tem (incl. process automation, e-commerce risk determination and prevention, and creation of various adapted systems, etc.).

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