It can be challenging to keep tabs on expenditure in the contemporary eCommerce environment, and financial management systems imported from other sectors may not be the best fit.
For example, financial administration for online stores with international revenue streams may involve a variety of websites, currencies, payment methods, and gateways, which makes the process even more challenging.
One of the main challenges in eCommerce, whether you’re an entrepreneur, a finance director, or a CFO, according to Samir El-Sabini, co-founder and CEO of Swedish eCommerce FinTech Juni, is getting an overview of your business performance and [money] flows.
A number of online retailers, including the Dutch electronics store Boltshop and the U.K.-based home goods firm Aeyla, work with the financial platform El-Sabini co-founded in 2020 which was made specifically for eCommerce enterprises. Earlier this year, the company secured $206 million in venture loan funding to support its growth and continue developing solutions for the eCommerce industry.
El-Sabini expanded on Juni’s admiration for businesses that engage in online sales by asserting that the practice is embedded in the organization’s DNA: “Half of our personnel have expertise in eCommerce. We firmly believe in the potential of online shopping.
He went on to clarify that the FinTech firm’s goal is to make financial management simpler for business owners around Europe so they can save time and money.
The Swedish firm offers credit through the Juni card, which is marketed as a card “designed for online advertising,” in addition to lowering administrative expenses.
Customers may thus use the Juni card to track their expenditures and receive rewards on purchases. Additionally, because Juni’s platform handles all expenditures, businesses have access to a variety of analytics and automation options.
Taking on Changing Challenges
El-Sabini asserted that keeping up with trends is essential to satisfying its customers’ changing wants, and that “if our consumers want to use cards, we will assist them to utilize the finest card.” We will assist them in transferring money in the best way possible if they want to do it in other methods.
This mentality is shown in Juni’s advertising strategy, where Juni prioritizes integration so that it can adjust to various customer demands. After all, initiatives by the EU to open the market to the greater competition may soon cause the landscape of internet advertising in Europe to shift.
In spite of these modifications, he claimed that “if you look at the preceding 10 years, the dominance of Facebook and Google has increased,” and even if “that process may be slowed, I don’t see any meaningful challenges in the immediate future”
Nothing will get any easier, though. According to him, companies must maximize the output of their customer acquisition costs (CAC) through higher order values and be “as effective as possible with [their] spend” in order to turn a profit. “Overall, what we’ve found is that it’s getting harder in the eCommerce industry,” he added.
