Maintaining control of spending in the modern eCommerce environment can be difficult, and solutions for financial management imported from other industries may not be well suited for the task.
Financial management might encompass many websites, currencies, payment methods, and gateways for online shops with foreign income streams, for instance, making the process even more difficult.
Getting an overview of your business performance and [money] flows is one of the major issues in eCommerce, whether you’re the founder, a finance director, or a CFO, according to Samir El-Sabini, co-founder and CEO of Swedish eCommerce FinTech Juni.
The financial platform El-Sabini co-founded in 2020 was created especially for eCommerce businesses and collaborates with a variety of online merchants, including the Dutch electronics retailer Boltshop and the U.K.-based home products company Aeyla. The company received $206 million in venture loan capital earlier this year to support its expansion and keep creating solutions for the eCommerce business.
El-Sabini elaborated on Juni’s love for companies that do online sales by claiming that eCommerce is ingrained in the company’s DNA: “Half of our employees have experience in eCommerce. … The future of eCommerce is something we really believe in.
He continued by saying that the FinTech company aims to simplify financial management for business owners across Europe, saving them 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.
He said that despite these changes, “If you look at the previous 10 years, the dominance of Facebook and Google has risen,” and even if “that process may be slowing, I don’t see any serious challengers in the short future.”
However, nothing will become any simpler. He asserted that businesses must do two things in order to turn a profit: maximize the output of their customer acquisition costs (CAC) through higher order values and be “as effective as possible with [their] spend.” “Overall, what we’ve seen in the eCommerce space is that it’s becoming harder,” he said.
