Throughout the launch of the Marketfire e-commerce solution module on the PrestaShop Addons Marketplace, we had the pleasure of assembly with Xavier Vaucois, founder and CEO of Common Web and writer of Marketfire, a brand new software that goals to help on-line retailers with completely different features of their actions: from managing their direct gross sales and marketplaces (rising turnover and margin, profitability), to financing their development, together with accounting help.
He tells us what the foremost challenges for in the present day’s e-merchants are, particularly on money stream and profitability of operations.
1. How was Marketfire created?
Xavier: we began financing retailers utilizing enterprise information and not their previous steadiness sheets in 2019. We realised that the information and evaluation we used to finance retailers at decrease prices via higher danger administration was of monumental worth to those retailers
Along with the retailers, we’ve constructed a software that enables them to make use of their information to find out about and purchase the Amazon purchase field, consolidate direct gross sales and marketplaces gross sales, analyse profitability for every product, measure developments, charges and commissions, monitor funds, cost delays, unpaid orders, calculate VAT, and so on.
2. What had been the key growth phases?
Marketfire’s engine was designed and in-built 2019. We proceed to enhance it with our first clients in 2020. Between January and June 2020, we improved the graphical interfaces and ergonomics by offering a user-friendly utility. Every of our clients carry their very own concepts ahead, and we’re always bettering the software for the good thing about our retailers. This summer time, we applied the PrestaShop connector for the first retailers and made an settlement with you, PrestaShop, to assist the 300,000 retailers in the neighborhood.
Since then, we’ve supported them with monetary functionalities, i.e. monitoring orders and funds made via marketplaces, analysing unpaid orders, late funds, market charges and commissions, and monitoring enterprise quantity and orders.
We’ve additionally helped them by analysing the highest merchandise – offered and returned, to enhance catalogues and margins. We’ve simplified the accounting work by calculating the VAT to be declared in every state, taking nice care to analyse all of the delivery places for every product, for every sale and the VAT thresholds of every state.
Lastly, we’ve added performance to extend profitability by calculating the margin on every sale, via analysing, on the product degree, of the particular charges and commissions utilized. Not too long ago, we have added the Amazon purchase field to assist retailers earn extra income. The info of all locations is taken into consideration, in addition to PrestaShop’s reside gross sales information.
We additionally combine buyer notifications to make a worldwide synthesis, product by product or gross sales channel by gross sales channel.
3. How would you describe the software?
Marketfire is many issues: a efficiency administration platform with a single, consolidated dashboard to steer its multi-channel actions, a platform for financing orders, inventories, tasks at low value, and at last a administration management platform that analyses funds, modifications in exterior money stream and VAT.
4. What are the primary difficulties for retailers promoting on marketplaces?
Market sellers are normally paid a number of weeks after the sale and cargo. The delay varies relying in the marketplace place. We analyse gross sales and cost information to calculate many scores and derive the retailer’s credit score rating. The higher it’s, the extra it supplies entry to low-cost financing. We will finance their orders in order that they’ll profit from the fruit of their gross sales on T+1 at a price of between 0.66% and 1.36%. We additionally finance their inventory and tasks with loans.
Secondly, retailers might promote their merchandise in marketplaces, however these might not essentially be worthwhile. It is very important measure the actual charges and commissions concerned, and set your costs accordingly. Additionally, you will need to preserve monitor of the Amazon purchase field worth on daily basis, for every product, if the retailer needs to maximise their gross sales potential. Additionally, taking account of the prices associated to returns and cancellations is a key consider optimising enterprise profitability.
Calculating VAT precisely could be cumbersome and expensive for any retailer. After all, retailers assume that every one they need to do is give all the things to their accountant and the accountant will handle it. Besides that only a few accountants are geared up to open all Amazon stories for instance (and Amazon is likely one of the locations that helps retailers essentially the most) to place the precise warehouse that shipped the product on the time of the sale. Additionally, not many retailers take into account state thresholds and apply the right charges (retroactively to the thresholds).
Marketfire consolidates all the things, not only for one market, however for all of them, which no market can do by itself as a result of they do not have the information from different gross sales channels. It has by no means been simpler to assist your accountant and probably scale back the price of promoting by way of marketplaces.
After all, all the things we do for the Market enterprise, we additionally do for direct gross sales, particularly by way of PrestaShop. We will additionally combine different ERP information, amongst many different issues.
5. What sorts of retailers would possibly wish to use a software like Marketfire?
All of them! Small or massive companies, promoting straight and/or on marketplaces, that wish to develop an even bigger, extra worthwhile enterprise. And naturally, any retailer who needs to be financed at low value.
We promote our Marketfire platform at a low worth to profit everybody.
6. Why did you select to hitch the PrestaShop ecosystem?
After protecting the primary marketplaces, our first retailers wished to consolidate their direct gross sales. We developed the PrestaShop module to assist the neighborhood do higher. Additionally, our settlement with PrestaShop permits neighborhood retailers to reap the benefits of two distinctive European specialists.
7. The following key steps in creating Marketfire?
We wish to develop extra options to extend our clients’ turnover and profitability. We’re constantly integrating new marketplaces, with our commonplace Mirakl connector scheduled for this summer time. Right now, we cowl a wide range of languages English, Spanish, Italian and German, and we are going to enrich Marketfire’s languages.