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In this episode of Add To Cart, we are rejoined by Jason Andrew, chartered accountant and corporate advisor. Jason is focused on helping eCommerce businesses take their numbers seriously – and keep themselves accountable. As Jason says, “accounting is about accountability”. In this episode, Jason explains which metrics are the most important for eCommerce retailers, how to measure them effectively and highlights the areas where he sees most eCommerce businesses fall over.
Common questions answered in the podcast include:
- What is the most important financial metric for an eCommerce business?
- How do you work out unit pricing for your products factoring in all the eCommerce overheads?
- Does 3PL (3rd Party Logistics) make more financial sense than in-house fulfilment?
- What are the biggest mistakes he sees for businesses when discounting for Black Friday?
- How do you work out the financial impact of Customer Lifetime Value?
Links from the episode
- Jason’s book Stark Naked Numbers (Amazon link)
- SBO Financial blog
- When Should My eCommerce Business Use a 3PL?
- Shopify Plus Commerce Evaluation Guide (Sponsored)
This episode was brought to you by…
Shopify merchants broke records over the BFCM weekend selling over $2.9 billion USD worth of goods across 175 countries, up from last year’s $1.8 billion. Over 1,000,000 merchants rely on the Shopify platform on days like Black Friday to scale and grow their business. Merchants don’t need to worry about their site crashing because Shopify takes care of the tech and merchants can focus on what matters. If you had a not-so-great BFCM, it might be worth considering whether you’re on the right platform. Shopify Plus have a handy Commerce Evaluation Guide that walks you through what questions to ask and what you need to consider when choosing the right commerce platform for your business. You can download the guide at shopifyplus.promo/commerce-guide.
Nathan Bush is the founder and lead strategist at eCommerce consultancy, 12HIGH. He has led eCommerce for businesses with revenue $100m+ and has been recognised as one of Australia’s Top 50 People in eCommerce four years in a row. You can contact Nathan on LinkedIn, Twitter or via email.
Jason is a chartered accountant and has over a decade of experience as a business and corporate advisor. He’s worked with businesses of all shapes and sizes from startups, scale-ups, corporates and government on a range of areas including M&A, financial strategy and performance improvement.
He’s a Co-founder of SBO.Financial – an accounting and operational finance business that services high-growth businesses across the world. SBO was founded to bring financial control, clarity and governance to entrepreneurs and high-growth businesses, helping them with bookkeeping, cash flow, metrics and improving profitability.
As a numbers nerd, Jason is passionate about improving the financial literacy of entrepreneurs. He is the author of Stark Naked Numbers, regarded as the Barefoot Investor for entrepreneurs. You can contact Jason on LinkedIn.
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