In today’s 8fig review, we’re looking at a company committed to empowering ecommerce leaders with flexible funding options, intuitive AI tools, and powerful analytical dashboards.
The ecommerce industry is growing at an incredible rate. Experts predict there will be 5.29 billion e-commerce users in 2027.
Plus, by 2026, e-commerce is expected to contribute around $8.148 billion in global sales.
However, while the growth of the landscape represents opportunities for entrepreneurs, it presents some challenges, too.
There’s a lot of competition out there, and ecommerce vendors often struggle with access to limited capital, human resources, and support. That’s where 8fig comes in.
More than just a source of ecommerce business funding, 8fig provides a complete suite of tools to optimize store growth.
With next-level AI tools to help supplement your C-Suite, and valuable resources for tracking opportunities, 8fig can help any ecommerce business thrive in a competitive market.
Let’s dive into our review of the 8fig platform. 👇
What is 8fig, and Who is it For?
8fig is an ecommerce “growth partner”. This basically means the company focuses on providing ecommerce businesses with the tools they need to create and maintain growth.
The services offered by the company range from dynamic continuous financing options to resources for tracking and managing supply chains, freight, cash flow, and more.
The organization was originally launched in 2020 by Yaron Shapira, Assaf Dagan, and Roei Yellin. At first, the platform focused primarily on supply chain management and financial support.
However, as the ecommerce space grew, the founders saw a need to create tools that would further empower smaller ecommerce brands to compete with the industry giants.
Currently, 8fig is investing significant capital into the development of next-gen tools, like a virtual C-Suite for companies powered by AI, to deliver data-driven guidance on cash flow and sales.
Since its launch, 8fig has delivered more than $500 million in funding to e-commerce sellers.
While the platform is extremely flexible, it does focus on a specific niche. Companies applying for funding and support need to run an existing ecommerce store.
This could mean selling on a marketplace like Amazon or Ebay, or via a platform like Wix or Shopify.
Additionally, though 8fig provides funding and support to more than 30 different industries, it’s not intended for startup companies.
You’ll need to show your store has been in operation for at least 6-12 months and that you’ve earned more than $100,000 in revenue already.
The Features and Benefits of the 8fig Platform
Part of what makes the 8fig platform so interesting is that it’s constantly growing and evolving.
The company recently completed a series B funding round for another $140 million in cash to put towards its AI-driven C-Suite, which will be released later this year.
Currently, the features in the 8fig platform cover a few key areas: funding and dashboards for growth. Let’s take a closer look at the features and benefits you can access on 8fig.
The 8fig Funding Solutions
As mentioned above, funding was one of the first services 8fig offered to ecommerce vendors, and its funding options remain one of the core features of the platform today.
There are options for various industries, including Shopify store owners, suppliers, and wholesalers.
Unlike many other funding providers, 8fig differentiates itself from the competition with “dynamic” funding. The cash support you get isn’t based on your current revenue.
Instead, 8fig works with companies to create a growth plan based on their specific needs and projections.
Once you’ve signed up for the platform, you’ll be asked to share some insights into how your e-commerce, dropshipping, or wholesale store operates.
You share information about your cash flow using the planning and analytical tools available on the 8fig platform.
The team then examines your projections and ensures you’re requesting the right amount of funding to facilitate growth.
They then offer a funding plan with a payback schedule to suit your business.
When you access funding from 8fig, you don’t just get continuous capital but support for managing and growing your business, so you can make the most of the money you receive.
You can also submit “change requests” for your funding at any time so your service can adapt to changes in your market.
The 8fig Ecommerce Dashboards
Though funding makes up a significant part of the 8fig experience, part of what makes the platform so appealing is its data-driven dashboards.
These essentially give you the insights you need to facilitate growth and increase profitability.
The first dashboard you’ll encounter is likely to be the “Central Funding dashboard”.
This is the tool 8fig offers e-commerce vendors to help them plan and understand their funding needs.
You can create various independent “supply lines” for the products you sell, to track the capital you need to produce, and promote each item.
There’s also a variety of components to help you make the most of your data.
You can input dates and numbers for logistics, freight, and deposits, use a “line lab” to plan for sustainable growth with inventory batch monitoring, and more.
There’s even an “A line” tracking system, which helps to show whether your business is performing according to your expectations.
The funding dashboard also has a dedicated section for change requests, making it easier for ecommerce leaders to adjust their funding strategy as their supply chain and business evolves.
8fig also examines the information you submit to the dashboard for you, to help you determine whether you need to make any changes to your cash flow.
The 8fig Sales Dashboard
Whether you access funding from 8fig or not, you can use the company’s “sales dashboard” to help drive your business forward.
This powerful, data-driven tool offers a behind-the-scenes look at your company’s performance, new opportunities you might be missing, and more.
Since most e-commerce companies often don’t have access to their own C-Suite, the sales dashboard helps to augment your existing team with the analytical insights you need.
You can leverage information about competitor benchmarks, supply chain optimization, and cash flow.
Features include:
- Sales forecasting: See your revenue projections in real-time and determine whether you’re making robust progress towards your sales goals.
- Sales graphs: Examine sales as they evolve over custom time frames, with insights into micro and macro changes in your performance.
- Sales summaries: The sales summary tool highlights all of your sales over a specific period and provides insights into fluctuations in sales trends.
- COGS benchmarks: Here you can compare your COGS with benchmark data from similar brands, ensuring you’re keeping up with the competition.
- Forecasted revenue: With this tool, users can see revenue opportunities in specific COGS categories, examining strengths and weaknesses in their cash flow.
- Product trends: Determine which of your products are generating the most revenue and which are currently under-performing.
The 8fig Operations Dashboard
The “Operations” section of the 8fig platform is currently undergoing a number of changes and updates.
It’s where you’ll find the recently introduced “Freight with 8fig” service for managing your freight logistics for international sales.
It’s also home to a variety of valuable tools for ecommerce sellers, such as solutions for managing logistics and supply chains, tracking fulfillment, and automation.
You can even use intelligent tools to find freight leaders with the best deals for your business.
At the click of a button, ecommerce sellers can access useful quotes from freight providers around the world with no obligations.
You can also pay for your freight requirements in the platform and leverage funding from 8fig if you need help managing the costs.
Going forward, 8fig will be introducing new tools to the Operations section for managing back-office logistics and other ecommerce business operations.
Is the 8fig Platform Easy to Use?
8fig is certainly a versatile solution for ecommerce business leaders. However, with so many different features to explore, you might be worried about the overall usability of the service.
The good news is that 8fig designed its platform to be as intuitive as possible.
While you will need to supply information about your business, the platform offers step-by-step guidance to get you started.
Users can sign up in a matter of minutes and connect marketplaces and stores straight to the platform.
This means the software can do most of the analysis for you. 8fig integrates with Wix, Amazon, WooCommerce, Shopify, BigCommerce, and many other sources.
The technology rapidly analyzes sales projections and revenue trends on your behalf and offers useful insights to help you apply for the right funding or simply plan for continued growth.
Additionally, when you do apply for funding, cash is delivered strategically based on your cash flow demands.
8fig even has its own mobile app, so you can manage everything on the move.
The app comes with full access to the sales dashboard, which tracks crucial data, as well as access to your growth plan, which allows you to submit change requests, adjust upcoming lines, and track supply chain flows.
How Much Does 8fig Cost?
You may be wondering how much you can expect to pay for all the services offered by 8fig. Unlike most funding companies, 8fig calculates the fees you’ll need to pay based on your potential growth and risk.
This means every experience is tailored to each individual company.
The good news is there are absolutely no upfront costs to worry about, and capital is provided at a fixed cost, so you can plan effectively.
There are no credit checks to worry about, as your store performance and projections are what influence your funding abilities.
Most importantly, 8fig provides a flexible repayment schedule. You can adjust your strategy at any time, and grow at your desired pace without high interest rates.
8fig Customer Support
Another factor that makes 8fig appealing to a wide range of ecommerce companies, is its focus on excellent customer support.
The company works tirelessly to ensure your data is kept secure and private at all times, and credit card information is never held in storage.
Additionally, the company tripled its employee headcount in 2022, ensuring that every business leader can access guidance when they need it most.
There’s a blog and FAQ on the 8fig website, where you can find useful insights into how to make the most of the service.
Plus, the company has its own 24/7 support team, available through contact form, email, or social media channels, so you can get in touch if you have any questions.
8fig Review: The Pros and Cons
Pros:
- Funds are delivered based on future projections to optimize cash flow, and you can issue change requests at any moment.
- With 8fig’s intuitive dashboards, you can track metrics, manage supply chains, and find new opportunities to increase cash flow.
- 8fig’s platform is extremely easy to use, with clean dashboards, AI tools, automation, and its own mobile app for on-the-move management.
- 8fig is currently investing in new AI-driven tools to provide every ecommerce company with their own virtual C-Suite.
- You can essentially access all the cash you need for as long as you want with the 8fig funding service.
Cons:
- 8fig only serves ecommerce brands with an existing online presence. You’ll need your own store or marketplace.
- The 8fig company only works with established businesses. It’s not intended for startup funding.
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8fig Review: The Verdict
Overall, 8fig provides ecommerce business leaders with an incredible resource for creating and maintaining growth.
It’s not just a flexible funding provider; it also ensures companies can access all of the resources they need to find new opportunities and increase revenue.
With 8fig, business leaders can track their supply chains, improve their freight strategies, make granular changes to cashflow, and more, all without hiring an in-house financial team.
Plus, as the company continues to invest in AI innovation, the platform is set to become even more intuitive, giving brands more opportunities for growth.
If you’re looking for a company to help turbocharge your ecommerce company’s performance, 8fig could be the perfect solution for you. 😎
