8fig Review: Is This The Right Avenue for Securing Funding for Your eCommerce Business?
eCommerce is booming. There are nearly 24 million eCommerce stores across the globe, with more being added every day. So, how can you make your eCommerce store stand out amidst the increasing ocean of online shops?
One such solution might be to acquire extra capital to put towards your store, services, and products.
This is where 8fig comes in.
8fig was founded in 2020 by three eCommerce, supply chain, and finance experts to enable eCommerce merchants to access the funding they need to grow.
In a nutshell, 8fig provides:
- A free supply chain optimization tool and product-by-product business planning dashboard
- Continuous funding optimized for cash flow maintenance
This better enables eCommerce sellers to devise a winning growth plan to focus more on developing and finding new products to keep their eCommerce store fresh. Not to mention help merchants avoid stockouts, supply chain disruptions, and the headache associated with a lack of capital.
8fig’s mission is reflected in its name – they want to help 10,000 sellers achieve an 8-figure revenue by 2025. Keep reading as we’re about to dive into what 8fig can do for your business.
Let’s get started.
How Can 8fig Help Your Business?
8fig provides equity-free, flexible funding and a supply chain management tool for eCommerce sellers to:
- Intelligently manage their supply chains with data
- Receive continuous capital infusions tailored to their respective growth plans
- Optimize cash flow
8fig analyzes and validates an eCommerce business’s growth trajectory to deliver adaptable and accurate funding – without taking any equity. Their funding plans are customized to meet the unique needs of each business. This includes dispersing funding at the optimal time for business growth based on the health of your supply chain, enabling sellers to adjust their growth capital and remittance schedules according to real-time events – such as fluctuations in demand or delayed shipments.
8fig combines expert experience with innovative technology, capital, and intelligent remittance schedules to give sellers the confidence and clarity to quickly scale their eCommerce business.
They want to help sellers achieve hyper-growth in revenue without sacrificing their profitability. 8fig’s growth plans are designed to ensure your business’s impending expansion won’t negatively impact your bottom line. Each plan comes with AI-driven risk assessments that transparently represent the fees to help you evaluate whether it’s time to take the next step or not.
8fig’s technology focuses on two areas:
- Sales forecasting: Dozens of individual factors are considered to accurately predict sales
- Cash flow optimization: This is a comprehensive analysis of the health of your supply chain, which enables 8fig to formulate an optimal payment schedule so that you can maximize your leverage while minimizing cash flow strain.
How Does 8fig Build Your Growth Plan?
Once you’re signed up, it’s time to take a closer look at your business, its expenses, and revenue to validate your goals and start building your custom growth plan. The free planning tool helps you map out the capital you need to scale across your supply chain by breaking down your stock on a product-by-product level.
This includes revenue, cash flow, and other projections. In other words, you do the planning, and then 8fig analyzes the numbers and provides the funds.
8fig’s growth plans are based on visual “Lines”. This is 8fig’s unique way of breaking down your business into smaller unit economics. A ‘line’ comprises all supply chain expenses for one batch of products, such as inventory, freight, logistics, and even marketing.
You can also include “other” into your line to calculate additional expenses if needed. When all your line’s elements are viewed together, it should represent your business’s supply chain. This is a central factor in designing and customizing an effective growth plan.
8fig optimizes its growth plans to predict risks and the potential for your business to generate revenue. And it’s all adjustable and dynamic. For instance, you can revise your cash flow, line dates, unit costs, etc., at any time. You can also move repayment cycles to better match changes in your supply chain to stay nimble as you grow.
Who is 8fig for?
To be eligible to receive funding from 8fig, eCommerce businesses must have revenues exceeding $100,000 in the last year or monthly revenue exceeding $8,000 over the previous three months. 8fig works with eCommerce platforms, including Shopify, eBay, Amazon, BigCommerce, Wix, WooCommerce, and Squarespace, among others.
How to Join 8fig
Joining 8fig is easy. Head to the 8fig website and click the ‘Get funded’ icon in the homepage’s top right corner. You’re then prompted to answer a few simple questions about your business, for instance:
- Which selling platform you focus on (8fig supports Amazon, Shopify, Walmart, eBay, Wix, WooCommerce, BigCommerce, and Magento, or you can specify another platform)
- Your average monthly sales revenue in the last three months or over the last year
After that, you can create your login details and start building your growth plan with 8fig’s assistance. Or, you can continue using 8fig’s free supply chain management tool without applying for funding.
As we wrap up this 8fig review, you may still have some questions. So let’s answer some of the most frequently asked questions about this solution:
Will I need to give 8fig permissions?
For 8fig to formulate accurate forecasts and assess risks, they need secure access to two accounts:
- Seller account: 8fig requests ‘View’ access to select reports on your central selling platform. This could be Shopify, Amazon, eBay, etc.
- Bank account: 8fig needs this to review your recent banking transactions. It sounds scary, but rest assured, 8fig isn’t allowed to move money on your behalf.
Connecting these accounts takes a couple of minutes via your 8fig account.
Does 8fig provide startup funds?
No, 8fig is unsuitable for businesses or prospective businesses that need funds to start a business. Instead, 8fig is for companies already showing signs that they have the potential to grow after setting their business’s foundations. In this scenario, 8fig can help you get the capital you need to expand.
How much funding can you qualify for?
You can apply for an unlimited amount of capital. 8fig doesn’t limit how much merchants can apply for because funding needs are unique to each business and its aspirations. There is also no need to provide personal guarantees, credit checks, equity transfers, or collateral.
8fig: Our Final Thoughts
All in all, 8fig is an excellent option for promising eCommerce sellers who need to raise capital and access expert knowledge and intuitive technology to forecast business growth.
It’s also very useful for eCommerce businesses that are considering getting funding but aren’t ready to take that step yet. In that case, sellers can still benefit by using 8fig’s free supply chain planning tool and decide later if they want to get funded.
8fig believes that every eCommerce merchant has the potential to become an 8-figure seller, something a lot of online entrepreneurs can only dream of! With the right partner, you can achieve this.
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