Fractional CFO for e-commerce companies
Consumer e-commerce has a gross-to-net problem invisible from the storefront. Marketplace fees, payment processing, promotions, returns and chargebacks routinely take 15-25 points off invoice gross margin, and retail media is a new variable cost on top. Operators scaled across DTC, Amazon and wholesale typically run three different P&Ls inside one business.
The most useful CFO move past single-channel is to separate the three P&Ls honestly. DTC, Amazon and wholesale each have their own contribution margin after returns, fees, retail media and shipping, and each implies different inventory turns. Marketing payback and demand planning then get measured against the right number.
Flow provides fractional CFO, financial modelling and FP&A to consumer e-commerce companies across horizontal storefronts, vertical specialty retailers, DTC brands on their own commerce stack, marketplace-native sellers and resale and recommerce operators. Startup CFO support for DTC, Amazon and wholesale operators.
KPIs to track for "e-commerce" startups
We're very 'KPI-driven' fractional CFOs, and we make sure to monitor the right metrics for your startup.
Revenue
Gross margin
Contribution margin
AOV
Repeat purchase rate
CAC
LTV / CAC
Return rate
Marketplace share of GMV
Retail media spend
Financial modelling for "e-commerce" startups
As fractional CFOs, we build KPI-driven financial models that are insightful and easy to maintain.
Financial modelling is both art and science - models must be robust, but also understandable, and useful for both internal planning and VC fundraising purposes. Hire a fractional CFO who knows how to handle both sides of the equation.
Three-channel contribution P&L
DTC, Amazon and wholesale modelled as separate P&Ls down to contribution margin after returns, fees, retail media and shipping. Stops a profitable channel from being hidden by a structurally lower-margin one in the blended view.
Returns and chargeback reserve model
Return rate and chargeback frequency modelled by SKU category and acquisition channel, with a reserve built per cohort. Right-sizes the liability for items that come back 30 to 90 days after the sale and stops gross margin drifting upward unfairly.
Retail media and marketing payback
Sponsored product, DSP and influencer spend modelled against incremental orders by channel, with payback windows measured against contribution margin not revenue. Separates retail media that buys real demand from spend that subsidises the platform.
Inventory turns and cash conversion
SKU-level inventory turns, sell-through and stockout cost modelled against the cash-to-cash cycle including supplier terms, freight and warehousing. Shows how much working capital each channel actually consumes per dollar of revenue.
CAC and LTV by cohort
New-customer CAC and 12-, 24- and 36-month LTV modelled by acquisition channel and first-product SKU, net of retail media and shipping subsidy. Anchors paid-marketing decisions against contribution margin rather than blended revenue.
Marketplace fee and FBA economics
Amazon referral fees, FBA storage, long-term storage surcharges and ad spend modelled by ASIN against true gross margin retained by the brand. Surfaces the ASINs that lose money once warehouse-level costs are loaded.
Founders and investors we've worked with
We've supported winning builders across e-commerce and beyond.
TBô
We acted as fractional CFO to TBô, a Zurich-based tech-enabled DTC male underwear brand, building a bottom-up financial / operating model with cohort-level KPIs and positioning the company for its next venture round.
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Onlogist
We acted as fractional CFO to Onlogist, a Hamburg-based online marketplace for last-mile vehicle transfer, providing confidential valuation guidance and operating model support.
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Marcura
We acted as fractional CFO to Dubai-based Marcura, owner of maritime payroll and B2B payments platform MarTrust, advising on the strategic e-Wallet vendor selection and supporting product/finance integration.
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Hector
We acted as fractional CFO to Hector Aurumi, a Dubai-based specialist software house with AI/ML, IoT and data science expertise, providing confidential valuation guidance to the management team.
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Bonart
We've worked as fractional CFO with Bonart, a Zurich-based independent Swiss strategic advisory and execution platform for PE and investor fundraising, providing long-term confidential valuation guidance.
See moreRecent fractional CFO track record
See our fractional CFO and financial modelling experience across e-commerce and beyond.
Simple pricing
No hidden costs, no complicated long-term contracts. We understand how important flexibility is for e-commerce startups.
Per month
- Accounting / FP&A tech stack implementation
- Monthly financial statements and reporting pack
- Quarterly board pack with detailed financial analysis (with variance analysis vs. budget, relevant KPI observations etc.)
- Investor-friendly output
Per month
- Everything in Core, plus
- Operating model (via an online platform like Runway or Excel-based)
- Ongoing model maintenance, refining projections, burn/runway management
- Customer cohorts modelling, churn and retention analysis
- LTV / CAC, unit economics analysis
- Cap table management
Per month
- Everything in Grow, plus
- M&A / fundraising support; review of business plan
- Pitch deck preparation
- Investor approach strategy / list building
- Due diligence support and deal negotiation
- Valuation as required and free access to Multiples Pro
Packages shown are illustrative, final pricing is tailored to client requirements.
Explore our fractional CFO offering for similar verticals
We're a specialized fractional CFO to e-commerce & marketplaces companies.
Our fractional CFO experience spans across all e-commerce & marketplaces verticals.
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We know tech inside & out.
We provide fractional CFO services to companies operating across the entire tech.
More services
We help you scale by providing fractional CFO advice, through fundraising and a successful M&A exit.
VC fundraising for e-commerce companies
We help you prepare materials, reach out to investors in our extensive network, negotiate fair term sheets and structure the VC round.
Learn moreM&A for e-commerce companies
We advise winning tech companies on M&A exits, and over the years successfully executed numerous transactions with both financial and strategic buyers.
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