Juni will not share your information with any third parties except for our verified partner network. Submit your email for even more valuable content, delivered straight to your inbox.
Our Q1/23 Insights Spend Report brings you data-driven insights and analysis on spending patterns within digital commerce to help companies identify trends, optimise spending and inform strategic decisions. Download the report here.
Q1 has seen shifts in inventory and software spend, pointing to businesses renewing their focus on growth. We take a look at where the budget is going and which sectors are making changes.
Q1 2023 saw inventory spend reach a record high. Budgets almost doubled from Q4 2022 to Q1, with 11.51% dedicated to inventory. Spend is increasing month on month, making up 9.05% of budgets in February and growing to 18.22% in March. It’s becoming the category to watch in the coming quarter and a promising sign that businesses are preparing to grow.
The UK is driving the boom in this category, spending 210% more on inventory in Q1 than the previous quarter. In comparison, businesses in Sweden and the rest of Europe took a more cautious approach, reducing their average spend by 69% and 1.4%, respectively.
Software spend slightly declined compared to Q4 2022, but it’s beginning to show signs of recovery. 4.6% of budgets were assigned to software spend in Q1 2023, compared to a record high of 17.51% in the previous quarter. However, month-on-month, the picture looks different. Businesses spent 4.85% of their budgets on software in March, increasing from 4.39% in January.
The reduction in software spend was most drastic by digital agencies, who made a 73.28% decrease, closely followed by mid-market who decreased spend by 55.53%. SMB digital commerce followed suit, with 34.91% less spend on software in Q1 2023.
Businesses prioritised platforms that support sales and digital transformation this quarter. Sales support software like Zendesk and LinkedIn account for almost 18% of software spend in Q1. For digital transformation, AWS, Google Cloud and Microsoft were 12.5%. This budget distribution indicates a renewed focus on growth.
In an increasingly challenging environment – from high inflation to macroeconomic uncertainty – we’re more committed than ever to providing you with the data-driven intelligence and deeper insights you need to make the most informed decisions for your business.
Juni’s virtual cards, multicurrency accounts, and accounting and advertising integrations give you a unified view of your finances. Get increased visibility of your cash flow and transactions with insights and analytics tools. Get control of your transactions with custom notification settings and transaction reviews by assigning cards to managers. Juni can help you boost your cash flow with cashback on all your eligible spend and access flexible capital with extended terms*.
Methodology
Insights in this report come from analysing thousands of aggregated and anonymised transactions on Juni cards. SMB digital commerce represents companies with 50+ employees. Mid-market digital commerce represents companies with 100+ employees. Digital agencies reference both digital marketing and advertising agencies as well as affiliate marketing companies. Numbers were compiled and analysed on a quarterly basis.
*Capital is currently only available for companies registered in the UK, Netherlands and Sweden. Eligibility, credit line, and credit line increase are subject to application, review, and financial circumstances. 37-day payment terms guaranteed, with up to 60 days available. Terms & Conditions apply.
%20(1).png)
Juni is the financial platform built for ecommerce. We give you a unified view of your finances, with cards, mulitcurrency accounts, and banking, accounting and advertising integrations - all in one place. We can even help boost your cash flow with working capital, cashback and more.
Juni will not share your information with any third parties except for our verified partner network. Submit your email for even more valuable content, delivered straight to your inbox.
Fill out the form and start using Juni within 5 working days.
Your information will not be shared with any third parties. We will only contact you regarding Juni.
.svg)
.svg)
.png)
.png)