E-commerce in France is exploding: valued at more than 112 billion euros in 2020, it is expected to nearly treble in volume by 2026. The pandemic has sparked an unprecedented surge in internet retail transactions. This is especially true for DNVBs, which witnessed a 69 percent gain in revenue in 2021 over 2020. In addition, the number of DNVBs in France has expanded by 32% since 2021, reaching 592 in total.
Even yet, there are a number of drawbacks to internet shopping, such as the time-consuming account creation and purchasing processes. As a result, the average rate of cart abandonment continues to be high.
Meanwhile, JUST has raised €3M in its first funding round, led by Otium Capital and business angels such as Didier Valet (Former Deputy CEO of Société Générale Group), Jon Oringer (Founder of Shutterstock), Edward Lando (Founder of Pareto Holdings), Arthur Waller (Co-founder of Pennylane), and Nima Karimi (Co-founder of Silvr).
JUST plans to hire roughly thirty people as part of this funding round in order to support 1-click online buying before expanding throughout Europe by 2023.
The French fintech, founded in 2021 by Jérémy Pinto and Benjamin Cohen Aloro, specialises in payment solutions for e-merchants in France. According to the company, its one-click purchasing solution allows e-merchants to enhance conversion rates by 20% while also simplifying the purchasing process for clients.
By 2023, JUST intends to expand outside its home market and into other parts of Europe. The startup’s technology is currently used by over sixty online businesses and digitally-native vertical brands (DNVBs).
How does it work?
JUST allows online merchants to raise their conversion rate by an average of 20% and significantly streamlines the online shopping trip for customers, who will now be able to make purchases in one click at any e-merchant that offers the solution.
JUST’s developers created a one-click purchasing solution specifically to address these challenges and significantly increase online retail sales. Customers no longer need to create an account, log in, and fill in the same information for each transaction they make with JUST. There are so many processes that detract from the customer’s buying experience and lead to higher cart abandonment rates.
Jérémy Pinto, co-founder of JUST said, “The one-click shopping experience is the most appreciated by online buyers. It has been used for over 20 years by Amazon and contributed to its success. With JUST, we want to democratize this shopping experience for all e-merchants who lose an average of 42% of their customers due to an overly complex purchasing journey. In addition, our solution is 100% French and evolving in compliance with European GDPR and DSP2 standards, which is a true asset for French customers, who are more and more aware about these issues.”
Jérémie Bordier, Venture Partner at Otium Capital: « The one-click shopping experience is addictive and will clearly become an e-commerce standard in the years to come. JUST offers a universal solution for this need, that works on the web and mobile applications regardless of the type of hardware. We are very happy to support JUST in its mission to simplify the purchasing journey.