Nexway on Ecommerce and Covid
President and CEO, Nexway
With extensive international experience in finance and management, Victor has worked as a board member, CEO, CFO and Senior Analyst in various industries including financial services, private banking and investment funds. Fluent in five languages, Victor brings a wealth of multinational experience and capabilities that perfectly match the ambitions of his latest challenge: leading Nexway in its next phase of growth.
Nexway is a software and service company for e-commerce and payment. We expand the sales potential of software, retail, and services companies across 140 countries. Our customers rely on Nexway to power their subscription models, manage local payment methods, prevent fraud, engage resellers, deliver key customer insights, and beyond.
Expert Interview: Victor Iezuitov
Q: As a relatively new CEO at Nexway, joining in July of 2019, please tell us about yourself and your recent experiences?
A: Before joining Nexway, I served as CFO and general management in many different sectors of the finance industry. This background in complex businesses taught me that successful companies are built on a solid foundation of capital flow and profitability. You must deliver value to shareholders to ensure ongoing investment in the growth plan.
When I first started working with Nexway as a board member, eventually being named President and CEO, we focused on stabilizing this foundation - This culminated in the transfer of ownership to a new single shareholder and long-term strategy. I am excited about this new chapter in Nexway history.
Q: Will these structural changes cause Nexway to refine its service and solution offering? How comprehensive will these changes be?
A: Our core business as an e-commerce platform and secure payments provider will remain our highest priority. In addition, we have identified a few strategic vertical markets where we see real opportunity. Nexway already services some of these verticals, but others are new for us.
You know, every day I am struck by the influential entrepreneurial culture at Nexway. Innovation is in our DNA. That’s so important in a young industry like e-commerce that is growing so rapidly. It requires change. Nexway has always proven itself to be highly adaptable, and that will continue to be the key to our leadership position.
Q: That’s a lot of change for one company, especially in light of the global pandemic. How are you navigating through this?
A: As we’ve communicated to our employees, we recognize that it’s a lot of change all at once. We are all going through a period of unprecedented change. Above all, we hope that everyone is making it a priority to stay safe and healthy.
In terms of our business, we know that being in control of a few key assets and making smart bets is the way forward. Nexway’s new strategic plan will keep us focused on the areas we can control and the areas that will deliver the best results. Our product roadmap outlines those smart bets.
Q: Nexway is recognised as one of the key payment industry players, not just for E-commerce solutions, but also for market insights and development. What does this comprehensive view mean for Nexway?
A: We are proud that over the years, we have been successful in blending exceptional technology with amazing people to provide the highest quality service. The people part cannot be underestimated.
We benefit from working with customers in a true partnership; we listen carefully to understand their business goals in their entirety. We want to help them be as successful as possible. We have the data and market intelligence to back up our recommendations. Our customers trust our expertise to tell them how to get where they want to go. For example, for a few key clients, we are an integral part of helping them expand their geographic footprint and addressable customer base.
Q: In times of a global pandemic, where E-commerce has in many ways seen an influx of activity and in others, a sharp decrease, has Nexway observed any of these trends?
A: We have seen an immediate impact in online sales for most businesses - sometimes resulting in an uptick in online sales, sometimes in a drop. However, we are still amid this pandemic, so it’s too soon to say what the lasting effect will be.
That’s why we are currently conducting bespoke research into the topic. We are surveying our current and potential customers to understand where their priorities for e-commerce and payments stand given the current circumstances. We’ll use this data to help improve our offering and make sure we are responding to the evolving market needs. We’ll also be sharing key findings with the market so that decision-makers can learn from their peers.
One consequence of the events of 2020 will undoubtedly be an acceleration in many different types of businesses moving to more of an online sales model. Consumers have had to evolve their purchase habits very quickly. Many of the old biases are falling away.
Q: What is Nexway planning in its roadmap for the next 12 months?
A: We're not going to give away all our secrets, but let's say we have a few tricks up our sleeve. Our new offerings will not only allow our customers to differentiate their customer acquisition paths from their competitors in a significant way- but also enable Nexway to grow its addressable market dramatically.
Q: Security is a topic that is of utmost importance in today’s payments landscape. How is Nexway focusing its efforts in this area?
A: Our goal is always to give customers and partners peace of mind that their transactions are as safe and secure as possible. We try to simplify the complexity of the rules and regulations through the use of new technology such as artificial intelligence and by leaning on our teams’ deep level of expertise. Look at the recently implemented PSD2 guidelines in Europe which companies are obliged to comply with. With Nexway acting as Merchant of Record, we ensure compliance in required areas such as SCA implementation, real-time fraud detection and two-factor authentication exemption programs.
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