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Cem Atik is the co-founder and CMO of Harucon Ventures, a firm that acquires minority and majority equity stakes in e-commerce and SaaS businesses doing between one and ten million in annual revenue. Rather than operating as an agency or consultancy, Cem and his team get in with capital, take operational control of marketing and finance, and work to make the businesses they partner with structurally profitable.
Most e-commerce brands that come to Harucon Ventures have the same underlying problem: they are optimizing for the wrong things. Revenue looks healthy. ROAS looks acceptable. But unit economics are broken, overhead is bloated, and the margin structure makes scaling impossible.
In this conversation, Cem walks through exactly how his team diagnoses and fixes that. From cutting ad spend by 1.7 million euros in a single month to replacing a fulfillment provider that was silently overcharging a brand shipping 25,000 packages a day, the fixes are rarely glamorous but consistently high-impact. The conversation also covers his four-engine growth framework: acquisition, retention, conversion, and profit-first optimization, and why founders who lead with ROAS are measuring the wrong thing entirely.
Cem also breaks down channel mix strategy, including why Pinterest and Bing Ads are consistently underused, why TikTok affiliate is one of the highest-leverage growth levers available right now, and why the real money in e-commerce is almost always made in retention, not acquisition.
Founders who are scaling but not compounding, or growing revenue while watching margins compress, will find this episode unusually direct and useful.
Website: https://www.vimmi.net
Email us: [email protected]
Podcast website: https://vimmi.net/commerce-untold/
Eitan Koter's LinkedIn: https://www.linkedin.com/in/eitankoter/
YouTube: https://www.youtube.com/@VimmiVideoCommerce/featured
Guest: Cem Atik, Co-Founder & CMO, Harucon Ventures
Cem Atik's LinkedIn: https://www.linkedin.com/in/cem-atik
Harucon-Ventures: https://harucon-ventures.com/
Key Takeaways:
• If a founder cannot state their customer acquisition cost in under 15 seconds, the business does not have a real financial foundation yet.
• ROAS tells you how much revenue you generated per dollar spent. It tells you nothing about whether that dollar was profitable. Optimizing for profit on ad spend (POAS) gives you actual control.
• Gross margin under 65% makes scaling structurally difficult in the US and UK markets. The margin problem cannot be fixed with better ads.
• Agencies are typically three times cheaper than hiring in-house at early stages. Outsource acquisition first, learn from the partner, then bring it in-house once systems are proven.
• TikTok affiliate is one of the most capital-efficient acquisition channels available: commission-based, creator-generated content, and scalable without a large internal team.
• Pinterest is consistently overlooked despite an audience skewing 25 to 45 years old with average household incomes above $100K, and ROAS between four and six even at modest spend levels.
Chapters:
[00:00] Introduction: Cem Atik and the Harucon Ventures Model
[01:27] The Founders Harucon Typically Partners With
[03:45] The Post-Acquisition Audit: First 72 Hours
[07:45] Cutting 1.7M Euros in Ad Spend: A Case Study
[09:16] Why Gross Margin Under 65% Makes Scaling Nearly Impossible
[13:51] The KPIs That Actually Matter: CAC, CLV, MER, EBITDA
[18:35] The Four Engines: Acquisition, Retention, Conversion, Profit
[24:00] Why ROAS Misleads and POAS Gives Real Control
[25:41] Channel Mix: TikTok, Pinterest, Bing, and What Gets Overlooked
Kate Assaraf is the CEO and founder of dip sustainable, a plastic-free haircare brand she launched in 2021 that hit seven figures within 18 months without running a single paid ad. Before starting dip, she spent 20 years inside the beauty industry, long enough to see the deceptive marketing practices that eventually pushed her to build something completely different.
Most DTC beauty brands launch with paid social, influencer seeding, and a race to acquire customers fast. Kate did the opposite. She cold-called refill stores, traveled across the country to meet sustainable retailers face to face, and built distribution through brick-and-mortar before she ever thought about digital advertising. Today, dip is carried in all 50 states and has sold over 300,000 bars by word of mouth alone.
The conversation covers why Kate chose physical retail over digital-first, how she thinks about authentic customer marketing in a category overrun by sponsored content and AI-generated testimonials, and why she built her own factory after her contract manufacturer went bankrupt. That last decision, vertically integrating manufacturing and fulfillment under one roof, turned out to be the most consequential call she made as a founder.
Kate also takes on the sustainability conversation directly, pushing back on the moralizing that she believes drives people away from the movement rather than toward it. Her version of sustainability is inclusive, economics-driven, and grounded in saving customers money, not lecturing them. She explains why the dip conditioner bar, at $32 and lasting close to a year, is a stronger pitch than the environmental argument alone.
Founders in CPG, beauty, and retail will come away with a rare perspective: what it actually looks like to build a consumer brand slowly, deliberately, and without the typical playbook.
Website: https://www.vimmi.net
Email us: [email protected]
Podcast website: https://vimmi.net/commerce-untold/
Eitan Koter's LinkedIn: https://www.linkedin.com/in/eitankoter/
YouTube: https://www.youtube.com/@VimmiVideoCommerce/featured
Guest: Kate Assaraf, CEO & Founder, dip sustainable
Kate Assaraf's LinkedIn: https://www.linkedin.com/in/kate-assaraf-b25a741a7
dip sustainable: https://dipalready.com
Watch the full Youtube video here:
https://youtu.be/c9hCsejvcX8
Key Takeaways:
• Seven figures in 18 months, zero paid ads. If the product solves a real problem and you understand the customer from the inside, distribution follows
• Real paying customers outperform influencers in haircare and skincare because results are too easy to fake
• Moralizing drives people away from sustainability. Framing it as inclusive and economically smart converts more people than shame ever will
• The $32 conditioner bar saves customers up to $500 a year. The environmental pitch is secondary to the financial one
• Gifting product builds a hollow first wave. Real retention only comes from people who spent their own money
• When her contract manufacturer went bankrupt, Kate built her own factory. It removed 3PL costs, protected the formula, and became the best decision she ever made
• Returns largely end up in landfills. Local retail reduces return rates and creates accountability that e-commerce cannot replicate
Chapters:
00:00 Seven figures, zero ads
00:16 Introducing Kate Assaraf
00:54 Values beyond work
03:09 Why Kate left the beauty industry
04:22 Dip's marketing: real customers only
07:59 Fast beauty, sustainability, and unlearning consumerism
14:24 Seven figures without a single ad
15:36 How Dip launched: refill stores and road trips
21:51 Giving back and reinvesting profits
25:41 When the contract manufacturer went bankrupt
27:51 Advice for founders
29:54 Where to find Dip
Ilya Mikin is Vice President of Technology M&A at Corum Group, one of the leading technology M&A advisory firms globally. His background spans more than two decades across enterprise marketing at Intel and Unilever, executive and CEO roles at companies including iHerb, multiple founder exits across AdTech, MarTech, and FinTech, and now advising founders through acquisitions. He has been on every side of the M&A table, which makes his perspective unusually grounded.
This episode gets into what has fundamentally changed about how technology and e-commerce companies are built, valued, and sold. The old playbook of raising VC money, growing at all costs, and gunning for IPO has largely collapsed. What replaced it is a market where M&A has become the primary liquidity event for founders, and where the rules for what makes a company attractive have shifted significantly.
Eitan and Ilya dig into what acquirers actually look at today: why NRR, GRR, and low churn have become the cornerstones of valuation, why private equity now represents up to 40-50% of buyers in some sectors, and what it means to be an AI-native company versus an AI-enabled one. They also cover the mechanics of the M&A process itself — the four to eight week preparation phase, how Corum builds competitive tension among buyers, why the narrative around a business often matters more than the financials, and the internal deal killers that founders rarely talk about openly.
Ilya also shares his take on where shoppable video sits in a world increasingly shaped by agentic AI, why he believes emotional product categories are protected from agent-driven purchasing, and what he is personally watching in the space. Founders who are building toward an exit, or who have never seriously thought about timing one, will find this conversation both practical and clarifying.
Website: https://www.vimmi.net
Email us: [email protected]
Commerce Untold: https://vimmi.net/commerce-untold/
Eitan Koter's LinkedIn: https://www.linkedin.com/in/eitankoter/
YouTube: https://www.youtube.com/@VimmiVideoCommerce/featured
Guest: Ilya Mikin, Vice President Technology M&A, Corum Group, Ltd.
Ilya Mikin's LinkedIn: https://www.linkedin.com/in/ilyamikin/
Corum Group, Ltd.: https://www.corumgroup.com/
Watch the full Youtube video here:
https://youtu.be/2lFD9JXIjIg
Key Takeaways:
Chapters:
In this episode of Commerce Untold, host Eitan Koter sits down with Carol Shih, founder of Qode Space, a boutique Shopify agency, and Doraemi, a cross-border consultancy helping international brands enter and grow in the US market.
Carol has a background that spans LVMH, Alibaba, and years of working with fashion and beauty brands across multiple continents. She brings a direct, no-nonsense perspective to what it actually takes to succeed in cross-border e-commerce.
They get into why so many international brands, including some doing billions in Asia, struggle the moment they try to enter the US. Carol explains that the product is rarely the problem. It usually comes down to self-awareness: knowing your weaknesses before you start spending.
The conversation covers what a proper Shopify audit looks like, why pouring money into traffic before your store is ready is one of the most common and expensive mistakes brands make, and how to think about brand positioning before touching paid ads or picking a sales channel.
They also talk about the shift toward AI search and what brands need to do now to stay discoverable, why TikTok Shop has changed the beauty category faster than most brands expected, and how Gen Alpha is about to reshape shopping behavior in ways most businesses are not prepared for.
Carol also shares how she leads her two businesses, why transparency and community sit at the core of her team culture, and why her ideal clients are usually brands that have already made the expensive mistakes.
If you are thinking about cross-border e-commerce, expanding into the US market, or trying to get more out of your Shopify store, this episode is worth your full attention.
Website: https://www.vimmi.net
Email us: [email protected]
Podcast website: https://vimmi.net/commerce-untold/
Eitan Koter's LinkedIn: https://www.linkedin.com/in/eitankoter/
YouTube: https://www.youtube.com/@VimmiVideoCommerce/featured
Guest: Carol Shih, Founder, Qode Space and Doraemi
Carol Shih's LinkedIn: https://www.linkedin.com/in/shihcarol/
Qode Space: https://qodespace.com/
Watch the full Youtube video here:
https://youtu.be/ptO--lEfDeg
Takeaways:
Chapters:
[00:00] Introduction: Meet Carol Shih
[01:05] From Taiwan to Australia to the US: The Third-Culture Founder
[02:30] Biggest Mistakes Brands Make When Going Global
[04:31] The Self-Awareness Problem: You Can't Fix What You Won't See
[05:58] What Cross-Border Consulting Actually Looks Like in Practice
[07:57] Founder-Led Content and Building Long-Term Authority
[09:38] Lessons from Alibaba: Speed, Competition and Work Culture
[12:26] The Shopify Audit Process: How to Build a High-Converting Store
[14:36] AI in E-Commerce: What Is Real Right Now
[16:40] AI Search, GEO and the Click-Less Future
[18:04] Go-to-Market for International Brands: Amazon vs TikTok vs DTC
[22:10] Beauty, Fashion and Lifestyle: Why Carol Keeps Landing Here
[23:46] K-Beauty, Gen Z and the TikTokification of Shopping
[25:18] Gen Alpha Will Change Everything: Here Is What to Watch
[27:10] Leadership, Team Building and Running Two Companies
[30:46] Leading With Transparency as a Founder and a Parent
[32:01] Carol's Ideal Client: Brands That Have Already Failed
[34:05] Where to Find Carol Shih
Eitan Koter sits down with Tarkan Salar, founder of Smart Concepts and the consultancy Can't Stop Me, who has spent 30 years working with brands like Louis Vuitton, Zara and Adidas and has shaped over 50 million units from factory floor to checkout.
Tarkan's take is pretty straightforward. Most D2C brands are bleeding money in the wrong places and blaming marketing for it. He breaks down why marketing is no longer the edge it used to be and what founders should be focusing on instead: product positioning, operational clarity and finding their blue ocean.
They get into the 80/20 bestseller engine, how to spot your hero products, why too many SKUs is quietly killing your margins, and how to pick the right suppliers before you even think about placing an order. Tarkan also shares how he builds a custom brand filter for each founder that helps every business decision become a lot cleaner and faster.
Website: https://www.vimmi.net
Email us: [email protected]
Podcast website: https://vimmi.net/mastering-ecommerce-marketing/
Talk to us on Social:
Eitan Koter’s LinkedIn | Vimmi LinkedIn | YouTube
Guest: Tarkan Salar, Founder, Smart concepts GmbH
Tarkan Salar’s LinkedIn
Takeaways:
Chapters:
00:00 Introduction to Tarkan Salar and Smart Concepts
01:38 The Shift from Marketing to Operational Clarity
06:02 Understanding Blue Ocean vs. Red Ocean Strategies
09:14 The 80/20 Bestseller Engine Explained
14:21 Transitioning from Red Ocean to Blue Ocean
19:41 Product Innovation and Brand Voice
24:08 Overview of Smart Concepts and Consulting Process
Host, Eitan Koter is joined by Leo Rodriguez, Vice President at River Plate Inc., a fulfillment company with over 33 years of experience helping brands ship smarter. River Plate works with everyone from beauty and toy brands to influencer-led lifestyle companies, so Leo has seen pretty much everything.
In this episode, Leo talks about why your 3PL should feel like a partner, not just a vendor, how to spot when something is going wrong before it becomes a bigger problem, and what fast growing brands usually get wrong when they start scaling. He also gets into how bundling, returns, and data dashboards all connect back to keeping customers coming back.
If your fulfillment partner feels more like a vendor than a partner, this episode will tell you exactly why that's costing you.
Website: https://www.vimmi.net
Email us: [email protected]
Podcast website: https://vimmi.net/mastering-ecommerce-marketing/
Talk to us on Social:
Eitan Koter’s LinkedIn | Vimmi LinkedIn | YouTube
Guest: Leo Rodriguez, Vice President, River Plate, Inc.
Leo Rodriguez’s LinkedIn | River Plate, Inc.
Watch the full Youtube video here:
https://youtu.be/U3NQCo3Kvak
Takeaways:
Chapters:
00:00 Introduction to River Plate and Logistics
02:00 Choosing the Right 3PL: Common Mistakes
06:25 Optimizing Shipping Costs and Customer Experience
12:03 Creating High-Performing Fulfillment Operations
14:37 Scaling Operations for Fast-Growing Brands
17:41 The Role of 3PLs in Customer Retention
20:09 Key Performance Indicators for Logistics
22:12 Identifying Red Flags in 3PL Performance
25:30 Future Trends in Logistics and E-commerce
27:32 Target Customers for River Plate
30:46 How to Connect with River Plate
In this episode of Commerce Untold, Eitan Koter sits down with Pamela Wagner, Founder and CEO of Ajala Digital, a Google Partner agency that has helped thousands of businesses grow through paid advertising.
They get into a real conversation about what is actually working in ads today and what is not.
Pamela explains why many brands struggle when they try to scale too fast. Small changes in budget can make a big difference, and constant adjustments can hurt performance more than help it.
They also talk about why ads alone are not enough anymore. People need to see a brand multiple times before they trust it. That could be through content, reviews, or videos across different platforms
The conversation also covers the difference between Google and Meta, how each one fits into the customer journey, and why understanding that matters.
They touch on attribution as well. Sometimes the simplest way to understand what works is not another tool, but asking customers directly or even turning a channel off to see what happens.
It is a straightforward conversation that helps make sense of what to fix first before spending more.
Website: https://www.vimmi.net
Email us: [email protected]
Podcast website: https://vimmi.net/mastering-ecommerce-marketing/
Talk to us on Social:
Eitan Koter’s LinkedIn | Vimmi LinkedIn | YouTube
Guest: Pamela Wagner, Founder/CEO at Ajala Digital
Pamela Wagner’s LinkedIn | Ajala Digital
Watch the full Youtube video here:
https://youtu.be/G5uqVPTLS7w
Takeaways:
Chapters:
00:00 Introduction to Agila Digital and Pamela Wagner
01:21 The Evolution of Advertising Strategies
03:28 Balancing Budget and Scaling in Advertising
06:09 The Importance of Organic Growth
07:44 Building Trust Through Multi-Platform Engagement
09:29 Meta vs. Google: Understanding Platform Differences
11:41 Navigating Policy Violations in Advertising
15:18 Exploring New Advertising Channels
18:49 The Role of YouTube in Marketing Strategies
21:19 Attribution Challenges in Advertising
23:52 Testing and Experimentation in Campaigns
25:30 Pamela's Journey with Agila Digital
28:04 Creative Strategies in Advertising
29:06 Final Thoughts and Advice
Eitan Koter is joined by Matt Raminick, Founder and CEO of Sunnyside, to talk about what’s really going on behind performance marketing numbers.
They start with a simple idea, strong ROAS doesn’t always mean a healthy business. Matt explains how brands often rely too much on platform data without connecting it back to real revenue and costs.
The conversation moves into what to focus on instead, like profitability at the order level, total marketing efficiency, and how to think about acquiring new customers the right way.
They also cover a common mistake, pushing too hard for growth without checking if the spend actually makes sense. Matt shares how brands can reset and build a more stable approach.
Towards the end, they talk about how much creative is needed today, how fast things move on Meta, and why keeping things simple with tools and data still works best.
Website: https://www.vimmi.net
Email us: [email protected]
Podcast website: https://vimmi.net/mastering-ecommerce-marketing/
Talk to us on Social:
Eitan Koter’s LinkedIn | Vimmi LinkedIn | YouTube
Guest: Matt Raminick, Founder & CEO at Sunnyside
Matt Raminick’s LinkedIn | Sunnyside
Watch the full Youtube video here:
https://youtu.be/wOb3OmkBm-c
Takeaways:
Chapters:
00:00 Introduction to Sunnyside and Its Unique Approach
02:26 Understanding ROAS and Profitability Metrics
05:15 The Importance of Customer Acquisition Costs
07:49 Net Contribution Margins and Their Impact
10:35 Transitioning from Brand to Agency
13:33 Creative Strategies in Performance Marketing
16:25 Balancing Growth and Profitability
18:44 Diversification in Marketing Channels
21:28 Tools and Technology for Performance Marketing
24:15 Ideal Customer Profile for Sunnyside
26:54 Creative Production and AI in Marketing
28:35 Conclusion and Final Thoughts
There’s a point where more revenue doesn’t mean more profit. And that’s where things start to break.
In this episode, Eitan Koter is joined by Adam Callinan, founder of Pentane, to talk about how ecommerce brands can actually make money, not just grow.
Adam explains why many businesses look successful on the surface but struggle behind the scenes. He breaks down how to think about costs, margins, and the real drivers of profit in a way that’s easy to follow.
The conversation also covers how founders should approach different stages of growth. What to focus on early, how to think about hiring, and why keeping things simple for as long as possible can make a big difference.
They also touch on paid media, what founders often get wrong, and how to tell if it’s truly working.
It’s a practical look at building a business that works long term, not just one that looks good from the outside.
Website: https://www.vimmi.net
Email us: [email protected]
Podcast website: https://vimmi.net/mastering-ecommerce-marketing/
Talk to us on Social:
Eitan Koter’s LinkedIn | Vimmi LinkedIn | YouTube
Guest: Adam Callinan, Founder/CEO at Pentane
Adam Callinan’s LinkedIn | Pentane
Watch the full Youtube video here:
https://youtu.be/hWTnZpio-_c
Takeaways:
Chapters:
00:00 Introduction and Personal Values
02:50 Balancing Curiosity and Leadership
05:41 Understanding Revenue and Profitability
08:31 The Profit Pyramid Explained
11:29 Navigating Cash Flow Challenges
14:18 The Importance of Staying Lean
17:05 Paid Media Strategies for Founders
19:58 Identifying Negative Trends in Business
22:45 Efficiency and Technology in Operations
25:44 Overview of Pentane and Its Offerings
28:34 Building Trust and Customer Engagement
30:25 Conclusion and Key Takeaways
Eitan Koter is joined by Iñigo Rivero, co-founder and managing director at House of Marketers, a global TikTok Marketing Agency.
They talk about how the platform has shifted over time, from a place for visibility to something much closer to a sales channel. Iñigo explains why many brands still approach influencer marketing the wrong way, and what actually drives results.
The discussion covers the role of authentic content, why engagement matters more than follower count, and how TikTok’s algorithm gives new brands a chance to get seen.
They also break down how TikTok Shop is opening up new opportunities for both brands and creators, and how social commerce is becoming easier to track and scale.
It’s a clear conversation on what brands should focus on if they want to make TikTok work for them.
Website: https://www.vimmi.net
Email us: [email protected]
Podcast website: https://vimmi.net/mastering-ecommerce-marketing/
Talk to us on Social:
Eitan Koter’s LinkedIn | Vimmi LinkedIn | YouTube
Guest: Iñigo Rivero, Co-Founder & Managing Director at House of Marketers
Iñigo Rivero’s LinkedIn | House of Marketers
Watch the full Youtube video here:
https://youtu.be/V_DA-VWIt8M
Takeaways:
Chapters:
00:00 Introduction to Influencer Marketing and Resilience
02:44 The Evolution of TikTok and Its Unique Appeal
05:15 The Rise of Social Commerce on TikTok
08:01 Influencer Marketing Strategies and TikTok Shop
10:33 The Importance of Authenticity and Engagement
13:16 SEO and Discovery on TikTok
15:56 House of Marketers: Agency Insights and Growth
18:53 Navigating International Markets with TikTok
21:38 Challenges in Influencer Marketing and Agency Growth
24:17 Building a High-Performing Team in a Remote Environment
27:00 Conclusion and Future of Influencer Marketing
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