Loot Crate Achieves Explosive Growth on NetSuite
Innovator in Subscription Fandom Finds Flexibility and Success Through Collaboration with NetSuite
LAS VEGAS, April 25, 2018 /PRNewswire/ -- SUITEWORLD18 -- Loot Crate, the worldwide leader in fan subscription boxes, has implemented NetSuite to manage the rapid growth it's undergone in just five years. With NetSuite, Loot Crate has a unified and flexible platform to scale with its growth and handle the complex requirements of its business model.
Ranked #1 on the 2016 Inc. 5,000, and named the fastest growing company in the U.S., Loot Crate is a fan commerce and subscription business delivering themed crates to the world's most passionate fans. By partnering with more than 250 licensors in sports, entertainment, anime and video games, Loot Crates offer exclusive collectors' items, from apparel to unique fan experiences to action figures. Loot Crate has delivered over 14 million crates to subscribers in 35 territories globally since it was launched in 2012. To manage the increasing business complexity presented by rapid subscription growth - two warehouses, more than 5,000 active SKUs, and in-house kitting and assembly - Loot Crate selected NetSuite.
"Our success has been built on a unique business model that pairs fandom with the customer experience," said Erich Gazaui, CIO at Loot Crate. "Our customers, called Looters, can subscribe to a crate that specifically speaks to their fandom, but they won't know what items are going to be included until the crate arrives. This creates anticipation, surprise and excitement and has enabled us to create a tight knit community that is rapidly growing. With our high volume of transactions and revenue model, getting the right systems in place was critical to our continued growth."
NetSuite has provided Loot Crate with the flexibility and scalability required to support its business model, which is based on recurring billing, similar to a software company where payment is time-based rather than fulfillment-based. With NetSuite, Loot Crate is able to manage over 70,000 transactions for fulfillment each day while modernizing and streamlining financials, order management, inventory management, customer relationship management (CRM) and business intelligence systems.
To further streamline business operations and enhance the experience it offers to customers, Loot Crate took advantage of the agility and flexibility offered by NetSuite's SuiteCloud Development Platform to build a custom tool - The LC Assortment Planner' - to identify the optimal products to include in each crate and gain real-time insights into business operations. This includes how target unit costs are affected, product weight thresholds for shipping, the ability to update order quantities as sales forecasts change, and a built-in SKU encoder that automates the creation of SKU IDs at the item level.
"Loot Crate's unique approach to merchandise for fans all over the world and the growth the company has achieved in such a short time is a testament to innovative thinking and execution," said Jim McGeever, executive vice president, Oracle NetSuite. "With NetSuite helping to manage its operations and automating cumbersome tasks, Loot Crate and other businesses like it can focus on the things that drive growth."
About Loot Crate
Founded in 2012, Loot Crate™ is a leading subscription commerce platform targeting super fans of entertainment franchises. Loot Crate partners with major studios, game companies, comics publishers, professional sports leagues and personalities in the shared curation of premium and exclusive consumer products in themed mystery boxes, delivered directly to subscribers' doorsteps. Loot Crate was ranked #1 fastest-growing private company by Inc. magazine's Inc. 5000 as well as #1 on Deloitte's Fast 500 list for 2016. For more information and to sign up for a Loot Crate subscription, please visit www.lootcrate.com and for sports subscriptions please see www.sportscrate.com.
About Oracle NetSuite
Oracle NetSuite pioneered the Cloud Computing revolution in 1998, establishing the world's first company dedicated to delivering business applications over the internet. Today, it provides a suite of cloud-based financials / Enterprise Resource Planning (ERP), HR and omnichannel commerce software that runs the business of companies in more than 100 countries.
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