Lucy Locket Finds Key To Business Growth With NetSuite
B2C and B2B Merchant of Children's Costumes and Accessories Grows 70 percent YoY, Transforming into Omnichannel Powerhouse
LONDON, Oct. 11, 2016 /PRNewswire/ -- NetSuite Inc. (NYSE: N), the industry's leading provider of cloud financials / ERP and omnichannel commerce software suites, today announced that Lucy Locket, a B2C and B2B merchant of children's costumes and accessories, has expanded its international presence across three continents to become a global, omnichannel commerce business. Lucy Locket has enjoyed yearly growth of 70 percent since deploying NetSuite OneWorld, replacing Microsoft Dynamics NAV. The company sells its products through more than 20 retail partners across Europe and Asia, including Harrods, Hamleys, Galeries Lafayette and LegoLand, through its own direct-to-consumer ecommerce website powered by NetSuite SuiteCommerce, and across multiple online marketplaces such as Amazon and eBay.
With the foundation of its business systems in place, and NetSuite OneWorld supporting its global financials, customer relationship management (CRM), inventory management, procure-to-pay, order management, multi-country tax compliance, financial reporting and multi-subsidiary management for its subsidiaries in France, Germany, Spain, Italy, Poland, Czech Republic, Australia and United States, Lucy Locket continues to drive increased operational efficiencies and growth. The company has recently expanded sales into the US via Amazon Marketplace and plans to launch new subsidiaries to sell in China, Japan and Canada. With NetSuite OneWorld, Lucy Locket is able to easily conduct transactions for four international legal entities in five languages (English, French, German, Spanish and Italian) and multiple currencies – including the Euro, US Dollar, Australian Dollar, British Pound and Indonesian Rupiah.
Facing an upgrade of Microsoft Dynamics NAV that ran its finance and operations, the 20-year-old family-run business had grown frustrated with the time and costs required to maintain the on-premise software. Lucy Locket wanted a solution that would free its business of IT maintenance, while at the same time offering the robust international functionality and customisation capabilities required to stay ahead in the competitive children's retail space.
Lucy Locket considered SAP Business ByDesign, but was swayed by NetSuite's unified omnichannel cloud platform that provided a single real-time view of customers, orders and inventory across its multiple channels. Lucy Locket now has the visibility to efficiently fulfill orders from all channels and can better manage inventory. Once the product information is created for an item, it can be used across all selling channels, avoiding the problems of managing multiple versions of product information for the same item. NetSuite's platform is also able to scale with spikes in seasonal demand and has the agility to easily launch the new subsidiaries and business models needed to stay ahead of competitors.
"Any week we grow less than 40 percent we regard as a failure," CEO of Lucy Locket, Paul Edwick said. "If it weren't for NetSuite, we feel it would be nearly impossible for us to move and grow at this pace. Competitors without the benefit of NetSuite can't do so much of what we do."
With NetSuite's unified omnichannel platform, Lucy Locket can gain the following benefits:
Scalability for international growth. With robust international functionality, Lucy Locket can spin up a new subsidiary in less than 30 minutes. NetSuite's regulatory and compliance functionality for more than 50 countries allows the business to more confidently expand; NetSuite simplifies international tax compliance and automates VAT reporting.
Insight for better business decisions. NetSuite's robust reporting capabilities allow Lucy Locket to easily consume data from six different online marketplaces and its B2C site. With this insight, Lucy Locket can fine-tune its product catalogue to focus on the best-selling items and further perfect its approach to Amazon Marketplace's search algorithm for increased conversions.
Engaging online experiences. NetSuite SuiteCommerce delivers an engaging online shopping experience to Lucy Locket's customers with image zooms, detailed product information, social sharing, ratings and reviews, and more.
Single view of every customer. NetSuite unifies all customer information captured within NetSuite into a single profile. Customer service representatives get an immediate, 360-degree view of any customer in real time with access to prior orders, and service requests to help provide better service.
Increased employee productivity and operational efficiency. With the aid of the automation and visibility enabled by NetSuite, Lucy Locket has been able to double the sales per full-time employee, maintaining targets of increasing sales productivity by upwards of 25 percent. Purchase order transactions with more than a dozen contract manufacturers producing its goods have grown threefold since implementing NetSuite, but the retailer hasn't had to increase its very lean staff of six.
About NetSuite
In 1998, NetSuite pioneered the Cloud Computing revolution, establishing the world's first company dedicated to delivering business applications over the Internet. Today, NetSuite provides a suite of cloud-based financials / Enterprise Resource Planning (ERP) and omnichannel commerce software that runs the business of more than 30,000 companies, organisations, and subsidiaries in more than 100 countries.
For more information about NetSuite, please visit www.netsuite.co.uk.
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