Tag Archives: Lovesac
Lovesac Reconfigures the Furniture Market
Posted by Barney Beal, Content Director, NetSuite
Editor’s Note: This is the second post in a regular series profiling NetSuite customers who are changing their markets through innovation.
“To be disruptive, the three biggest things we’ve written down are, be audacious dreamers, make things happen, and be willing to fail.”
Ryan Johnson
COO, Lovesac
Lovesac is rethinking furniture by creating a modular couch system made up of two pieces that can be reconfigured as your needs change, whether you move to a smaller space or have to accommodate an overnight guest. Customers can also customize their couches, from the seat and sides to the washable covers.
Ryan Johnson, Chief Operating Officer of Lovesac, shares how the company’s cultural values help them to disrupt the furniture industry.
How is Lovesac uniquely positioned to the disruptive retail industry?
At Lovesac, we are a branded-product company. Our product is the best in the industry. We have couch that has four patents on it. It’s the only washable, changeable, configurable couch that’s out there. It’s very unique in its approach. It answers questions customers don’t even know they have. All we’ve got to do is go out there and educate people, and we’ll win in our industry every time.
What characteristics does a company culture need to be innovative?
We talk about this a lot. To be innovative, the three biggest things we’ve written down are, be audacious dreamers, make things happen, and be willing to fail. The biggest thing that I would add to that is being positive because it’s very hard and you fail a lot of times. You need positivity around you to not go home crying. At the end of the day, you’ve got to have big goals, you’ve got to get stuff done, and you’ve got to have everybody around you pitching to help.
What’s the most important lesson you’ve learned when looking to enter and innovate in a market?
The biggest lesson we’ve learned the hard way, in many ways, is staying focused. Once you figure out what you’re best at, and what the customer needs the most, do that. At any cost, avoid doing anything else because it will just dilute you and get in your way.
What piece of advice would you give to an entrepreneur looking to disrupt a market?
The advice I’d give to an entrepreneur is, really define how you’re different. What’s unique? Where is the customer under-served? How are you different in that? If you can come up with a tangible idea, go do it. Take action. Don’t wait. Someone else will come up with it. Go do that idea. Work really hard at it, and stay very focused.
How will Lovesac improve the online or in-store experience this holiday season?
Well, for us, it’s kind of easy. We’ve gotten too fancy and tried to do too many things. We’ve got 60 stores, showrooms, across the United States. We’ve got a great website. We need to have one simple message across all those channels and focus by telling new customers about our product.
We are trying to do less, to do it more simply, and to do it consistently across all of our channels.
How will the internet of things impact what retail will look like in the year 2020?
In 2020, in the retail of things, I see it making things much more personal and contextual, meaning that customers are going to want a custom experience to them, understanding their data, understanding how they’ve acted, understanding their needs. Also, feel that you’re a local service provider in their market, even though you’re a global company, with that global commitment around it. It’s going to be
personal and contextual. They’re going to want a lot of service with it.
Can you share a story where you had to make a bold decision that you were uncomfortable with, but you got comfortable with being uncomfortable?
The number one hardest thing is people. Letting people go that aren’t the exact right fit for our company. It’s very hard, especially when you’re small. Emotionally, you care a lot about the people around you, but making sure your team works well together is imperative to moving forward.
To learn more about innovation and the rapidly-changing landscape for business, download the white paper, The Physics of Business are Being Rewritten.
Lovesac Deploys NetSuite to Transform Retail Business
Furniture Retailer Takes Business to the Cloud to Improve Operational Efficiency and Deliver Superior Customer Experience
SAN MATEO, Calif.—January 6, 2015—NetSuite Inc. (NYSE: N), the industry’s leading provider of cloud-based financials / ERP and omnichannel commerce software suites, today announced that Lovesac (www.lovesac.com), a fast-growing designer and retailer of high-end sectional furniture and accessories, has deployed NetSuite to run its mission-critical business processes from financials / ERP, inventory and order management, and customer relationship management (CRM), to point-of-sale (POS) processes across its 60 brick-and-mortar retail stores in leading shopping malls across the U.S.—all connected within NetSuite’s single unified cloud solution.
Previously, Lovesac struggled with process inefficiency and poor visibility within its disconnected legacy environment, including an on-premise Microsoft Dynamics GP system. The company used email to manage shipments, and lacked insight into and control over orders, which prevented Lovesac from improving the customer experience. Frustrated, Lovesac recognized that it needed a robust, scalable business management platform to keep pace with growing order volumes and to future-proof the company for continued growth. After examining multiple solutions, Lovesac selected NetSuite’s unified cloud solution that delivers rich functionality in an integrated real-time environment. In addition, NetSuite’s customization capabilities enable Lovesac to readily implement custom workflows and processes to support physical store, ecommerce and call center channels.
Since going live with NetSuite, Lovesac has dramatically improved end-to-end business processes and is scaling the business to drive continued 50 percent year-over-year revenue growth. The 400-person company has also gained critical new abilities to deliver a top-quality customer experience, with consistent and reliable processes from initial POS through lifetime customer relationship. Store associates are significantly enhancing the in-store customer experience with access to real-time data in NetSuite for customer history, inventory availability, order placement and management, and customer support, while the NetSuite POS solution processes in-store transactions.
“NetSuite is helping us transform how efficiently and effectively our company is run,” said Ryan Johnson, Lovesac Chief Operating Officer. “We now have 360-degree visibility into inventory and customer transactions across all channels, which is essential in providing a holistic omnichannel commerce experience and ensuring a high degree of customer satisfaction that drives loyalty and repeat business.”
With NetSuite, Lovesac has increased its performance in critical business areas such as:
Operational efficiency. Thanks to its use of NetSuite, Lovesac is now better positioned to keep pace with growing order volume while efficiently managing inventory, improving its internal productivity, minimizing inventory costs, and gaining new insights into key operational and financial metrics.
Order management. NetSuite order processing seamlessly handles high order volumes from Lovesac’s ecommerce website as well as in-store orders, with flexibility to accommodate thousands of customer-selected variations to modular furniture setups.
Inventory management. Lovesac personnel using NetSuite have deep visibility into stock levels in real-time across multiple warehouse and store locations so they know when to replenish stocks. With greater control and visibility in NetSuite, the company’s October 2014 quarterly inventory count resulted in the fewest adjustments it has ever needed to make.
Customer service and support. Both in-store personnel and the Lovesac Customer Love Team have detailed, real-time data at their fingertips through NetSuite to provide customers with a seamless, informed experience both pre- and post-sale.
Experience NetSuite’s Unified Cloud-Based Retail Solution at NRF 2015
Retailers attending the NRF Big Show from January 11-14 in New York City can experience NetSuite’s unified cloud-based retail solution firsthand at booth #4209 and are invited to schedule their own personalized demonstration by booking in advance through www.netsuite-nrf.com. During the conference, NetSuite executives will also be giving several 15-minute presentations titled “Customer Commerce: Build Your Business Around Your Customers, Not Channels,” highlighting what it takes to design a customer-centric business and deliver a seamless omnichannel experience. Presentation dates and times can be found at www.netsuite-nrf.com.
Today, more than 20,000 companies and subsidiaries depend on NetSuite to run complex, mission-critical business processes globally in the cloud. Since its inception in 1998, NetSuite has established itself as the leading provider of enterprise-class cloud financials/ERP and omnichannel commerce software suites for divisions of large enterprises and mid-sized organizations seeking to upgrade their antiquated and siloed systems. NetSuite continues its success in delivering the best cloud solutions to businesses around the world, enabling them to lower IT costs significantly while increasing productivity, as the global adoption of the cloud is accelerating.
Follow NetSuite’s Cloud blog, NetSuite’s Facebook page and and NetSuite on Twitter at @NetSuite and @NetSuiteRetail for real-time updates.
For more information about NetSuite, please visit www.netsuite.com.
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