Maintaining growth at 70 percent a year over a five-year period could seem like the stuff of fairytales for many businesses – especially those in the retail space. But for Lucy Locket – a UK-based children’s retailer that specialises in children’s costumes and accessories – that was a perfectly down-to-earth dream it needed only to look to the cloud to fulfill.
Legacy on-premise software had hamstrung the business’ international growth ambitions. Its Microsoft Dynamics NAV environment necessitated costly and time-consuming server maintenance and software upgrades that took focus away from customer service and strategic business goals. Lucy Locket struggled with delays, inefficiencies and limited visibility into crucial business indicators.
Executives knew they needed the scalability, flexibility and lower TCO offered through a cloud-based solution. It chose NetSuite for its thorough, integrated functionality with minimal IT overhead. Also known as Fairy Glam, Lucy Locket transformed its businesses with complete functionality for finance, inventory management, ecommerce and CRM.
Lucy Locket CEO Paul Edwick shares his advice on how cloud business software can support an aggressive growth strategy :
- Better support demand: The increased agility NetSuite lent to the business was an important driver in Lucy Locket’s selection. It scales seamlessly to accommodate peak seasonal demands of up to 15,000 orders a week in the busiest shopping seasons in November and December. The business can also easily support international demand for its products, as NetSuite supports multi-currency transactions in the Euro, U.S. dollar and British pound, while it complies with local in-county tax requirements.
- Gain better visibility for increased control: The real-time visibility enabled by NetSuite gives Lucy Locket better control over all aspects of its business. The retailer has increased purchase order efficiency transactions threefold with more than a dozen contract manufacturers producing its goods. NetSuite’s real-time inventory simplifies and strengthens management of about 1,000 SKUs, easing transactions with a third-party logistics provider (3PL) partner. And NetSuite supports Lucy Locket’s B2B relationships with more than 200 retail partners across Europe and Asia, including Harrods, Hamleys, Waitrose and LegoLand. Customisable reporting on real-time data delivers insights into key business metrics and opportunities for growth and improvement.
- Drive increased productivity from employees: With the automation and visibility enabled by NetSuite CRM, the software is a sales enabler for sales reps. Lucy Locket is on track to increase per-employee sales productivity by 25 percent with NetSuite.
- Revolutionise customer focus: Not only meeting, but exceeding customer expectations in the different channels and ways they shop is a key priority for the business. NetSuite SuiteCommerce powers Lucy Locket’s B2C website, which is integrated natively with the cloud ERP back end for greater efficiency across the board. With NetSuite, Lucy Locket has grown its ecommerce business to about 50 percent of its revenue through a combination of direct sales on its website and indirect sales of its goods on Amazon and eBay marketplaces in the U.K., Germany, Spain, Italy, Belgium, Holland and elsewhere.
To discuss how NetSuite could transform your business, get in touch.
Posted by Mark Woodhams, NetSuite EMEA Managing Director