Lovesac scales to $1 billion with optimized core business processes
A modular furniture retailer is basing rapid growth on an integrated business platform.
The Lovesac Company has scaled its operations to become a billion-dollar company while running on the Oracle NetSuite ERP solution. Deploying NetSuite, Lovesac has been able to deploy an integrated business platform at every stage of its growth to support new product lines, meet changing customer expectations, adapt its business and sales models, and transition to becoming a publicly traded company.
To help ensure the success of its 2018 IPO, Lovesac utilized NetSuite to optimize financial processes including financial planning, budgeting and reconciliation, as well as to help improve the accuracy of its bookkeeping. As Lovesac expanded its product lines, NetSuite served as the hub for its order management and inventory management functions.
This helped ensure that Lovesac was able to manage high order volumes across its supply chain from its e-commerce website and showrooms, in addition to gaining real-time visibility into stock levels across multiple warehouse and store locations.
Lovesac also employed NetSuite capabilities to help meet new customer expectations during the global COVID-19 pandemic.
This included providing Lovesac's field sales team with the real-time information they needed to serve customers remotely, as well as identifying skills and resource gaps across its workforce.
Most recently, Lovesac helped support the debut of Mobile Concierge, a fully-equipped mobile showroom, with NetSuite functionality. Mobile Concierge provides customers a live demonstration on how its “Sactionals” modular sofas work; and also enables consumers to check out the latest Lovesac product features, experience the different Sactionals fill types, touch and feel a variety of fabric cover options, and design their own Sactionals setup to fit their space and style.
Customers can then make their purchase with the Lovesac associate for products to be delivered to their home in as little as one to two weeks. Mobile Concierge follows other customer engagement features Lovesac has offered in the past year, including showroom and virtual appointments, as well as interactive Facebook Live demos. Currently, the service is available in the Seattle and Washington, D.C., areas, with plans for rollout in additional markets.
[Read more: Lovesac brings stores to customers with mobile showrooms]
"Since our founding, we've been on an incredible growth trajectory, and the breadth, depth, and scalability of NetSuite has played a crucial role in helping us achieve our growth goals," said Shawn Nelson, CEO and founder, Lovesac. "By providing a single software platform that can help us with everything from launching new product lines to going public and becoming a billion-dollar company, NetSuite has been an invaluable partner. Ultimately, NetSuite is the centerpiece of our entire business operations."
"We're proud to be part of Lovesac's impressive story," said Evan Goldberg, executive VP, Oracle NetSuite. "We've worked closely with the Lovesac team as their business has grown and have helped ensure their core business processes are able to meet changing demands. We look forward to supporting them as they unlock even more success."