The Royal Standard, a Louisiana-based home goods empire, derives its name from the illustrious flag of the British royal family, symbolizing a blend of regality and global inspiration. For more than two decades, this company has carved a niche in the market with its unique array of decor, entertaining essentials, and fashion accessories, each piece echoing the eclectic spirit of its founders’ global expeditions.
Boasting a network of seven retail stores and two expansive wholesale showrooms strategically dotted across the Southern United States, The Royal Standard has become a staple in the region. Its products, celebrated for their blend of classic sophistication and contemporary flair, are a common sight in numerous independently owned boutiques throughout the South. The company’s ecommerce platform extends its reach, catering to a nationwide audience enamored by its distinctive style. This style manifests in products like traditional leather bags emblazoned with playful phrases such as “Hello gorgeous,” and state-of-Texas-shaped serving platters, each item a testament to the brand’s inventive fusion of the classic and the contemporary.
Initially making waves as a retailer, The Royal Standard ventured into the realms of manufacturing and wholesaling, a strategic pivot that has borne significant fruit. Today, the company takes pride in its in-house design team, responsible for the creation of almost all its products. This shift toward self-manufacturing and wholesaling has not only elevated the brand’s autonomy in design but has also proven financially astute, with wholesale operations now accounting for a substantial 70% of its total revenue. This evolution marks The Royal Standard’s transition from a mere retailer to a vanguard of design and innovation in the home goods and fashion accessory sectors.
The Royal Standard’s Growing Pains: How QuickBooks Fell Short and NetSuite ERP Provided the Solution
About a decade ago, The Royal Standard, amidst its rapid expansion with more retail stores and a burgeoning wholesale segment, encountered a significant hurdle: its on-premises QuickBooks system was faltering. The software, once sufficient, began to buckle under the pressure of an increasing volume of transactions, leading to frequent system freezes and operational hiccups.
Recognizing the need for a more robust system, The Royal Standard transitioned to NetSuite ERP. This switch heralded a new era of efficiency and clarity in their operations. The integration of NetSuite’s ERP system with their point of sale (POS) setup revolutionized their inventory management and reporting processes. It provided a comprehensive, real-time view of their inventory across all stores, a stark contrast to the previous system that offered limited insights, restricted to the distribution center’s inventory alone.
Today, The Royal Standard harnesses the full potential of NetSuite’s inventory management prowess to meticulously track a staggering 20,000 active SKUs. The buying team employs sophisticated saved searches within NetSuite to extract detailed insights from historical sales data, allowing them to identify key attributes of top-selling items, such as color and price point. This data-driven approach informs their strategic planning for biannual product launches, each introducing around 1,500 new items. Armed with these insights, they can adeptly adjust their product offerings, expanding in successful categories like placemats or hand towels and fine-tuning their color offerings based on consumer preferences, while scaling back in less profitable areas.
Emily Dykes, the company’s vice president, reflects on this transformation, acknowledging that such a level of custom reporting and insight-driven decision-making was an unattainable dream with QuickBooks. NetSuite ERP’s introduction into The Royal Standard’s ecosystem has not only resolved their initial operational challenges but has also empowered them to navigate their business trajectory with greater precision and insight than ever before.
Elevating E-commerce Excellence: The Royal Standard’s Digital Transformation with NetSuite SuiteCommerce
In the early months of 2020, The Royal Standard embarked on a significant digital leap, transitioning its business-to-consumer (B2C) e-commerce operations from an outdated platform to the cutting-edge NetSuite SuiteCommerce. This strategic move was not just timely but also executed with remarkable swiftness, enabling the company to swiftly adapt to new retail norms by introducing options like local delivery and pickup. This agility proved crucial in navigating the challenges of store closures, allowing the business to maintain its service continuity with ease.
Buoyed by the success of its B2C site overhaul, The Royal Standard extended this digital transformation to its business-to-business (B2B) operations as well, migrating to NetSuite SuiteCommerce. In this process, the company collaborated closely with NetSuite Advanced Customer Support (ACS) to refine their platform with bespoke coding solutions, enhancing its functionality and user experience.
The impact of this digital revamp has been nothing short of transformative. Sales on the B2C platform have doubled since the adoption of NetSuite SuiteCommerce, while the B2B site has witnessed a 46% surge in sales this year alone. Emily Dykes, a key figure in this transition, attributes this remarkable growth to the advanced capabilities provided by NetSuite.
One of the standout features of this new system is its user-friendly interface. According to Dykes, the process of publishing products and integrating useful features like a store locator requires minimal web development expertise. In a recent initiative, the team efficiently set up product feeds between NetSuite, Google Shopping, and Facebook Shopping in just a few hours. This integration ensures that any changes made on the website, like new product additions or price markdowns, are automatically updated on Google and Facebook platforms. For more complex enhancements, ACS provides indispensable support, such as in the recent development of a gift card balance checker.
The consolidation of inventory management and e-commerce into a single system has significantly reduced the margin for error, a notable improvement over the previous practice of manual updates across disparate systems. This integration is particularly crucial when dealing with limited-edition products, where accurate online inventory is essential to avoid customer disappointment from ordering out-of-stock items. Dykes emphasizes the urgency of maintaining accurate online listings in such scenarios, highlighting how the unified system has effectively eliminated the risk of overselling.
In summary, The Royal Standard’s strategic shift to NetSuite SuiteCommerce has not only streamlined its operational efficiency but also catalyzed impressive growth in sales, marking a new era of digital excellence for the company.
Harnessing Automation for Exponential Revenue Growth: The Royal Standard’s Journey with NetSuite
At the heart of The Royal Standard’s remarkable success lies a strategic embrace of automation, powered by NetSuite’s integration with their warehouse management and CRM systems. For a company deeply rooted in a regional market, the centralization and automation of data have been pivotal in driving its progress, as Emily Dykes, a key figure in the company’s growth, explains.
Dykes highlights the transformative impact of NetSuite on their operations: “We’ve attracted talent from major corporations who are often astounded by our technological advancement, given our size. This leap forward is largely due to our commitment to minimizing manual, pen-and-paper processes. NetSuite offers a plethora of options to achieve this.”
A prime example of this digital transformation is evident in their order fulfillment process. Traditionally, fulfilling B2C orders required a higher priority than B2B orders, a task that involved cumbersome manual sorting of open orders against inventory lists. However, with NetSuite, this entire process has been automated. The system intelligently prioritizes orders for fulfillment, seamlessly integrating with the inventory system RF-Smart and the ShipStation shipping platform. This integration ensures that customer credit card billing is also automated.
Such automation has been a cornerstone in The Royal Standard’s ability to thrive even in challenging economic conditions. Dykes proudly states, “With NetSuite, we’ve managed to increase our revenue by 43% over the past four years while maintaining a relatively steady payroll expense, with just a 6% increase. This efficiency enabled us to launch two e-commerce sites and open two new stores without significantly expanding our staff, leading to our most profitable years since our inception.”
NetSuite’s user-friendly interface has been a boon, particularly for the accounting department. Dykes notes that the system’s simplicity allows a small team of just three employees to manage the company’s finances efficiently. They leverage NetSuite’s automated dunning letters and bank feeds to reduce manual workload. Document management has also been streamlined, with the NetSuite File Cabinet serving as a centralized repository for critical documents like invoices and customer tax IDs, thus eliminating the time-consuming task of managing paper files.
NetSuite’s impact extends to financial reporting as well. Instead of relying on cumbersome spreadsheets, the company’s managers now utilize the ERP to directly analyze year-over-year performance across various locations and departments. This direct access to data enables more informed and agile decision-making.
The role-based NetSuite dashboards are another feature that has significantly enhanced operational efficiency. Each team member receives customized metrics relevant to their role, enabling them to identify and address specific efficiency opportunities within their functions. For instance, if the e-commerce manager notices a delay in new products being listed on the site, they can consider hiring additional resources, like a product photographer, to streamline the process.
Dykes, as an executive constantly seeking process improvements, finds immense value in NetSuite’s Advanced Customer Support (ACS). She emphasizes the convenience of having ACS as a resource, especially when adapting NetSuite to new company processes becomes time-intensive. “When I reach a two-hour threshold trying to modify the system for a new process, I pass the task to ACS. They take on the challenge, providing solutions and lifting the burden off my shoulders,” she remarks.
In conclusion, The Royal Standard’s journey with NetSuite epitomizes how strategic automation and efficient system integration can propel a company to new heights of operational efficiency and profitability.
Mastering Inventory Management: The Royal Standard’s Strategic Approach with NetSuite
As The Royal Standard continues to expand, its reliance on NetSuite’s robust inventory management capabilities becomes increasingly crucial. The company’s adept use of these tools plays a vital role in navigating the complexities of growth and supply chain challenges.
A key feature of their strategy involves leveraging NetSuite’s advanced forecasting functionality to anticipate and manage supply chain disruptions effectively. This is particularly important given The Royal Standard’s practice of pre-selling to its B2B customers. For example, a boutique may place an order at a January trade show for April delivery. NetSuite enables the team to generate accurate demand projections based on open sales orders. This sophisticated system meticulously calculates the lead time for each product from The Royal Standard’s factory partners in China and India, factoring in variables such as pandemic-induced shipping delays and escalating shipping costs. This level of detailed forecasting is instrumental in ensuring that factories can meet order demands and that products are delivered to customers punctually.
Another significant aspect of their inventory management is the prevention of overselling, especially for limited-stock items. NetSuite’s functionality allows managers to modify item records to restrict availability at certain store locations. This real-time information is readily accessible to store staff through NetSuite, enabling them to provide immediate and accurate information to customers. If a product is not available at their location but exists elsewhere, staff can efficiently process transfer orders or arrange for direct shipping to the customer. This streamlined process marks a significant improvement over previous practices, where staff had to engage in time-consuming inter-departmental communication, risking customer engagement and potential sales.
When it comes to opening new stores, The Royal Standard utilizes NetSuite to analyze data from similar existing locations, providing a solid foundation for inventory decisions at the new site. Factors such as average customer age, lead times from the distribution center, and sales per square foot are taken into account. This data-driven approach not only simplifies the store opening process but also ensures that inventory decisions are informed and strategically sound, as highlighted by Dykes.
In summary, The Royal Standard’s sophisticated use of NetSuite’s inventory management tools is a testament to the company’s commitment to efficiency and customer satisfaction. By accurately forecasting demand, preventing overselling, and making informed decisions based on real-time data, the company is well-positioned to manage its growth and continue its trajectory of success.
Charting a Path for Global Expansion: The Royal Standard’s Vision for Revenue Growth
In its immediate future, The Royal Standard sets its sights on an ambitious expansion of its B2B sector while simultaneously enhancing its e-commerce platforms. A key aspect of this strategy involves integrating these platforms with powerful analytical tools like Google Analytics and influential online marketplaces such as Faire. This integration is aimed not only at streamlining the user experience for consumers but also at simplifying and improving the operational workflow for its staff.
These initiatives are part of a larger, cohesive goal: to extend The Royal Standard’s reach to a global audience that resonates with its ethos of blending classic elegance with modern design in accessories. By refining its online presence and expanding its B2B operations, The Royal Standard is strategically positioning itself to connect with and cater to a broader, international customer base that shares its appreciation for “classic modern” aesthetics.
Each step taken in this direction is a calculated effort to reinforce The Royal Standard’s commitment to quality, innovation, and customer satisfaction, ensuring that the brand not only meets but exceeds the evolving demands of the global market.