LAS VEGAS, Oct. 19, 2021 /PRNewswire/ — SUITEWORLD 2021 — The Lovesac Company, the home furnishing brand best known for its Sactionals, The World’s Most Adaptable Couch™, has scaled its operations to become a billion-dollar company while running on Oracle NetSuite. With NetSuite, Lovesac has been able to take advantage of an integrated business platform at every stage of its impressive growth story to support new product lines, meet changing customer expectations, adapt its business and sales models, and manage the rigorous demands of becoming a publicly traded company.
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Founded in 1998 in a basement in Utah, Lovesac has grown into a billion-dollar company. Over that time, Lovesac has expanded its product lines to offer a wide range of adaptable couches and accessories and changed the way it engages with customers by adopting a direct-to-consumer business model. In 2018, Lovesac executed a highly successful IPO and in 2020, as the global pandemic took hold, Lovesac was able to adapt its sales model to meet increasing demand and continue delivering a high-touch customer experience – all while its physical showrooms were closed for varying periods of time. Today, Lovesac continues to adapt its business model to deliver the best possible customer experience, and earlier this year it debuted Mobile Concierge, a fully-equipped mobile showroom aimed to engage customers in a new and convenient way. As Lovesac grows towards becoming a billion-dollar company, NetSuite has supported it in every step of its journey.
“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.”
With NetSuite, Lovesac has been able to adapt and scale its core business processes to support its rapid growth. To help ensure a successful initial public offering, NetSuite enabled Lovesac to optimize financial processes, including financial planning, budgeting, and reconciliation, and helped 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 ecommerce website and showrooms, in addition to gaining deep, real-time visibility into stock levels across multiple warehouse and store locations. NetSuite also helped Lovesac adapt its business to meet new customer expectations during the global pandemic. This included providing Lovesac’s field sales team with the real-time information they needed to serve customers remotely and helping Lovesac identify skills and resource gaps across its workforce.
“We’re proud to be part of Lovesac’s impressive story,” said Evan Goldberg, EVP, 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.”
About Oracle NetSuite
For more than 20 years, Oracle NetSuite has helped organizations grow, scale and adapt to change. NetSuite provides an integrated system that includes financials / Enterprise Resource Planning (ERP), inventory management, HR, professional services automation and omnichannel commerce, used by more than 27,000 customers in 215 countries and dependent territories.
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SOURCE Oracle NetSuite