Retail, Proximity & IoT Marketing

Thread Redesigns Functional Fashion with NetSuite

NetSuite Analytics Warehouse supports Thread's need for complex demand forecasting and enhanced data-driven decision making
Thread

Thread, a producer of functional, stylish, and slim wallets, bags and accessories, is working with Oracle NetSuite to advance its mission of offering products that allow customers to do what they love and to look good doing it. With NetSuite and NetSuite Analytics Warehouse, Thread has been able to take advantage of an integrated business system and advanced analytics. NetSuite is helping Thread harness data from new sales channels, retail locations, and product lines to help scale its business as it introduces new products to meet growing customer demand.

In 2014, newlyweds Colby and McKenzie Bauer showcased a prototype elastic wallet at a farmer’s market in Hawaii. Their invention impressed local adventure-seekers and led to a Kickstarter campaign that raised more than $30,000. Eight years later, Thread has evolved its sales model beyond direct-to-consumer to include wholesale distribution and custom-built, uniquely branded mall kiosks; expanded its product line to include bags, lanyards, and other accessories; and grown into a business with more than $15 million in revenue. To support its expanding operations, Thread needed an enterprise resource planning system (ERP) and after careful evaluation, it selected NetSuite.

“To continue our rapid growth, we needed to dramatically improve our forecasting – and that started with gaining faster and better data insights from our sales channels,” said Mitch Sanders, chief operating officer, Thread. “NetSuite Analytics Warehouse has given us the ability to capture and organize data and deliver actionable insights that help foster collaboration across our business. This allows us to accurately anticipate customer demand, keep stores stocked with the items customers most want now, and ensure we operate in an incredibly agile and growth-oriented fashion.”

With NetSuite, Thread has consolidated, automated, and scaled its supply chain, sales, and financial processes on a single cloud business system. Thread is using NetSuite Analytics Warehouse to further enhance operations, improve the integrity of data from its sales channels, and increase the accuracy of its forecasting. This prebuilt data warehouse and business intelligence solution helps Thread combine data from NetSuite, Shopify, and Google Sheets. The machine learning capabilities within NetSuite Analytics Warehouse provide Thread with the insights needed to identify trends and adjust its sales and marketing strategies to market conditions or missed forecasts. In addition, the insights provided by NetSuite Analytics Warehouse help Thread set preferred stock levels and reorder points for its retail locations, reduce the time required to generate transfer orders from hours to minutes, and ensure the timely fulfillment and delivery of inventory.

“As retailers evolve sales models to reach new customers, they are often inundated with streams of disorganized data that result in lost insights,” said Evan Goldberg, founder and EVP, Oracle NetSuite. “With NetSuite, Thread has dramatically increased the value of its data and used it to inform all aspects of its business strategy. This has helped Thread continue its rapid growth trajectory and deliver better products to its customers.”

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