Why Thread Wallets chooses Stitch Labs over TradeGecko for flexible wholesale growth
Colby and his wife Mckenzie founded Thread Wallets in 2014 when they noticed that all of the wallets and phone cases available were either too minimalist and boring in design or too niche in taste. Colby loved the idea of minimalism, but he also embraced his personal style of being fun and energetic. Leveraging their background in entrepreneurship, they decided to pursue their idea of creating fun but minimalist wallets and phone cases that can be enjoyed by a larger market.
For the first year and a half, Colby and Mckenzie handled all aspects of their business in-house. They each wore multiple hats and managed everything from design, production, marketing, to operations all on their own.
As the company grew, they slowly started to outsource the most cumbersome areas of their business to apps and services. “Production and fulfillment were first,” recalls Colby. “The key to growth was taking off the hats and being comfortable with outsourcing some of these things instead of doing it all in-house”.
Through carefully selecting areas of their business to outsource, Thread Wallets saw accelerated growth in revenue within the first three years, bringing in $150,000 in revenue in the first year, to $250,000 in the second, and closing the year out in 2017 with just over a million.
But, as the business continued to grow, Colby and Mckenzie realized that they needed to focus more on scalable growth across all facets of the company. In a short amount of time, they expanded their team to 8 employees, grew their distribution from one Shopify store to three, and were preparing their launch on Amazon FBA.
Colby saw an immediate need for a more robust inventory management solution than their current solution of managing inventory directly in Shopify. One that would help centralize their inventory across their newly developed channels and give them the visibility they needed to efficiently run their operations.
“I quickly realized that our disparate app solutions with weak integrations were not equipped to handle our rapid growth,” explained Colby.
Colby was initially introduced to Stitch through a friend at Arvo — a designer watch company based out of Utah. When Colby was referred to Stitch again by another friend, this time from SkullCandy, he knew it was worth looking into.
At the time, Colby had actually gone through the full implementation of TradeGecko, another integrated inventory management solution. He had decided to try TradeGecko due to their ability to host a B2B ecommerce site to help them grow their wholesale channels. However, within 2 days after the completion of the costly implementation, Colby found that TradeGecko didn’t have the EDI integration capabilities that he was looking for and lacked the flexibility Thread Wallets needed to grow their wholesale channels.
“It was actually Stitch who gave us the expert recommendation to create a separate Shopify channel for wholesale. It was a great suggestion, and it works perfectly for our needs,” added Colby.
Since Thread Wallets implemented Stitch, the team saw immediate improvements in visibility and control across their multi-channel inventory. So far, they’ve integrated with several of their operations tools such as Stripe, and plan to heavily utilize Stitch’s SPS Commerce integration to take a big lunge into big-box wholesale retail.
“What it came down to was that our previous process was working, but in order to scale, it needed to be cleaner. Everything needed to be in one place. And that’s what drew me into Stitch. With Stitch, the order management and inventory management is all right there. There’s so many little features to Stitch to make it what it is.” — Colby Bauer
Looking forward, Colby plans to train additional members of his team to be able to utilize Stitch and improve team collaboration and efficiency across the entire business.
To shop Thread Wallets stylish wallets, phone cases, and accessories, visit www.threadwallets.com
What it came down to was that our previous process was working, but in order to scale, it needed to be cleaner. Everything needed to be in one place. And that’s what drew me into Stitch. With Stitch, the order management and inventory management is all right there. There’s so many little features to Stitch to make it what it is.
Colby Bauer, CEO | Thread Wallets