Stockly Review: Outsmarting Out-of-Stocks
In this Stockly review, we’re introducing you to one of the many exciting new French startups making their way into the changing consumer market. Stockly is a company committed to help keep the inventory of a number of ecommerce websites in sync.
In today’s competitive landscape, an out-of-stock item can be a disaster for many online companies. If you operate an online store and your customer sees a product out-of-stock, the chances are they’ll leave your website and look for an opportunity to buy elsewhere. However, with Stockly, you can avoid losing this essential purchase.
The service works by allowing companies to sell products currently out of stock, by finding a third-party supplier within the Stockly ecosystem holding the item you need. The order goes through the supplier directly, and neutral packaging is used to ensure the end customer doesn’t end up with a confusing un-branded experience.
Here’s what you need to know about Stockly.
What is Stockly?
Stockly is a company responding to a significant problem in the ecommerce industry – the threat of not always having enough items in your inventory to address customer demand. Ultimately, no matter how well you prepare for the influx of sales requests that might come your way as a growing business, there’s always a risk you could miss out on a sale for an item that’s out-of-stock.
Stockly is the French startup designed to address this issue. Eliott Jabès, the founder of Stockly, wanted to create a way for businesses to stop missing out on crucial revenue. This became particularly valuable during the pandemic, when many companies were facing issues with their supply chains but couldn’t afford to miss out on sales opportunities.
According to Elliot, he noticed a massive decrease in the global sales of certain categories of products during the lockdowns, and the role of Stockly became crucial during this time. The company connected e-stores to the network for free, with absolutely no subscription costs, so they could continue to generate additional revenue by fulfilling out-of-stock orders.
How Does Stockly Work?
Stockly builds an ecosystem of connected companies selling similar products, so you can always have a “backup” if you run out of stock.
Stockly works by connecting ecommerce websites with a global inventory of suppliers. Essentially, this helps to ensure you never run out of stock of popular items.
This basically means that when retailer A runs out of stock of a particular item, they can search for retailer B among the directory, and ask them to send the product to the customer instead. Both retailers increase revenue, and they split the margins on the sales generated.
The Stockly ecosystem represents an extremely valuable tool for smaller scale ecommerce companies which may not have a marketplace of third-party retailers to tap into on their own. For instance, Amazon already has the potential to sell customers an out-of-stock item if a supplier has listed the item on the Amazon marketplace. However, most companies simply can’t accomplish this.
The biggest challenge for the Stockly technology is figuring out how to sort through various formats for catalogs and managing the different inventories of a wild selection of retailers. The company started with a focus on clothing items and is gradually increasing to offer more solutions.
Lately, Stockly has also begun implementing new tools like Notion.so, to handle various inter-team projects and tickets, so they could provide better support to their end-users.
Today, Stockly is working with Foot Shop, Go Spot, Galleries Lafayette and other stores to help deliver a higher level of consistent service to customers. The startup also recently raised around $6 million in funding to help it reach its goal.
Stockly Review: Ease of Use
In the past, companies running low on a specific product simply wouldn’t have the opportunity to deliver that item to customers. In many cases, small businesses have lost out on sales because they simply haven’t had the stock available. By the time the item is re-ordered, the consumer has already found an alternative option elsewhere.
Stockly offers a simple solution for solving this problem, by creating a community of dedicated retailers who share inventories with each other. If you un out of a product, you simply use the Stockly application to seek out a connected retailer who can fulfill the order for you.
At the end of the purchase, you and the individual who supplied the product will share the margins, to ensure the company who supplied the product is repaid for the stock and their fulfillment costs, while ensuring you can still make a little extra cash and improve your relationship with your target customer.
The service ensures everyone benefits. As a supplier, you can access additional revenue, increasing sales with no marketing costs and no need for any additional technical effort. Alternatively, if you’re using the Stockly network to access products you’ve run out of, you get the opportunity to avoid missing out on customers, and you can increase product availability.
Being able to deliver the products your customers want no matter what can lead to higher levels of customer loyalty, and better outcomes overall.
Stockly Review: Benefits
At the heart of Stockly is a commitment to reducing the risk of running out of stock online, ensuring customers get a better experience, and retailers get more opportunities to sale. The technology company built their network to enable companies in offering the best possible customer experience. Already, the company reports extremely high satisfaction rates from all transactions.
The company complies with the European selective distribution policies. This means the company backfills products already distributed by their clients, respecting product segmentation. Additionally, Stockly chooses partners cautiously, making sure they are official and reliable before adding them to the distribution network.
Notably, Stockly doesn’t own any inventory itself, but instead relies entirely on the network of e-retailers it supports. The company has been working with leaders like Galeries Lafayette, Go Sport and Foot shop already. Recently, it also earned a $6 million dose of funding from a Series A funding round with groups like Techstars, Daphni, Idinvest partners, Guillaume Pousaz (CEO of Checkout.com), and a number of other business angels for venture capital.
According to Stockly, the aim of the brand is to positively impact companies by giving them an automation solution which simplifies the art of avoiding stock outs.
The valuation of the company has been increasing as the company continues to demonstrate its ability to minimize waste in real-time, and even reduce the need for overstocks.
Stockly Review: Potential
According to names like Oscar Walter, CTO of Stockly, and co-founder, the company is based around the desire to minimize out-of-stocks, waste, and unhappy customers. By connecting ecommerce websites with a global inventory, Stockly can ensure business leaders continue to earn all-important revenue, while customer satisfaction levels remain high.
As a supplier in the Stockly network, you access the benefits of increased sales without having to spend a fortune on things like marketing and customer acquisition. There’s also no technical effort to worry about because the hard work is done for you.
Alternatively, as a demander on the Stockly network, you get the opportunity to build better relationships with your customers, avoiding lost customers and increasing product conversions and availability in the process. The benefits include higher customer loyalty and increased sales.
Stockly Review: Verdict
Stockly is one of the leading startup brands from France changing the way companies support their customers in the modern world. The Stockly ecosystem makes life a little easier for business owners, ensuring they never have to risk upsetting their customers or missing out on a potential sale. At the same time various companies get a chance to sell more products, without having to invest a fortune in things like marketing.
If you’re looking for a valuable way to join a directory full of companies capable of helping each other thrive in a complicated business world, Stockly could have you covered. The company is already making significant waves in tech landscape.