How Onewith Maximized Their Working Capital So They Could Grow 2x

About

Onewith is a women’s swimwear company that focuses on making edgeless swimsuits that fit like no-show underwear.  Its figure-flattering design originated in the founder's apartment and has now grown into a 7-figure e-commerce business. With Genie’s help, their goal is to scale annual revenue 2x by creating an inventory management process that maximises their working capital, avoids out-of-stock or overstock, and helps them plan for future growth.

Challenge

Grappling with unsold inventory, limiting growth potential.

Many people come up with great business ideas while in their apartments, but not everyone achieves the level of success that onewith has. Although rapid growth is desirable, it requires important decision-making related to inventory, re-ordering, and daily sales that could impact the sustainability and growth of a company. After restocking in early 2023 and selling out almost immediately due to going viral on TikTok, onewith “found ourselves in a peculiar situation with inventory. We were in a strange holding pattern, simultaneously trying to grow, assess our needs, and determine what to order—all of which was obviously done manually."

Their fast growth coupled with the absence of an inventory management system resulted in 36% of their working capital being tied up in inventory with limited to no sales. Having such a significant amount of working capital tied up in non-selling products means they were missing out on a major opportunity to double down on their best sellers, the ones they couldn't keep on the shelves. All of this put a major strain on their ability to reach their goal of doubling their annual sales.

“We found ourselves in a peculiar situation with inventory. We were in a strange holding pattern, simultaneously trying to grow, assess our needs, and determine what to order—all of which was obviously done manually.”

Solution

‍Streamlined inventory management solution

As onewith started asking themselves questions like "Can we scale? Can we scale our Facebook ads? What would happen if we increased sales by 50%? Do we have the inventory to do that?" it became very clear that Genie was the best tool to help. They needed a solution that helped them plan, track, and analyse their inventory so they could expand their business. It was clear that “This doesn’t exist within Shopify” and the level of reports that would come from Genie would allow them to make inventory decisions with confidence

Results

‍Efficiency soared, with a notable leap towards doubling revenue

In less than three months of using Genie, Onewith has been able to get on track to reach its goals by leveraging daily insights on sales and stock performance, intuitive segmentation (grading) to identify winners, and forecasts to help reorder the right products in the right sizes and colors.

Before Genie:

• 36% of working capital was tied up in sizes and styles that weren't selling
• 60% of their variant’s sales limited to no sales

After:

• 50% increase in working capital in inventory
• Only 3% of working capital is tied up in sizes and styles that aren't selling
• Only 20% of variants have limited to no sales

Becoming an inventory pro has never been this easy. You can get up and running in just a few hours, saving your company from overstocks, stock-outs, and the pain of manual data analysis. Genie tells you everything you need to know intuitively, right after you set it up. Are you ready to experience the magic of Genie? Set up a time with our founder, Seb, to learn more (and swap inventory war stories 💪).

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