In Addition, NetSuite Announced Accelerated B2B and B2C Commerce Growth Among Wholesale Distributors and Manufacturing Customers
SAN MATEO, Calif.—October 30, 2013—NetSuite Inc. (NYSE: N), the industry's leading provider of cloud-based financials / ERP and omnichannel commerce software suites, today announced that Forrester Research, Inc. has recognised NetSuite's SuiteCommerce platform as a "strong performer" in an October 2013 report on B2B Commerce Suites.
NetSuite was among a select group of companies that Forrester invited to participate in The Forrester Wave™: B2B Commerce Suites, Q4 2013 report. In this evaluation, Forrester cited that NetSuite's SuiteCommerce platform:
According to Forrester, customers who wish to leverage the entire suite and use NetSuite for its enterprise ERP and CRM needs will find a neatly architected solution where catalogue, pricing, and order management are single systems of record.
The NetSuite SuiteCommerce platform enables manufacturers and distributors such as EndoChoice, Redcat Racing and Tacoma Screw Products to seamlessly connect every step of a multi-channel, multi-location business—from Ecommerce and order management to merchandising, manufacturing, marketing, inventory, financials and customer support.
NetSuite SuiteCommerce has continued to show strong momentum among wholesale distributors and manufacturers launching B2B and B2C Ecommerce channels atop NetSuite, helping them dramatically expand their geographic scope to reach new customers and markets over the web, while meeting rising demand among B2B buyers who want fast, flexible and secure purchasing in a user-friendly B2C-like environment. These and other B2B companies are improving customer service and satisfaction with a unified 360-degree view of customer interactions and transactions across multiple touchpoints—Ecommerce, call centre, email, fax and in-person sales orders. In addition to enhancing efficiencies and extending their reach, NetSuite customers are reducing administrative costs of manually processing orders with an automated system that improves efficiency for both seller and buyer while enhancing visibility with a complete record of transactions accessible online anytime, anywhere.
The increasing number of distributors and manufacturers using NetSuite SuiteCommerce to support online sales aligns with the continued rapid growth in B2B Ecommerce at large. According to the "Forrester Wave: B2B Commerce Suites" report, by the end of 2013, B2B Ecommerce in the U.S. alone will be a $559 billion market. Meeting the challenges of this market is expensive and difficult with on-premise solutions leading to an increased investment in commerce solutions like NetSuite SuiteCommerce to close the gap.
SuiteCommerce Drives Business Success Across Manufacturing and Wholesale Distribution Industries
With NetSuite SuiteCommerce, thousands of distributors and manufacturers are taking their business to the next level by streamlining their end-to-end business processes, from online ordering to fulfilment in a unified system that eliminates the need for costly implementation and maintenance of in-house software and servers. With SuiteCommerce, distributors and manufacturers are able to:
Reach new markets and customers. Geographic boundaries are eliminated, enabling distributors and manufacturers to sell and source on the other side of the country or other side of the world as well as support multiple business models (B2B, B2C, B2B2C). Easily manage sites with multiple languages, currencies, brands, taxes and other regional requirements on a single SuiteCommerce instance.
Deliver a B2C-caliber experience. Leading-edge design flexibility and interactivity in SuiteCommerce pave the way for B2B merchants to deliver a "consumerized" experience, including responsive design capabilities, advanced product imagery, robust site search, SEO, personalized merchandising and promotions and faceted search and guided navigation.
Provide a secure customer self-service centre. SuiteCommerce provides 24/7 access to a password-protected self-service centre where customers can view order status and track their orders, review and approve quotes, reorder, view their purchase history, update their shipping and payment information, manage returns, credits and refunds, and much more.
Extend custom pricing, terms and credit limits. Create customer catalogues, with customer specific negotiated pricing, discounts, payment methods and terms.
Manage orders more effectively. Expedite order fulfilment from any channel by shipping from the best of multiple inventory locations to achieve optimal operational efficiency and customer satisfaction.
Efficiently manage product data. Consolidate and manage all product content and attributes of large part lists in a single system of record that can be used in multiple channels, including online stores, marketplaces and printed catalogue.
Enable superior service and a highly personalized experience. A single, 360-degree customer profile enables merchants to optimise customer service across multiple channels and use the transactional and interaction data gathered to enable personalized and relevant merchandising and promotions.
Increase business insight and analytics. A single data repository provides real-time visibility into orders, inventory and sales.
EndoChoice, Redcat Racing and Tacoma Screw Products are among the many manufacturers and distributors leveraging SuiteCommerce for B2B and B2C commerce:
EndoChoice (www.endochoice.com), a platform GI company, providing devices, diagnostics, infection control and imaging for specialists treating gastrointestinal diseases, is driving sales and loyalty with an enhanced B2B Ecommerce site offering a consumer-like experience to its medical industry customers. The EndoChoice site offers buyers a selection of informative videos as well as a streamlined ordering experience, "quick list" reordering and easy management of shipping and billing information, orders, quotes, support and returns. Supporting orders in both U.S. dollars and Euros, the site integrates seamlessly with NetSuite financials, inventory and order management to streamline end-to-end processes. Based in Atlanta, Ga., EndoChoice has taken advantage of NetSuite to assemble bundled kits, sourcing the necessary goods for a given gastrointestinal procedure from various suppliers and available as a single, convenient package, helping drive the 300 percent annual growth the company has realised in recent years across more than 2,000 customers in 34 countries. "Ecommerce is an increasingly important channel and a significant engine in achieving our strategic growth objectives," said EndoChoice Chief Operating Officer Lou Malice. “The ideal blend of design flexibility and functionality in SuiteCommerce has helped us 'consumerize' the B2B experience, and we’ve been realizing tremendous results in terms of new business and repeat customers."
Redcat Racing (http://www.redcatracing.com), a seller of high-performance radio-controlled hobby cars based in Phoenix, Ariz., uses SuiteCommerce to support its fast-growing B2B and B2C business, with 95 percent of revenue generated by Ecommerce orders from about 1,500 dealers, retailers and consumers in North America. Since upgrading from QuickBooks and a homegrown website in 2008, Redcat Racing has seen its revenue soar nearly 12 fold as it ships up to 1,500 packages a day from its Phoenix warehouse and a third-party logistics provider (3PL) in North Carolina. Redcat Racing's password-protected B2B site offers dealers wholesale pricing and displays inventory availability in real-time, based on the integration with NetSuite inventory management, updating automatically as orders are placed. Redcat Racing has realised dramatic gains in business efficiency and visibility by using NetSuite to run end-to-end business processes, enabling the company to avoid the expense of three full-time employees and streamline the purchasing of about 3,100 cars and spare part SKUs from its manufacturing partners in China. "Integration of our SuiteCommerce storefront with orders, inventory and financials lets us run the business like clockwork, and our Ecommerce site really meets the needs of our dealers for fast and secure orders," said Dan Sloan, Redcat Racing COO. "Our previous systems didn't allow us to tie inventory and financials to the webstore—we had to do everything manually, and it was just a nightmare. Now, most of the business just runs itself because NetSuite does everything for us."
Tacoma Screw Products (www.tacomascrew.com), a family-owned distributor based in Tacoma, Wash., has expanded its geographic reach beyond its core market of Washington, Oregon and Idaho with NetSuite SuiteCommerce to power both B2B and B2C online sales of its 45,000 products, including fasteners, tools, abrasives, construction supplies and more. At the same time, Tacoma Screw is building loyalty among its existing B2B customers by offering the convenience of purchasing over the web. With greater market scope and ordering flexibility, Tacoma Screw has strengthened its competitive position against larger rivals such as Grainger and Fastenal. SuiteCommerce provides Tacoma Screw Products with real-time visibility into inventory availability both online and at each of its 15 brick-and-mortar stores. Tacoma Screw's password-protected B2B portal complements its 50-person sales force and its call centre staff to offer the best of both worlds—personal and knowledgeable service and next-generation online business. "SuiteCommerce enables us to provide the next level of customer service our customers want and expect," said Eric McGregor, Tacoma Screw Ecommerce and Operations Support Manager. "With SuiteCommerce, our customers can browse products and purchase their orders online conveniently and quickly."
NetSuite SuiteCommerce enables B2C and B2B merchants, manufacturers and distributors to seamlessly connect every step of a multi-channel, multi-location business—from Ecommerce, POS and order management to merchandising, marketing, inventory, financials and customer support. Featuring an advanced webstore that allows the creation of uniquely branded and personalized shopping experiences optimised for multiple devices, SuiteCommerce empowers businesses to run across multiple touchpoints—web, brick-and-mortar stores, social, mobile—all from a single, unified cloud-based commerce system that provides unprecedented visibility into your business and customers. Please visit www.suitecommerce.com for more information.
Today, more than 16,000 companies and subsidiaries depend on NetSuite to run complex, mission-critical business processes globally in the cloud. Since its inception in 1998, NetSuite has established itself as the leading provider of enterprise-class cloud financials/ERP suites for divisions of large enterprises and mid-sized organisations seeking to upgrade their antiquated client/server ERP systems. NetSuite excels at streamlining business operations as demonstrated in a recent Gartner study naming NetSuite as the fastest growing financial management software vendor on a global basis. NetSuite continues its success in delivering the best cloud ERP/financials suites to businesses around the world, enabling them to lower IT costs significantly while increasing productivity, as the global adoption of the cloud is accelerating.
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Cautionary Note Regarding Forward-Looking Statements: This press release contains forward-looking statements relating to expectations, plans, and prospects including expectations relating to the future growth of the U.S. Ecommerce market. These forward-looking statements are based upon the current expectations and beliefs of NetSuite's management as of the date of this release, and are subject to certain risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements including, without limitation, the risk of continued adverse and unpredictable macro-economic conditions. All forward-looking statements in this press release are based on information available to the Company as of the date hereof, and NetSuite disclaims any obligation to update these forward-looking statements.