InsideOut Living uses Wayflyer funding and insights to grow by 150%
Industry
Furniture and Appliances
Location
United Kingdom
Company site
https://www.ioliving.co.uk/

After living in London for years, Rhys and Samantha decided to make the move and buy their first home in Bristol. As all new homeowners are, they were really looking forward to fitting out their new home, but that initial excitement quickly turned to frustration when they found the shopping experience to be difficult and disappointing. They realised quality and style at an accessible price point was severely lacking and found their customer service experience to be impersonal and underwhelming.

Rhys and Samantha founded InsideOut Living to offer customers a first-class service, and to become the go-to brand for home inspiration. With Rhys’ background in eCommerce and Samantha’s in Marketing, they were the perfect pair to develop a brand that reimagined the experience for styling your home and garden.

To them, it’s all about creating furniture that not only looks good, but works. Whether it’s spending New Year’s Eve together around the fire pit, or kids drawing at the kitchen table -  it’s furniture that you can create memories with, at the heart of your home.

The challenge - securing funding for inventory

One of Rhys’ biggest challenges to date has been cashflow. The team had some investment and were largely funded through traditional finance, but it wasn’t enough to sustain their business.

As the ‘just-in-time’ supply chain doesn’t really exist anymore, they need to hold a larger stock volume to meet their first-class customer service goals. This need puts a huge strain on their working capital, and banks would no longer support them.

“We tend to double or triple our revenues every year and that puts a lot of pressure on our working capital.. we need the cash to sustain our plans”

The solution - a growth partner that saw their potential

In 2020, InsideOut Living started talking to Wayflyer about their funding challenges. Working with the Wayflyer team, they quickly got the funds they needed to secure their stock volumes.

“A lot of banks were unwilling to support us, whereas Wayflyer were happy to - they could see the potential, and supported us when others wouldn't”

And for InsideOut Living, it wasn’t just about the funding...

“It’s more about the partnership… there is absolutely brilliant customer care, even after we got our funding...in such an unpredictable market, things do change from day to day, so just knowing that I can pick the phone up and speak to Wayflyer, and they can potentially turn something around in 24-48 hours - it's really reassuring”

Rhys and Samantha are also using Wayflyer Insights, leveraging the Analytics platform and our team of experts to improve their performance.

“The data is amazing and our marketing team loves tapping into the insights the Wayflyer team provides… it not only helps our growth... it also helps make everything more efficient”.

The result - 150% year-on-year growth

InsideOut Living now has a partnership that will let them run their business the way they want to, and continue to reach their ambitious growth targets.

“I don’t think we would have been able to get to the revenue number that we’ve done or hire the people we have to develop our own label without Wayflyer… we would have had to look at other alternatives, and maybe we wouldn’t be where we are today”

Wayflyer has helped them to achieve 150% year-on-year growth, grow their team from four to twenty, and move to a new 75,000 square foot warehouse.

The future - developing their own brand and label

Three years in, the business has grown organically and it is a huge success. Rhys and Samantha are always finding new ways to offer more to their customers. They are now in the process of manufacturing their own product line with the InsideOut Living label, and have hired a fantastic team to lead out their product development. The future is about pushing the boundaries of style and quality at an affordable price, and the InsideOut label will help them achieve this.

YoY Growth
150%
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