Inventory management solution Stitch Labs raises $3.5M / Stitch Labs has seen orders increase 700% in the last year, now processing $100M each month

Steven Loeb for Vator News writes: writes: For retailers, whether they be online or offline, I can't imagine what could be more important than having complete and total control over what is happening with their inventory. Being able to easily see how of each item they ave, and being able to track it across multiple channels, while always knowing when to restock, can make a huge difference in both time and money.

Cloud-based, real-time inventory and business management solution Stitch Labs wants to be the solution to this problem. The company has now raised $3.5 million in new funding, it was announced on Wednesday. The round was led by existing investors True Ventures and Costanoa Ventures.

Stitch Labs previously raised $4.5 million, including a $3.5 million Series A round in September of last year. This latest round brings its total raised to $8 million, with previous investors including Greg Waldorf and Greg Sands.

Founded in 2011, the San Francisco based company is a cloud-based, real-time inventory and business management solution for companies who sell finished goods. Its platform includes inventory management, order fulfillment and multi-channel sales management, as well as reports and analytics.

The goal is to give small and medium sized business information to help them manage and increase online, offline and brick & mortar sales.

I spoke to company co-founder Jake Gasaway last year when the company raised its Series A, and he gave me an example at the time of how one of its customers was able to use the platform to increase revenue by using Stitch Labs: custom T-shirt seller Farm Fresh Clothing had been tracking its inventory and orders with a system only one staffer knew how to use. Farm Fresh then switched to using Stitch Labs and was able to grow from annual revenue of $600,000 to $3 million because it was better able to keep track of its inventory.

Using Stitch Labs, any member of the Farm Fresh sales team was able log in to the inventory and order management dashboard via a mobile device. While out with a client, they could see how many items they had left, write the order and send it directly to the warehouse, who would get the notification immediately.

Obviously Stitch Labs is offering a service that many companies have ben yearning for, as the company has been growing rapidly, with orders managed through the Stitch platform having increased by more than 700% over the past year alone. There is now more than $100 million passing through the platform every single month.

The company says it will use its new funding to scale its platform, and to increase its marketing efforts by growing both its marketing and engineering teams. It will also add new integrations; the company's integration partners include Square, Amazon, eBay, Etsy, Shopify, Quickbooks, Xero and BigCommerce.

"Stitch Labs will be using the funds to to expand their marketing and engineering teams, the first step was to hire a CMO and a VP of Engineering, which was done in August. However, they'd like to focus on customer acquisition through marketing efforts, and scale the platform effectively. When I say "scale" I mean make significant changes that allow Stitch Labs to add updates quickly and efficiently," Brandon Levey, CEO and founder of Stitch Labs, told VatorNews.

"Additionally, scaling the platform with more integrations like Square and Xero give Stitch Labs the ability to market to much larger companies within the $2 to $20 million profit margin. Finally, Stitch Labs has about 22 employees and they are always looking for more! They will be adding specifically to the engineering and marketing teams."

Providing Users With Reciprocity Tools So Important Intuit Purchases itDuzzit

API Evangelist writes: One of the interoperability, automation, and reciprocity providers I track on itDuzzit has been acquired by the accounting platform Intuit. Usually acquisitions are just news, and not worthy of analysis here on API Evangelist, but I feel the itDuzzit acquisition is a significant sign when it comes to API providers, consumers, and reciprocity providers.

I’ve been seeing more API providers offer IFTTT or Zapier integration as a default option, in their own developer hubs. I think the Intuit acquisition of itDuzzit reflects this evolution in how APIs are deployed, and consumed, something that has been pushed forward by this new generation of API reciprocity providers.

The Intuit announcement recognizes that this new breed of reciprocity providers have the potential to reach beyond a core developer audience by:

The itDuzzit technology allows multiple audiences to create sophisticated integrations with very little coding required. With their technology combined with the range of QuickBooks platform services we already offer, the breadth and depth of integrations our partners can build will grow tremendously. itDuzzit’s sophisticated rules-based engine really set them apart from the competition, and their technology benefits the entire QuickBooks Online ecosystem: third-party developers, accountants and small businesses.

The world of accounting seems like a great place to start when providing interoperability, automation, and reciprocity tools that are not just developers, but also empower end-users to use API. If you are as advanced as Zapier, even your reciprocity layer will have an API that developers can put to use when taking advantage of the cross platform API integration and automation possibilities.

I will keep an eye on the Intuit partner Platform, and see what they end up doing with itDuzzit. According to the press release, "The Intuit and itDuzzit teams are already collaborating to fold the technology into the Intuit Partner Platform”, and hopefully we’ll see some interesting API reciprocity patterns that I can highlight here on API Evangelist, and other API providers can follow when considering their own reciprocity layer for their own platform

Tax Deductions 101: Internet, Smartphones and Other Devices

Amy Nack for TeamRunSmart.com writes:  Because owner-operators are responsible for calculating and paying their own tax, they are also responsible for deducting expenses, which can significantly lower their tax burden. While the IRS does not conveniently list every deduction possible for an owner-operator, companies such as ATBS are here to review, scan and advise clients on their tax filing.  Some commonly overlooked tax deductions are Internet, Smartphones and Other Devices. These gadgets are quickly becoming an integral part of the owner-operator’s world. You now have a license to search the Internet and find the tools and apps that are most helpful to owner-operators -- especially now, since you can write off the costs associated with these tools!  

Write-Off #1: Smartphone Apps
There is a growing list of apps that owner-operators rely on to make their life and business run smoothly. From the Cat Scales App to Load Boards, and from the Pegasus Smart Phone Scanning App to TA Petro’s TruckSmart App, the list is growing! Any and all costs associated with apps can be claimed as a business expense on your tax filing. Just be sure to keep a record of your purchase and the costs associated with them so you can easily write them off at tax time.
 
Write-Off #2: Business Portals
There are some businesses that offer owner-operators a secure, online portal where you can access scanned receipts, review your profit and loss statement, obtain tax estimates, and review your profit plan [aka, your budget!]. The cost to have these services is deductible so be sure and consider this when approaching a business partner who can manage your taxes, accounting, and your online portal.
 
Write-Off #3: Internet Costs
If you are able to bring WiFi into the cab, this cost is a tax deduction. Consider investing in the ability to have WiFi in your sleeper giving you the chance to be productive at the end of your day or the end of your route. Many owner-operators opt to create an office  in their truck’s cab and can offer advice as to the set-up and organization.
 
Write-Off #4: Devices
Today’s mobile technology is more affordable than ever and more owner-operators are investing in tablets, Smartphones and laptops for their business that takes them on the road.  The cost of these business tools are a deduction, so you’ll want to save the receipt and send them to your tax preparer who can use this to lower your tax liability.
 
Technology today can be fun and more importantly, smart for your business success. Owner-operators are on the road a lot and in an excellent position to invest in and write-off technology tools. 

Top 5 Online CRM Success Mantras

CRM Next writes: Corporates in today's' digital world are moving away from brick and mortar shelves to online space. E-retailers like Amazon and Flipkart have bought in innovation in online space and caused a significant shift in business practices. They demonstrate why it is very important for businesses today to have an online space for significant economic growth. But, having a mere online presence is not enough for growth. You need to harness the power of CRM in online business domain.

Five Online CRM Success Mantras:

1. Online Analytics
Every CRM platform worth its salt has an online sales management platform. This platform gives a considerable overview of your business in a single glance. It is very important that you get an understanding of how the CRM analytics process works. You should be able to create logical information from raw data, thus deciphering the graphs and other statistics.
   
2. Expand contact lists
Contact lists are the fodder which you feed into your sales growth cannon. If you want to have significant online sales progress, you need to enhance your contact lists. These are vital in online and offline space as well. A well thought CRM strategy involves tweaking and utilizing the contact lists to the maximum potential. You can scour for methods to increase contact lists on your online CRM system.

3. Ditch old structure
Online customer relationship management demands that you overhaul your system regularly. If you were managing your CRM in a traditional onsite manner, it is time to move on to cloud CRM. To save on costs and time, you should opt for a code-less architecture, like Shape-Shifting architecture as offered by CRMnext. A code-less structure makes your platforms agile, flexible and fast. You can also shift your existing platforms towards systems geared towards online sales automation.

4. Social media integration
Online media goes hand in hand with social media. An interactive presence on the social platform will help your online business connect and establish rapport with customers instantly. You can also manage your PR through meaningful, relevant and true posts. You can spontaneously answer your consumer’s queries and even aid to spread the word about your services to a wide prospective lead audience.

5. Low investments
Make sure that your online CRM costs very less in terms of capital expenditure. They should offer free updates as part of their contracts. This will help you stabilize your maintenance schedule. In the case of online CRM system, your return on investment (ROI) should always be significantly higher than investments. Many cloud CRM solutions offer online platforms as part of a wider enterprise suite.

The above five success mantras will help you get the most out of your online CRM space. Make it agile and dynamic enough to stay ahead in the cut throat competitive world of online business.