Innovative small business Lockabox® is building a foundation for growth with Cin7
Like a lot of the best product ideas, Lockabox® grew out of a simple day-to-day frustration.
When he was living with hungry roommates, founder Peter Morris found himself asking that question a lot more than he’d have liked. After a long night, Peter would wake up and shuffle to the refrigerator looking for a slice of last night’s pizza for breakfast — only to find that someone had gotten there before him.
The solution Peter came up with was simple: a combination of a simple three-digit combination lock with strong polycarbonate construction. In short, a lockable storage container. Manufactured in the UK, these portable, lightweight boxes are today used for much more than food storage. Their primary product, Lockabox One®, is used by elder care facilities to store patient medications, and office admins are putting desk sensors in Lockaboxes® to gauge office traffic and optimize floor plans.
With annual sales of £2M GBP, Lockabox® expects to grow from a small product seller into a major player by investing in R&D over the next 12 months and expanding the Lockabox® product range. They’re moving from success to success — all with the help of Cin7.
Lockabox® Operations Specialist Rory Fitz-Gerald says he’s “relieved” to have put Cin7 into action in early 2021, especially as the company creates new SKUs and sales increase. Their old system, Rory, says, simply wasn’t up to the task.
“Our previous system was very inaccurate. We could never really trust the information we were working with,” Rory says. “I feel like we can trust what Cin7 is telling us on stock. Which obviously, for a small business like ours, is quite a big advantage.”
Lockabox® relies on Cin7 to help them to reconcile their weekly inventory counts (stocktakes). Without Cin7, coordinating stock between 10 warehouses across the globe could be an incredibly complex task. Luckily, Cin7 makes everything much simpler. Rory easily runs weekly stock and sales reports from Cin7 to facilitate stock audits and reconcile any discrepancies. He says the software acts as the single source of truth against which he can compare manual counts, and that Cin7 on side, Lockabox® needs far fewer people than it would otherwise need to manage operations.
The efficiency boost from Cin7 is multiplied by its powerful integration with Xero accounting software, with invoicing and sales data shared between Xero and Cin7 in real-time.
“Cin7 gives us that extra accountability because all sales go through it,” Rory says. “With the reporting coming out of it too, we know where stock has gone, and we can better manage distribution.”
On the B2B side of the business, Rory credits Cin7 for expediting wholesale orders. Once a quote is generated, “having the ‘accept now’ button on the quote automatically flips the quote to a sales order, so our wholesale customer can make immediate payment.”
Lockabox® leverages Cin7 to manage their multiple Amazon and WooCommerce sales channels, as well as third-party logistics (3PL) and fourth-party logistics (4PL) partners who are directly integrated with Cin7. The system proved its value when the operations team suffered a mishap that could easily have become a costly catastrophe.
One of Lockabox’s® 4PL partners failed to log a shipment of 700 units with a retail value of £30,000. Fortunately, Cin7 exposed the discrepancy during a weekly reconciliation, and Rory was able to investigate and determine what had happened.
Without Cin7, Rory explains, the operations team would have assumed that the warehouse had 700 more SKUs of one particular product than was actually being held. The warehouse would have run out of stock prematurely and Lockabox® would have suffered a temporary outage of product to sell.
“Cin7 is our failsafe system,” says Rory. “We were able to pin the 3PL to the wall and say ‘no, our stock numbers are correct – you have made the mistake.’ Having Cin7 alongside gives us the ability to keep accurate branch transfer data to catch human errors.”
Lockabox® says that Cin7’s flexibility is key to the future growth of the brand, and they’re already gearing up for expansion, with the introduction of a new and improved version of Lockabox One™ Shelf Packs which help to organize and partition contents. With their expansion into accessories, Rory says the team is looking forward to leveraging Cin7’s ability to support product bundles.
Here at Cin7, we’re excited to have Lockabox® join a family of over 8,000 businesses that rely on Cin7 to manage their inventory and online sales. Lockabox® is currently building a manufacturing facility in the US, and with Cin7 as their foundation, we’re going to enjoy watching them grow.
If your business could benefit from the extraordinary inventory visibility and increased efficiency that Cin7 brings, don’t miss out — book a demo with one of our brilliant sales staff today.
Rory Fitz-Gerald, Operations Specialist, Lockabox®
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