SNOCKS: From a start-up to a high-flyer in eCommerce
eCommerce is as multifaceted as an oriental bazaar and, especially in the fashion industry, sophisticated niche products are repeatedly placed at the top of digital wish lists via this market segment - for example: socks.
At SNOCKS, the eager shoppers particularly appreciate the sustainable quality, high-quality workmanship and the holistic assortment. The large selection quickly increased the number of orders - including numerous transactions.
In their experiences with Agicap, the makers of SNOCKS describe how the many incoming and outgoing transactions on the account finally became transparent.
Many transactions + experiences with Agicap = a clear view in the data jungle
"In the meantime, we are almost 50 full-time people and have mutated more towards a lifestyle brand." Says Johannes Kliesch, 26 years old and one of two managing founders at SNOCKS. Since its start in 2016, the company has grown rapidly and the range of products has expanded at the same pace: "We don't just sell socks now, but also boxer shorts, T-shirts, jumpers." This also required a higher number of monetary transactions. In managing these, the Mannheimers have had many positive experiences with Agicap.
Johannes is assisted by the man of numbers at SNOCKS: "My name is Rehan. Head of the finance department at SNOCKS and I also helped set up the controlling and accounting department here." Because of the many articles we created we have a large selection and with the number of transactions, the requirements for the accounting of the individual items across several commodity groups also increased steadily".
The time was ripe for long-term liquidity planning
As quickly as SNOCKS was on the road to success, the founders tried to build the internal processes and structures behind it. To do this, numerous factors had to be taken into account - especially in liquidity management and the cash flow optimisation of various transactions.
Johannes remembers well: "I believe that liquidity is the be-all and end-all for every eCommerce company. I remember, from the ground up, liquidity was a huge pain point, which has been very much with us all these years." A serial experience in the industry, "I have a huge network in the eCommerce space and I don't know any eCommerce company that says, "Liquidity? No problem at all." The experience with Agicap has proven otherwise.
Liquidity management at Snocks: lots of data. Lots of transactions. Lots of success!
How could it be otherwise: before Agicap, standardised Excel tables were the central tool in liquidity management. A data jungle. The transparency that has become necessary in the meantime fell by the wayside for a long time.
The gaps in the system are still on Rehan's lips today: "That means we simply included a lot of lump-sum amounts and we didn't even include a lot of cost types - because we didn't even know them and for these reasons we only ever looked at what were large items." In general, the Head of Finance had a few complaints about Excel: "It was very manual...very error-prone...very time-consuming...".
With Agicap to a new level of efficiency: pleasant experience at Snocks
Today, Rehan finds all data gathered in one tool : Agicap - including bank synchronisation and managing system. All liquidity is now managed via the software. Thanks to the scenario features, Agicap has thus also become a part of securing the future at SNOCKS: "...for this, the most important thing is that the data is simply accurate, so that we can also plan precisely, because in the end it often simply fails because the cash flow of the company is not solvent."
Johannes can clearly sum up his experience with Agicap and the success of the software solution: "And there, I think Agicap just does a great job: it shows relatively simply, clearly, what the state of affairs is - but also what the state of affairs will be in two or three months."
If you meet the same requirements as Snocks you can have a free trial with Agicap