myGoods: COVID-19 SupportSales Soaring in Midst of Pandemic

Company Overview

It all happened so fast. One moment, online shopping was clipping along at its usual pace. The next, a sudden surge in several key categories — and steep drops in others — began to transform an entire industry in a matter of days. All in very new and unanticipated ways. 

Some brands and retailers responded by closing warehouses and distribution centers; others pulled back on advertising. Most were cautious and concerned. Because when it’s been 100 years since the last global pandemic was declared, there are no precedents or guidelines to go by. Sellers everywhere had no choice but to make lightning-fast decisions as they learned to navigate a whole new set of e-commerce consumer expectations.

In the midst of all this uncertainty, myGoods says it was able to get a handle on operational changes relatively quickly. The online retailer reports that because it had already been building up a strong e-commerce presence for two decades, the company’s founders had become accustomed to turning on a dime. So rather than struggling to stay afloat, myGoods notes they were able to act fast and send sales soaring.

 

The Situation

When the e-commerce implications of COVID-19 began to unfold, the team at myGoods says they took a good, hard look at company practices and processes. 

“COVID-19 revealed to us certain areas where we needed to improve,” Co-Founder and COO Nathan Franco says of the experience. “It was a very big learning experience for us.”

Like all brands and retailers, myGoods was eager to find some solid ground.

“There were so many unstable things happening in e-commerce with the market changing,” he says. “With customer demands shifting rapidly, we really needed to have some stability.”

Franco says the company turned to the one resource they were confident would provide the support they needed to make it through an incredibly challenging time.

The Solution

For more than a decade, myGoods has relied on ChannelAdvisor to simplify order management, expand to new channels and sync inventory — both on its own webstore and across multiple marketplaces. myGoods says it credits ChannelAdvisor’s e-commerce platform for myGoods’ expansion to profitable channels like Walmart and Wish, and for streamlining complex processes to help drive more sales and revenue. 

So when new challenges arise, Franco says the team turns to ChannelAdvisor.

“There are some things that are just out of your control,” Franco says. “Which is why something that we value so much is the stability that ChannelAdvisor gives us. It is really invaluable, and we don’t take it for granted.” 

Specifically, he notes that when the team was hit by a “crazy” spike in sales of elastic bands for homemade face masks,  they were ready to respond to the increase in demand.

“There was a shortage of masks, and a lot of people across the country were very resourceful in deciding to fashion their own,” he says. “We felt very grateful to be considered part of the essential supply chain during this pandemic, and to be able to get people the products they needed.” 

The Results

At a time when many brands and retailers were struggling to adapt to the shifting landscape, myGoods reports it was able to help consumers — and drive a steady stream of revenue, too. The company says its gross merchandise value (GMV) increased for nine consecutive months, with no signs of slowing down.

“ChannelAdvisor was a big part of what allowed us to go through this pandemic in the most stable and healthy way humanly possible,” Franco says. “There were absolutely no interruptions that we experienced from a software standpoint — or when it came to inventory updates, order management and interaction with different marketplaces. That’s pretty remarkable.”