Online retailer hits new heights with support from Lloyds Bank
Andover-based e-commerce retailer Stack ‘m High has responded to a “crazy” increase in orders of its products, such as trampolines and inflatable swimming pools, with support from Lloyds Bank.
Daily orders of trampolines alone tripled from around 200 to 600, as parents looked for ways to keep children active at home when schools closed and lockdown measures were first introduced.
As well as selling directly from its own website, Stack ‘m High supplies large online retailers, including Amazon. Its product lines include Zero Gravity trampolines, Ellie-Bo pet products, air beds and inflatable swimming pools. This surge in demand demonstrates that some retailers, particularly those with an online presence and offer, were able to stay open and have performed well at a time when physical high street shops have had to remain closed.
“Our couriers said it was like Christmas, Black Friday and Amazon Prime Day, all at once”, recalls operations manager Graham Fielding, on the sudden surge in demand.
“Daily orders of our products, like trampolines and inflatable swimming pools, shot up, tripled in some cases. Trampolines across the country sold out in a week. It was crazy.”
As Stack ‘m High buys its products from suppliers overseas, it trades mostly in dollars, making it susceptible to fluctuations in foreign exchange rates. Around the time that lockdown began, the pound fell to its lowest level against the dollar in 35 years. Lloyds Bank therefore doubled the business’s forward exchange limit to £120,000. This guaranteed a favourable exchange rate and enabled Stack ‘m High to fulfil the increase in orders while alleviating the risk of a decrease in income due to the fall in the value of sterling.
Established in 2003, Stack ‘m High has been a customer of Lloyds Bank for over a decade and has an annual turnover of around £5m.
Graham Fielding continued: “We’ve been with Lloyds Bank for years and, as well as locking in an exchange rate that’s favourable for us as a business, the personal approach and market insight mean they’re always on hand to answer any questions and make the process as smooth as possible. From the outside, such a spike in orders may only seem like a good thing, but it also presents a great challenge. Lloyds Bank has been by our side to help us navigate this demand.”
Mark Howard, associate director at Lloyds Bank, added: “For e-retailers like Stack ‘m High, the surge in demand created by people being at home every day presents a huge and unprecedented challenge. We are proud to support Graham and the team to find their way through this, and will continue to help businesses across the UK to do the same.”
