Tech Solutions to Simplify Your Retail Workflow with Ulla Hald

I loved my conversation with Ulla with the FAVES app. Just what she's created with this app is pretty cool. So helpful for our retailers. And in this episode, we're talking about technology and inventory and planning and having control over as much of your inventory and your business as you can.

So you feel that peace of mind and you feel confident and really making you a resilient Retailer the things that we talked about today in this episode really are foundational to the success of a store And so I am very excited to have Ulla here to share her expertise and give you some tips. Before we dive in, here's a little bit more about my guest. Ulla Hald founded FAVES to empower boutiques with cutting edge digital tools.

With a background at Apple and expertise in tech-driven, user-friendly solutions, Ulla is passionate about helping small and medium sized retailers thrive in a competitive marketplace. You'll learn more about her app and her experience today. You can learn more by going to her website, thefavesapp.Com and let's dive in to today's episode. Welcome to Rooted in Retail. I'm your host, Crystal Vilkaitis.

Here, we have engaging and informative conversations with successful indie retailers and industry experts. Together, we learn, connect, and grow. Don't miss our live after the show every Tuesday night in the Rooted in Retail Facebook group. Alright, here's today's episode. Ulla, welcome to Rooted in Retail. I am thrilled you're here. I am so excited to be here. Thank you. Yeah, so we're going to have this great conversation and it was so funny.

Actually, right before we hit record, we were saying like, we haven't really chatted. And so we get to know each other more through this podcast today, which I'm really excited about. I think that you're doing some really cool things that retailers need to know about. So before we get into all that, you seem pretty rooted in retail. Will you share a little bit about you and your retail journey? Absolutely. So the interesting thing is my retail journey is really started from the technology side.

So I come from the technology background and then about seven, eight years ago, I was introduced to retailers here in Copenhagen and the challenge they have with buying. And then coming from that technology background of creating digital solutions. I was able to say something, we can do something about this. So it's been a journey of deep diving in for intense seven years, just learning more and more about retailers, about how they are doing the wholesale buying.

So that is my project background. I love it so much. And then the company that you started, if anybody is watching this, you'll see the sign in the background, but tell us a little bit about FAVES. Yes. Our company is called FAVES. It's a software company, the company that helps retailers organize a wholesale buying. So it's really it's an app and it's a digital platform that you're able to capture all your buying. You're able to plan, you're open to buy, you're able to see what you purchased.

You're able to stay on top of whether you get the orders in. So it's a way for a retailer to stay organized with their wholesale buy. Love it. Which I think is so cool. So smart. Like I was watching some videos and stalking your site and I'm like, this is brilliant. So of course we'll link to this. And I really encourage our listeners to go check you out. Now you have a background of working at Apple, which I'm sure there's a lot of innovation and user experience at that company.

I'm sure you understand the importance of simplicity and complex environments. So running a retail store involving managing countless details. Our retailers have so much that they have going on from inventory to customer service, fill in the gap.

There's a lot there. So what key areas should retailers focus on to simplify operations, reduce overwhelm, and maintain a clear strategic approach? I think it's about using the tools that are available to actually simplify things, right? Because you can't get around that you have to do all these things, but it's been figuring out where can you level up and where can you utilize humans? Where can you utilize technology to lift you up in those places.

Because there is an incredible amount of innovation happening in the digital realm and being able to not to look in and finding out what are those available tools, but also like humans, you know, there is a virtual assistants that you can hire in that can support you as well. And digital marketing helps support you in doing those.

So figuring out where you can actually get the team around you because it complexity doesn't get less, but it's about utilizing the resources available to you that I think that, that's how you're going to get out. I could not agree more, Ulla. I feel, I say a lot, who not how? You know, we don't need to learn everything. We just can't, it's just not possible.

And I will say, I think that a lot of our retailers, just over the years of talking to them and working with them, I feel like there's a lot of fear or kind of pushback in using technology or learning technology. And I mean, we even see it with AI. I talk a lot about AI and it is actually very easy to use, but there's some still some hesitancy and fear.

If there's a listener right now, who's just does not want to look for the technology, does not want to learn more about the softwares that can really support a store.

Cause there's so many things out there for them, but if they're really resisting that, what kind of advice would you give to them? I would say reach out to your trusted resources and ask what they're using and get that in. I totally understand that you have been scorned. Or what is that? Like hurt by all these complex tools, back office tools. And you're like, if you only use them intermittently and you have to relearn every time, it's frustrating as all.

But there are tools that can lift you up and being able to find recommendations to those. I would listen to my, I would listen to the peers. I would ask for support that way and recommendations and not just diving into the first and best. Yeah, that's such good advice. And of course, anyone listening, you can leverage the Rooted in Retail Facebook group and share. I would love to know, is there a technology that you use that you're like, I love it.

At first I was skeptical or hesitant, but now I can't imagine running my store without it. Let's share and help each other find what's really working for ourselves. And then also you could combine the who, not how with the technology, right? Like just having somebody who's exploring those options for you. If it is really overwhelming, I'm sure you've seen this a lot too with your software. The more that you use something, you learn it, right?

Like we do have to figure it out and same with Instagram or Facebook, like they'll make a change and it just feels so hard to keep up with. But like the more that we use these, I promise it does get easier. You've just got to do it. Absolutely. Anything, even the easiest thing, it's the first taking the first step and letting you in. And it's also about opening up and saying, I'm going to make this work, right?

Because if you approach anything, whether it has, oh, it's not going to work, I bet 100 percent or 99, it's not going to work. So it's all about your mental attitude. So if you want to have something actually support you go in with an open mind and jump on board in that. And then take advantage of the opportunities to actually get help getting started. So what we do here, we actually have an complimentary onboarding where we sit and help people on board.

So we are a little bit of atypical software company. We're very human based and very much human forward. And so we want to help people get on board. And I would just take advantage of that and take advantage of that in every tool that you on board. Get as much human help getting that in under your skin as possible. Whether it's through your peers, to a Facebook group where you can ask in support, but also directly with that vendor you're purchasing from, they want you to succeed. So They do.

And I love that you have more hands on approach and that we can work with humans. Because sometimes we need that it can be frustrating with these bots, even though they can help us. Sometimes we just need to speak to a person.

Yeah. Okay, so let's talk about inventory buying because this is obviously one of the biggest things significant investments that a retailer can make. Yet many struggle with creating a solid strategy. What are some of the biggest mistakes retailers make when it comes to inventory buying and how can they avoid these pitfalls? So I think that what I Yeah There are three areas. One is that to actually not plan, right?

So even though it's like the single largest investment you do as a retailer, it's often one that we don't necessarily plan for. And we're winging a little bit more. We will go and buy at market without necessarily knowing exactly what we're looking for. And for how much and when. That's one of the things actually missing a plan. Not having a financial plan, like how much do we actually need to purchase in order to have the turnover we expect to have and when do we need it to happen?

So when we go to market, we don't want everything to show up in the same month. We want to plan it accordingly. We also want to make sure that what we buy, now I'm talking more from an apparel perspective, but it's true for anything that you buy, you want to make sure that you actually have a overview of what you purchased. So you don't end up duplicating your efforts. Like right now, I bet so many people are buying cheetah tops, right? Or those tops with bows, you know.

And they will be opening boxes in a few months and they're like, "Oh my goodness, we went a little overboard there." So being able to have a visual overview and remembering what do we purchase? How much? And from whom? That those are three things that are super important. And the other thing that is also part of this whole thing is about making sure that things actually come in, that you'll order it. It's not inventory buying is not complete before the product's actually in your store.

And being able to actually stay on top of that. What did we order? From whom? Did it arrive? If not, why not? You know, reaching out to that vendor and clear it up because sometimes they just, they may decide not to cut that. That they may not produce it because there were not enough demand or maybe the quality that they would receive back was not proper enough to send out. So it could be a lot of reasons.

So I would say to shape up, you know, stop winging and start actually being thoughtful about doing it. And then what are the things you want to be thoughtful about? It's a planning, like having a budget, knowing what you're purchasing. So when you actually going into the purchasing situation that you know what to look for, that you're not spinning around yourself. Mixed with a margarita, or whatever they're serving. It's like, Oh man. And then staying on top of it when you come home, right?

Having all those, it's simple task, it sounds but I get it. It's super complex to do it, but it's also super complex not having being on top of it. Yeah. Well, I think that can be a fast track to failure. If you are not having that plan, you're not working within a budget. You're not really looking at how many of these certain items am I bringing in? And is that enough or is that too many? I have so much respect for our retailers because that is definitely an area where I would blackout.

I feel like you just go to market, you blackout, you buy stuff. And then here you are, you're back, but you've got to be strategic on what you're buying and really understand your customers. And like you said, work within that budget. So those are really great tips for our retailers and good reminders. You know, I feel like they often know these things, but how well are we really doing it and implementing it.

And then what we were talking about earlier, is there technology to make it easier for you in getting these trends in managing the inventory? One thing I liked about FAVES that I saw on your site was you can visually see everything. So it's almost like this Pinterest board of all the stuff I ordered so I can see and making sure that I don't have too many dresses with bows. Like it's pretty cool. Exactly. I like to say like, FAVES is sort of like if Pinterest and Excel had a baby.

Because it's about being able to have that visual overview, but also have the in depth details about your, the financial planning. And even if you don't do a budget, then you can actually see how much you've invested per category per month. So just by you entering stuff, it will actually summarize live in real time. You will, when you're buying or when you're capturing information in, it will see it'll show you up how much you actually spent.

Very cool. I love it. That's so awesome. Okay, so speaking of technology, it's obviously rapidly evolving and staying ahead of the curve is crucial for any business. It can be challenging, but certainly crucial. What future trends do you see shaping the retail industry and how is FAVES positioning itself to help retailers navigate these changes?

I think like we all think feel like we're playing globally, even though that we are locally and most brick and mortar stores have an online presence as well. So as soon as you are digital, you are playing globally. That also means you are competitive with everybody. If you choose to look that way. It just means that you need to up your game. You need to be sharper about how you conduct your business. You still have to, it's your soul. It's your presence.

It's up to you to define what your business is like. But in order to make sure that you get the most bang for that investment you're doing and having your presence in there, the financial resources, all that you do, you need to just be a little bit tighter about managing that and being able to use technology where you can do that.

For sure. And will you share a little bit more on how FAVES is helping support in some of those ways? absolutely. Absolutely. So back to when we talked about what are some of the challenges, it is being able to have the visual overview. So imagining that all the, can you imagine all the buying in one place?

Whether you're buying online, like you're buying from wholesale platforms, like FashionGo, Fair, NuOrder, C Supply, any of those, and you bring them in that you are then able to actually see that visually. So when you're going to market, you can see, "Oh, what do we already have a tops that have come in October?" So when we're buying bottoms, we can see how do we curate across? Or if you're a gift and home store, how are we doing on scented candles for the holidays?

How are we doing on, you know, so everything across. So being able to do that and then also being able to have that entering, planning a budget and being able to have your budget in there and see where you're at with that with your budget. So you can, when you're buying, you know, "Oh, I don't need to go in and look for more dresses. We are maxed out on this. We need to focus here." So it just allows you to be super laser focused in the buying situation.

There's no guesswork, you know exactly where you're at. And then the whole thing about being able to track your buying. So being able to see what do we order now? August is coming to a close. What did we order that we expected to receive in August? Did it arrive or not? If not, I'm going to reach out to that vendor and check in. And there is that FAVES facilitates that as well.

So it's being able to support you in that whole flow, but doing in a way that is super hopefully mostly intuitive to how you would normally operate with, you know, Instagram. You take pictures, you tag the pictures and that's how you do in FAVES as well. So it's imagine it's visually born. You take a picture, you enter the price information, the delivery information by tagging it that way. And by doing so that's automatically captured and it calculated everything behind the scenes.

So you're getting a nifty spreadsheet without you actually entering anything in the spreadsheet in the sense. Yes, that's so cool. And I love how you explain that. It's like the, if Pinterest and Excel had a baby, like it's so true on how it's operating that way. You said something with having that focus and it just made me think about you're almost like setting these boundaries for your buying.

Which I think is important because I think that sometimes buying can be emotional or you want it, or we're not really thinking about the business side of it. And if it is strategic, if it is within our budget, if it does mesh well with everything we already have, we have some of those boundaries like guardrails to help us stay within our, you know, what we need to focus on. And that keyword focus, I think is so critical for small business owners.

It's challenging sometimes the bright, shiny object syndrome and we're chasing new things and to have some of those guardrails are just really important to help us focus. It's a hundred percent that. And also about knowing when you deviate, right? Because there may be something that you see that is absolutely makes sense for you to purchase, but you see that you above the budget, but then you're milk, you're making a calculated risk, right? It's, you're not winging it. You know where you stand.

And that means you can subtract from somewhere else and move things around. So it just allows you to operate with a feeling in your stomach of having control. And I think that is that it's not, you know, so many buyers will like after a day of market, there'll be sitting on your other hotel bed invoices everywhere. And they're like, "Oh, what did we buy? We need to be on top of it by tomorrow. What else should we get?" But being able to actually capture it in real time while you're at market.

So you actually have that view as you're going along. It means that you can actually enjoy that evening when you're in Vegas, go out and have that dinner without feeling guilt. Or in Dallas and enjoy yourself. That's so true, and another keyword here is that control. And when we are in control, we have more peace of mind. And I just think there's so many things we can't control the economy and the election and inflation and all of these things.

So let's really focus on the things that we can control. And that is our buying and our budget and our inventory. And that's a keyword there. We want to be in control. A hundred percent. Exactly. Yeah. Awesome. Love it, okay. Ulla, are you ready for the resilience round?

I am. I'm excited for this one.

Okay, let's do it. Best business book. So the one you know, I was thinking about. And there's multiple, but the one I go back to, and again, is the one that's called The Hard Things About Hard Things by Ben Herovitch. I had to write the name down just so I get it right. He started a software company and it's the writing about the journey of this entrepreneurial journey.

So it's applies to many, but it's, for me, it's, you know, it's there's so many relevant faces of this life of starting some, it is so damn hard, you know, and when we are on the entrepreneurial journey, it's there's nobody else, you know, we're doing it. We're the first in that choo choo chain. Oh, train, right? We are the little train that could. Or whatever it's called, right? We're doing it. And if we stop moving and we roll back, right?

So it's building it up and making sure we get the people around us and all this thing is. So yeah, that one I really liked.

Awesome. I can't wait to check that one out. That sounds so good. Best retail technology, like an app or software. You know, this is ironic for what we just talked about humans, but I am so into ChatGPT. It has completely it's adding so many. So much support to all various different kind of tasks that we do here. And so it's become a steady companion to me in all sorts of things. Brainstorming, writing, like small sentences and all. Just so much stuff.

Or helping me understand things, you know, feeding information and give me the highlights of this, make sure that I get this right. It's amazing. It's amazing. It blows my mind. The things I feel like almost every day I use it in a different way because I'm like, "Oh, what about this?" It's just incredible. I so agree. How do you keep up with the ever changing retail landscape?

You know, I do it. It's really about, I spent a lot of time with our customers listening, active listening. And then of course, I've listened to podcasts like yours, and others. And also I'm present at markets, right? So I go out and I physically at present, but I really try to connect as many customers as possible. Not every retail, as you very well know, are the same, right?

So being able to understand what's going on in the different markets and this different type of retailers that is how I personally learn and grow and it's how FAVES evolves as well. So what I always tell our retailers or the ones that are using FAVES is please ask questions. Please share what frustrates you. It's how we're able to serve you better, but it's also able how we're able to shape and grow FAVES. And that's a huge part of who we are.

Yeah, you want that feedback. That's the only way that you can be the best that you can be. And yeah, you need people to speak up. Love it. Great ways to keep up. To help retailers be stronger, more rooted in success. What's an inventory management foundational best practice? It is stop winging it. If you are winging it really just stop. It is again, this inventory is the single largest investment most likely that you are doing. Start just making a plan and know that plan can change.

Another thing is I have two more. One is built relationships. This business, it's built on humans. So it may be products that we're buying, but it's humans are creating it. It's human selling. It's human servicing you. Build those relationships. It's going to help you in the long run. When you need that , when you need to cancel, when you need to buy more, having that relationship makes just things so much smoother and more joyful, honestly. And then my third one is consistency.

Keeps showing up. Keep showing up. Iterate on what you're doing. And also I find for every time I show up, there's some kind of unlock. It may not be directly there and then, but something happens when you're meeting people.

So true. Great tips. Love it, Ulla. If you had to start your business all over again, what's one thing you'd do differently? This one I really had to think about. And it came back to an advice I got that resonated then, but I didn't get it.