Meet the founders of KLOSH – Alan Lee and Shermaine Wee

INTRODUCTION

The following is our interview with Ms. Shermaine Wee and Mr. Alan Wee, the Founders and Directors of Klosh. Klosh is a gift company that focuses on consumer and corporate gifts.  Klosh believes that Gifting is an attitude, each and every gift you give or receive reflect a personal connection.

 

1. Can you tell us about your background, what led you guys down the entrepreneurship path and starting ArtBox / Klosh? 

I have always deviated from a normal path of career. Straight from graduating with an accounting degree from a local university, I went to work in the travel industry for a few years as a product manager. Alan was from engineering and decided to join me after my first 2-3 years in the wholesale and distribution business. During my course of travel, we came across this major gift chain Artbox. We decided to bring back the franchise and opened our first retail outlet at Ang Mo Kio Hub, a new shopping mall back then, in 2006.

 

 

2. What would you say were the main stumbling blocks you faced as a start-up back then?
The main stumbling block was the capital needed to open a retail store and the lack of retail experience then. Ignorance was bliss and the first few years were good for the retail industry.

 

3. Having been in this industry for many years now, what would you say are some unseen difficulties? Any tips for handling doubt and adversities? 
The unseen difficulties during the last few years were the shift in consumer habits gradually from offline shopping to online shopping. This trend accelerated during the last one year when Covid-19 hit. We are definitely learning from this journey and changing our focus.

 

4. What would you say are the benefits and difficulties of creating a business together as a couple? What are your tips for working around the difficulties and separating work from home?
The benefit of working together is that each person knows what the other person is going through. As a couple, we can also get to travel on business trips together. The difficulties are that sometimes it is hard not to talk shop in front of the kids. Also, it can be unnerving when things are not going so well and the whole family’s livelihood can be at stake.

 

5. What is the most enjoyable part of being an entrepreneur? What is your most memorable experience?
The most enjoyable part of being an entrepreneur is making new friends and expanding our network. The most memorable experience must be the pop-up we did in Philippines in 2019. We even have the honour of our Singapore President – President Halimah Yacob visiting all of us at our retail pop-up in Manila.

 

6. What is the best piece of advice you ever received? Is there a popular piece of advice that you disagree with?

The best piece of advice is that “when you do what you love, you will never work a single day.” Most advice are appropriate at a certain season of each life. I do not have one that I disagree with.

 

7. History shows us that the best opportunities come from bad times rather than good. How would you suggest people get into the right mindset, where they are positioned to best capitalise on opportunities presented to them in times of crises?
It is harder to do the talk than to say it. I should say that the pandemic presents the hardest time for most companies not just retail and F&B. We should always have an attitude to go back to basics if we have to.

 

8. Where do you see yourselves and the Klosh brand in 10 years?
I really hope that Klosh will be global brand in 10 years, selling to the rest of the world. Most companies in Singapore are currently importing their products from overseas. I hope the trend will reverse in 10 years.

 

How can people connect with you?

Contact: 6451 3117

Email: hello@klosh.com.sg

Website: https://www.klosh.online/

Facebook: https://www.facebook.com/kloshsingapore/

Instagram: https://www.instagram.com/kloshsg/?hl=en

Lazada: https://www.lazada.sg/klosh_/

Shopee: https://shopee.sg/klosh_official

Zalora: https://www.zalora.sg/klosh/

Q0010: https://www.qoo10.sg/shop/klosh

Amazon: https://www.amazon.sg/s?me=A3CY8RW4514USS&marketplaceID=A19VAU5U5O7RUS

 

Klosh Retail Store Outlets

COMPASS ONE
1 Sengkang Square, #03-06/07
Singapore 545078
Contact: 6802 4963

Opening Hours:
Mon – Thu: 11AM – 9.30PM
Fri – Sun: 10AM – 10PM

JEWEL CHANGI AIRPORT
78 Airport Boulevard,
#04-230
Singapore 819666
Contact: 6214 3321

Opening Hours:
Mon – Thu: 11AM – 9.30PM
Fri – Sun: 10AM – 10PM

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How to Reconcile Lazada Sales with Xero

We use Xero that’s synced with our Inventory Management Software DEAR Systems. This is our workflow for reconciling Lazada sales with our bank statements.

  1. All sales in Lazada are created as invoices in DEAR. The report that we use from Lazada can be found under Finance -> Account Statements -> Transaction Overview
  2. Select the date range and export the report. Filter out for items under “Item Price Credit”. Note to self: invoiced value = selling price after discounts
  3. We use an invoice template and upload the details into DEAR
  4. This in turn is synced to Xero
  5. Once the monthly bank statements have been uploaded, that’s when the reconciliation states.
  6. In the Xero reconcile screen, find all the invoices that falls within that payment period
  7. The total amount from the invoices should be more than the amount paid out. This is correct.
  8. The difference between the invoiced value and the amount paid is attributed to the following:
    • Lazmall Commission (inc. GST)
    • Shipping (inc. GST)
    • Payment fees (inc. GST)
    • Other price/invoice/refund discrepancies
  9. While still in Xero, simply enter the difference under Adjustments -> Bank Fee
  10. We have an account called “Merchant Fees” to park all these expenses under.

That’s it!

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