Inventory forecasting can help you reduce inventory and increase product availability. The process requires smart software algorithms to succeed. If done right, inventory forecasting also improves your customer satisfaction and saves time on replenishment administration.
Became a retail mastermind you always wanted to be.
Our experience is that e-shops and other companies from the ecommerce world hold up to 40% dead stock.
Dead Stock. They hold your inventory space and your cash flow at the same time. More importantly, they hold you back from real growth. Our data shows that on average dead stock makes up around 40% of your inventory, which makes it a major obstacle to your business success.
In general, Inventory management is how you can make sure your customers can spend as much money as possible at your company. This means keeping products available for sale, offering customers the products they want to buy, and not keeping unnecessary overstock, all at the same time.
Running a strong, profitable retail business is about the art of buying and selling of your product portfolio. This has been true of the nature of retail for the past hundreds of years.
The retail business becomes ever more competitive, organizations that use some sort of business intelligence software seem to have an advantage over those who don’t. And everybody seems to be crazy about AI. It’s AI this, AI that. But is AI the answer to everything?
Logistic issues and challenges don’t add up with multiple warehouses. They multiply. Retail businesses, like high street shops and e-shops, enjoy growth.
What really happened in Corona time (COVID 19) with your sales and afterward in inventory management and replenishment is the critical knowledge for your business’s future?
Clear demand planning of your Shopify site that is made months in advance. Optimize your inventory planning.
Inventory management is a field of supply chain management, and as such, it belongs to the most complicated tasks of humanity.
