Why Inventory Forecasting for e-Commerce and Online Retailers?
For businesses and any online e-commerce company to achieve best-in-class inventory management, they must maintain the right amount of inventory to meet anticipated inventory demand effectively. Companies and online retailers unable to maintain this delicate balance end up carrying too much inventory and spending further money on expedited or emergency shipments and unplanned inventory replenishment.
Because of these issues, companies and online retailers are constantly trying to improve inventory management through demand planning and inventory forecasting models that try to predict the “right” balance of inventory between too much and stock outs.
Unfortunately for most e-commerce and retail companies, this process relies on excel spreadsheets and manual inputs from sales teams to really anyone merely guessing. The manual nature of this process results in not only inaccurate inventory forecasts with poor demand planning strategies but inventory forecasts that aren’t timely.
The process itself can be costly, consuming both time and resources that could be better spent understanding how to leverage the results. That is before you even start to think about the impact on your business with poor inventory forecasting and demand planning!
Intuendi Inventory Forecasting Software helps our clients, and online retailers and solve these challenges by enabling their company to determine the demand projection of items in the coming months based on historical data, trends and the latest technology coupled with machine learning.
Intuendi Inventory Forecasting Software delivers the insights in the form of accurate inventory forecasts and future demand that companies and online retailers need to plan inventory accordingly while creating the necessary purchase and work orders to meet anticipated demand.
Leveraging Intuendi Inventory Forecasting software, your company or any online retailer can achieve best-in-class inventory management, maintain the right amount of inventory to effectively meet anticipated inventory demand and achieve that delicate balance of the “right” inventory.
By doing so, you can avoid tying up too much capital in excess inventory or carrying too little inventory, and minimize the risk of missed sales or customer dissatisfaction because of stock-out!
See for yourself with a free trial of our inventory forecasting software today.