The value of your Shopify inventory forecast
So you connect Shopify to Intuendi, and now you have your Shopify inventory forecast but what is the value to you and your Shopify business?
Yes, for any Shopify business, it’s essential to have a way to predict the demand for your products and inventory. Knowing how many online sales you’ll have over the course of a given period will help you as you order the necessary inventory to accommodate your online customers.
So, what would make up a valuable Shopify inventory forecast? Well to help, here is a famous quote:
“All forecasts are wrong; some are useful.”
Although this may seem like an escape clause for forecasters, if we maybe accept the first part of the quote is true, that “All forecasts are wrong”, then we are left with the question, “What makes you Shopify inventory forecast useful?”
One part that is very useful and that is the time frame of your Shopify inventory forecast. What date, or period, are you using for your Shopify demand forecast?
“Soon” is not a date—you need a business date to compare the forecast with actual results. The time frame depends on your business purchasing and the business cycle. Even if not requested it can be very helpful to provide a series of forecasts up to the requested end-forecast date. For example, management might want a one-year-out number, yet it would be valuable for them to see the trend in three-, six-, and nine-month forecasts. This can help them understand the forecasted trend, and possibly seasonality.
This can relieve anxiety if management knows the intermediate forecast numbers may be temporarily trending in the wrong direction.
Can you achieve this in your Shopify inventory forecast with Intuendi? Yes, you can. With Intuendi you can adjust the outlook and lead time so can see those numbers a year out!