Demand forecasting softwares analyze and fetch historical demand data for an individual product or services. These softwares also delivers accurate forecast results for broader macro and micro-economic trends – using algorithms - to improve and optim...read more
Demand forecasting softwares analyze and fetch historical demand data for an individual product or services. These softwares also delivers accurate forecast results for broader macro and micro-economic trends – using algorithms - to improve and optimize the sales or supply for future demand.
In , as with most analysis endeavors, data gathering efforts are crucial. Because you don’t want to be one among those who randomly stock products without actually knowing the trend and face a fall with a heap of unsold products.
But almost every ecommerce sellers have "that" already prepared in whatever ecommerce platform they are selling. Hence just by leveraging those data in appropriate tools or software, demand forecasting can be done.
Now lets see how one can choose demand forecasting software for their ecommerce business:
It must provide detailed reports regarding purchases, returns, shipments across all the ecommerce channel.
Must support multiple channel integrations. So that you don’t need to move the data from one platform to another.
The forecasting tool needs to propagate optimum utilization of available resources. Which would help ecommerce business to be very economical when it comes to purchasing of the product.
Does it supports the forecasting model that is most suitable for your business? There are different types of demand forecasting method, which is divided into two subcategories, quantitative techniques, and qualitative techniques. .
A good forecasting software should provide sufficient time to prepare for future demand with a fair degree of accuracy and reliability.
Using up-to-date demand forecasting model, inventory management becomes a much simpler task. The forecast models provide insight into when shifts occur, but more importantly, it’ll also show how big the shift is going to be.
Utilizing demand forecast models, it is possible to properly plan and manage inventory and human resources well in advance and with fewer disappointments.
We all have seen a product going from “available” to “out of stock” when added in the cart. It’s a big issue for the revenue of a business and reveals the bottlenecks in the supply chain. This can make your brand questionable and can affect the reput...read more
We all have seen a product going from “available” to “out of stock” when added in the cart. It’s a big issue for the revenue of a business and reveals the bottlenecks in the supply chain. This can make your brand questionable and can affect the reputation in the eyes of customers. Thus, demand forecasting and planning become very crucial especially during the sale time and when the festival season is looming.
With growing customers and numerous marketplaces, it becomes difficult for the business to keep a track on every process. That’s where demand forecasting and planning platforms come into the picture – they collect the data points related to purchase order and sales, analyse the sales data and estimate future sales.
It keeps you from overspending on inventories that won’t sell and also informs you exactly how many units you need in a particular season. It does qualitative and quantitative forecasting – which help in assessing the risks, trends, margins and expenditure.
Following are some of the most favoured software for demand planning and forecasting:
Kinaxis – Rapid Response
It brings together your data, processes and people at one single dashboard through its top-tier platform. It assists in planning for the future, runs risk assessments and finds out the opportunities to streamline the supply chain. It is an end-to-end platform for concurrent planning with efficient Artificial Intelligence functionalities.
Take your business growth to the next level by integrating GMDH Streamline in your process. It allows you to scale your business with its outstanding demand forecasting and robust inventory management capabilities.
Its time-series analysis of sales and order data are pretty spot on and effective. It merges new-age planning technologies with inventory optimization tools to help businesses make informed decisions.
With over 15 years of industry expertise, StockIQ is an intelligent software to accelerate the business success by planning the demand, replenishment, supplier, promotion, inventory, capacity and monitoring.
Its advanced inventory analytics provide actionable data regarding deadstock, safety stock, stock out, service level and more. The exceptional algorithm makes businesses future-ready by providing forecasts at all levels of the product hierarchy. The basic plan starts from $750/month.
With these options, you can launch new products, build lasting relationships with customers, take measured risks and scale your sales channels -it takes the business to the new heights.
If you fail to plan, you plan to fail, so play your cards in e-commerce business carefully.