Inventory Forecasting For Precise E-Commerce Fulfillment
When Your Customers Get What They Want, Your Brand Shines
Would you host a party with a bare pantry and no drinks or décor to delight your guests? Of course not. Days before that party, you’d be stocking up on food, beverages and other party accoutrements to furnish a festive environment for your guests and ensure a pleasant, fun-filled experience in your home.
The same concept applies to your inventory. It is crucial for an e-commerce company to plan ahead and be prepared at all times to serve its customers. You don’t want to waste money on ordering more products than you need -- storing excess inventory boosts overhead costs. You also don’t want to order an insufficient amount of product and miss out on solid sales.
As an e-commerce retailer, you have to know the ins-and-outs of inventory forecasting. When you forecast properly, you always have enough (but not too much) product available; you use warehouse, shelf and display space efficiently and, most importantly, you please your customers with accurate product fulfillment. Your customers get what they want and your business gets positive reviews, reputation and revenue.
This means anticipating consumers’ future purchasing behavior by evaluating past trends and adjusting the data to account for seasonal spikes and special sales. After evaluating this data and developing forecasts for upcoming months, you make a plan for ordering and stocking products. Your goal is to ensure 100% accuracy for your order fulfillment, so after a few months, you assess the results by comparing your current customer purchases with your previous forecast. Were you right on target, a little under, a bit over or did you miss the mark completely?
Learn from your mistakes. Reassess and re-forecast. For many e-commerce companies, and especially those that are new to the industry, inventory forecasting is a work-in-progress.
THE FORECASTING FAUX PAS
There’s one mistake that many e-commerce retailers make, negating all the effort they put into assessing past trends and forecasting future purchasing behavior. What is this profit-pinching forecasting faux pas? Not partnering with a quality fulfillment center that gives you veritable visibility into your inventory levels.
The only way to achieve success in the e-commerce industry is to work with a fulfillment company that makes it a point to thoroughly examine your stock regularly and provide you with 24/7 access to inventory count. A quality fulfillment partner tops this meticulous attention to your inventory with a fulfillment warehouse that protects your products from fraud and damages with high-level security and optimum storing practices.
When you partner with USA Fulfillment, your inventory is taken care of with an advanced tracking system that includes constant physical counts and routine detailed examinations of your stock. If something's out of place, we'll spot it immediately.
Take care of your inventory by choosing a fulfillment company that cares for your products and treats your brand like its own.