Inventory Forecasting Software: Essential for E-commerce Success
Inventory forecasting can be a complicated process but every E-commerce store owner must be able to do it, making E-commerce inventory forecasting software vital. Have you ever been frustrated by a stockout during a key sales period or facing an overstock of inventory that just won’t sell? If these things happen, it's clear sign that it's time to invest in inventory forecasting software. The most effective inventory forecasting software doesn't just keep track of your inventory; it also gives you predictive data that help you make sure you have the right amount of each product in stock.
But what should your inventory forecasting software have? The most important components are accurate demand forecasting, in-depth research for each SKU, and easy integration with your e-commerce platform. It's important to remember that every business has its own needs. An inventory forecasting software that works great for a small brick and mortar shop might not work well for a Shopify store. That’s why we created this guide to break down what the best inventory forecasting software is based on your businesses needs. Read on to find the perfect forecasting software for your store.
Best Inventory Forecasting Software For Shopify: Monocle
Monocle is an inventory forecasting software app made just for Shopify store owners that gives you a complete and detailed view of your stock. It is the best e-commerce inventory forecasting software for Shopify because it offers a thorough analysis for each product, which keeps you ahead of demand curves at all times. Monocle's accurate planning helps you avoid both having too much and too little inventory, which protects your bottom line. Monocle does all of this while saving you a significant amount of time, which you can put back into growing your business.
Monocle's Demand Forecasting Features
Advanced machine learning models are used by Monocle to accurately predict demand. This lets you know which products will run out before they actually do. With this predictive analytics feature, you can reorder goods at the right time, making sure that you always have the right amount of stock on hand. The software's demand forecasting tools are meant to give you highly accurate predictions of future demand, so you can make choices based on facts instead of guesses.
Integration with Shopify's Ecosystem
Monocle is designed for the next wave of online stores and as a Shopify app store app, it is tailor made for Shopify. This smooth integration puts all outgoing buy orders in one place, which helps with better organization and smarter product insights. Monocle creates purchase orders automatically for goods that are running low and manages your inventory shipments. This way, Shopify store owners always know how much inventory they have on hand and are warned when they are about to run out.
Unique SKU Analysis
What sets Monocle apart in SKU analysis is its sophisticated AI engine that conducts a Market Basket Analysis to discover which products customers are purchasing together, driving sales through intelligent order associations. Additionally, Monocle's advanced AI and deep statistical analysis reveal hidden trends, such as which days of the week products are most commonly purchased on. This level of detail in SKU analysis goes beyond basic statistics, offering insights that are not commonly found in other tools in the market.
Monocle's approach to inventory forecasting combines advanced machine learning (ML) based forecasting, AI-based product associations, and smart purchase order advisories, making it a comprehensive solution for Shopify users looking to completely optimize their inventory management processes.
Best Inventory Forecasting Software For Omnichannel E-Commerce Stores: Inventory Planner
Inventory Planner is the best tool for businesses that sell through more than one outlet. It does a great job of giving a cohesive picture of your inventory, which is very important for omnichannel businesses. This tool expertly handles the complicated issues of different demand across platforms, making sure that stock is always available and sales opportunities are maximized.
- Omnichannel Forecasting: Customizes inventory forecasting for multiple sales channels and places, making sure that the right amount of stock is always on hand to meet customer needs. This cutting-edge method helps stores keep the right amount of stock in all of their channels, which makes customers happier.
- Geographical Stock Optimization: Allows for smart movement of stock between warehouses and allocation of stock, which increases efficiency and cuts down on shipping times. This trait is very important for omnichannel stores that want to make things run more smoothly and give better service.
- Automated Purchasing and Overstock Insights: Automates suggestions for what to buy to avoid running out of stock and keep track of extra items, which improves cash flow and profits. It also gives you useful information about how your product is doing, which helps you make better decisions.
Best Inventory Forecasting Software For Dropshipping: DSers
Dropshipping businesses use DSers as their inventory forecasting software to keep track of their inventory. It makes it easier to work with various suppliers, which is a common need in dropshipping. With DSers' strong integration tools, you can always see your product levels in real time, which is important for keeping your business running smoothly.
DSers allows users to:
Best Inventory Forecasting Software For Brick-and Mortar Stores: Squareup
Squareup has a complete inventory management system for stores that have physical locations. It's made to help brick and mortar stores with problems like keeping track of their stock and predicting customer demand. Squareup's easy-to-use interface and integration options make it a must-have for retail businesses that want to handle their inventory quickly and correctly.
Some of Squareup’s Features Are:
- Real-Time Inventory Tracking: Real-time inventory management from Square lets businesses keep accurate records of their stock levels and make sure they have the right goods in the right amount at the right time.
- Cloud-Based Software Integration: Square's inventory management system is in the cloud and works smoothly with your current point-of-sale (POS) system. This makes it easy to look at your inventory on any device and organize your warehouse better.
- Multi-Location Management: The software lets you keep track of inventory in various stores or warehouses, which is useful for companies that have more than one location or storage space.
Best Free Inventory Forecasting Software: Excel Or Google Sheets
For smaller businesses or those just starting, Excel or Google Sheets can be an effective free inventory forecasting software for managing a limited inventory. While they require more hands-on effort, these platforms are suitable for basic inventory management needs, particularly for businesses with fewer than 10 SKUs.
Excel Offers Users Features Such As:
- Customizable Templates and Formulas: Using a variety of methods that can be changed to fit the needs of each business, Excel and Google Sheets let you make inventory tracking and forecasting templates that are truly unique. This adaptability lets us look at past data in great depth and make predictions based on that data.
- Accessibility and Collaboration: Both platforms let users work together in real time and can be accessed from anywhere. This makes it simple for teams to handle inventory together. Small businesses that don't need a lot of inventory can communicate and work more efficiently when they can share papers and work together in real time.
Let Monocle Handle Forecasting For Your Shopify Store
For your e-commerce business, choosing the right inventory planning software is a very important choice. Even though there are many great choices, Monocle stands out for as the ideal inventory forecasting software for Shopify users. Its thorough analysis, custom features, and ability to work with Shopify make it an essential tool for managing inventory with the precision your business will need. Try Monocle today and take control of your Shopify Store's inventory.
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