Estimation of product quantities to buy from a supplier is a major task for any vendor, especially when selling perishable or seasonal goods. The accuracy of these predictions can have a large financial impact on business. Even when surplus stock can be expected to be eventually sold, factors such as shipping costs and time, minimum orderable quantities, and inventory space all need to be taken into account while guaranteeing timely order fulfillment to customers.
Although exact forecasting may be out of reach, there is a better way than the very common method of simply replenishing stock by the same amount whenever it runs below a set quantity. Read the full article to utilise the best practices of sales forecasting for your eCommerce business.
