Inventory Demand for eCommerce
Why use AI Inventory demand forecasting
Knowledge of how many products you will need in the inventory is critical for growth in eCommerce company. Inventory demand forecasting software is the key that will give you clear and actionable predictions using an AI-based sales forecast. The forecast can be used to improve company cash flow by decreasing excess inventory levels. The demand forecasting platform also helps businesses improve supply chain efficiency by forecasting sales and reorder quantities so the company can serve all customers without any delay and without the need to boost marketing campaigns to cover excess stock.
Did you know that accurate sales forecasting can help businesses to reduce their on-hand stock by 30% and simultaneously increase revenue due to stock availability by up to 8%? So if the company’s yearly revenue is €10M and the product stock value is €2M, the company can increase revenue by about €800k while reducing their capital locked up in inventory by €600k per year.
Benefits of AI Inventory demand forecasting
- Save on working capital by reducing on-hand product quantity locked in your stock rooms up to 30%.
- Reduce the costs of unsold goods by precise planning of production.
- Prepare more precise budgets and sales forecasts.
- Develop your pricing and promotions strategy using on-demand data.
- Eliminate human bias and establish consistent AI-based sales forecasting methodology.
- Accurate predictions with machine learning and additional parameters like COVID-19, weather and economic indicators.
iERP’s mission is to provide an end-to-end business prediction platform with modules that address multiple business scenarios and ZERO required knowledge of artificial intelligence or machine learning technologies.
We are helping companies to predict sales and inventory demands, what their customers are going to purchase next, or identify customers that are going to be late with the payment.