Make better decisions when ordering inventory by using the all-new inventory forecasting tool – NOW available with a Listing Mirror Account! Get better control and accurate results to avoid unnecessary storage costs, stale inventory, or missed sales due to out-of-stock items. Sign-up for FREE and give us a try!
The inventory forecasting tool is among many great features available with a Listing Mirror account. Our multi-channel software is designed for online sellers and we are always adding new features like the forecasting tool!
About the Inventory Forecasting Tool
The forecasting tool uses data points like historical sales and inventory to determine the right amount of inventory that needs to be ordered, and when it should be ordered. The complexity in the back-end is paired with a simple user-interface to give users control and confidence while using the tool. Users can filter results with all sorts of variables to arrive at the optimal quantity of inventory that needs to be ordered.
How Does it Work
The software uses an algorithm that analyzes variables from each of your selling channels. The following equation is used to arrive at a conclusion in terms of how much inventory needs to be ordered:
((Daily Sales * Stock Coverage) – In Stock Qty – Incoming Qty) = Order Qty
You can filter results for a specific warehouse, and you can even add variables that account for higher-than average sales periods, like holidays. For a tutorial and detailed instructions on how to use the forecasting tool, check out the Inventory Forecasting Knowledge Base article.
Purchase Orders Bonus
Purchase orders are another feature of Listing Mirror, and they now work closely with inventory forecasting. Our software lets users take the results from inventory forecasts and quickly create purchase orders that can be emailed directly to suppliers!
Who Should Use Forecasting?
Anyone that sells products needs to maintain proper inventory levels. Excess inventory can eventually turn into stale inventory that gets discounted or becomes an outright loss; not to mention the wasted storage and shipping costs. And on the contrary, ordering less than what is demanded can result in missed sales revenue and disgruntled shoppers.
Stop guessing how much inventory is needed and use our forecasting tool to determine quantities for you. Start a Listing Mirror account for FREE to get access to forecasting and so many other great features!
How to Get the Inventory Forecasting Tool
It’s easy! Once you create a Listing Mirror account, you can access the inventory forecasting tool right from the user Dashboard. Get access to the tool under the Inventory header at the top of the page when signed-in.
Multi-Channel Features by Listing Mirror
Want to know about the other features available with a Listing Mirror Account? Check out our features page and learn about automating and improving the operations of your e-commerce business. Explore how we help online sellers sell more and work less.
Brian is the Co-Founder of Listing Mirror.