Sales forecasting is like Moneyball for your inventory. Moneyball, the Michael Lewis book, told the story of how baseball was revolutionized by Billy Beane of the Oakland A’s. He broke the mold and created a winning formula by applying data & statistical modeling to what was typically an instinct driven game.
Just like in baseball, when it comes to making predictions about inventory, data-driven analysis outperforms that of human guesswork and instinct. And if you want to increase your sales, you have to make sure you have that winning line up of inventory in your dug-out, er... warehouse.
Now, using statistical analysis isn’t just for the heavy hitters of retail who have Billy Beane-esque quant gurus running their back office. With Stitch's new Sales Forecasting Report you too can benefit from using data to drive and improve your purchasing decisions
We’ve built a sophisticated forecasting algorithm using our in-house data analytics team. By analyzing orders from the 45 million sales transactions in our customer base, we developed a proprietary algorithm that incorporates the unique attributes of small to mid-sized retailers.
Using this report, you can now forecast the mean number of sales for each of your variants for the upcoming 4 week or 12 week period. We’ll also provide you with the range in which that variant is expected to sell. You can use this insight to make smarter purchasing decisions. Having just the right amount of inventory (not too much and not too little) is key for growing your business.
With the proper inventory on hand you can capitalize on all the potential sales opportunities and remove the unnecessary costs of purchasing, warehousing and even discounting excess inventory.
We’ve made predicting your winners easy with sales forecasting so check it out for yourself in the Reporting section of Stitch.
Let’s knock this season’s revenue out of the park!