Get Ahead of the Game with These Shopify Inventory Forecasting Hacks!

Are you tired of constantly running out of stock or having too much inventory taking up valuable space in your warehouse? Then it’s time to start using Shopify inventory forecasting hacks to get ahead of the game!

As a retailer or e-commerce business, you know that staying ahead of the competition is key to success. That’s why we’ve compiled a list of top Shopify inventory forecasting hacks to help you streamline your business and increase your profits.

Hack #1: Use Historical Sales Data to Forecast Demand

The first step to successful inventory forecasting is to analyze your historical sales data. This information can give you insight into which products are most popular during certain times of the year or which products have a longer shelf life. Use this data to forecast demand and adjust your inventory accordingly.

Shopify provides a variety of reporting tools that can help you analyze your sales data, such as the Sales by Product report and the Sales by Month report. These reports can help you identify trends and make informed decisions about inventory management. But that’s just a starting point! Read on for

Hack #2: Implement an Inventory Planning System

Manually tracking inventory can be time-consuming and prone to errors. That’s why it’s important to implement a demand forecasting and inventory planning system. AI powered software like OmniThink.ai offers a variety of inventory planning capabilities that work with Shopify, your Social Media apps and your ERP systems like Netsuite, Oracle, or SAP.

Improving your inventory forecast can help you avoid stockouts and overstocking, saving you time and money in the long run.

Hack #3: Use a Sales Forecasting App

Sales forecasting apps can help you predict future sales trends based on your historical data. These apps can help you forecast demand and adjust your inventory levels accordingly.

But just remember, your demand forecasting is only as good as the data you feed into it! So think about easy ways to get data on past customer purchases and behavior that can help you generate a more accurate forecast.

Hack #4: Analyze Your Supply Chain

Analyzing your supply chain can help you identify potential bottlenecks or areas for improvement. This can help you streamline your inventory management process and ensure that you always have the right products in stock.

Use tools such as inventory planning software to track your orders and analyze your supply chain. This can help you identify any issues and address them before they become a problem.

Hack #5: Use a Barcode Scanner

Using a barcode scanner can help you track inventory more efficiently and accurately. This can help you avoid errors and save time when managing your inventory.

Shopify offers a variety of barcode scanner apps that integrate with your Shopify store that can work with OmniThink.ai to help you streamline your inventory management process and avoid errors.

Hack #6: Use Bundles and Kits

Bundling products or creating kits can help you move inventory more quickly and increase your profits. This can also help you reduce your inventory levels and avoid overstocking.

Use Shopify’s Product Bundles app to create bundled products or kits. This can help you increase sales and move inventory more quickly. And yep, the good news is a good retail merchandise planning software can help you figure out which bundles are best sellers and which ones are going to be a drag on your bottom line.

Hack #7: Offer Pre-Orders

Offering pre-orders can help you gauge demand and ensure that you have enough inventory on hand to meet customer demand. This can also help you avoid overstocking and wasting valuable warehouse space.

Shopify’s customer can use retail merchandise planning software to use pre-orders to manage your inventory levels more efficiently.

Hack #8: Use Dropshipping

Dropshipping can help you avoid inventory management altogether. With dropshipping, you partner with a supplier who handles the inventory management and shipping for you.

Shopify offers a variety of dropshipping apps that can help you get started that can help you reduce your inventory management workload and focus on other aspects of your business.

Hack #9: Use a Reorder Point System

A reorder point system can help you automatically reorder products when they reach a certain inventory level. This can help you avoid stockouts and ensure that you always have the right products in stock.

Protip – Learn some inventory management best practices to help you implement a reorder point system and automate your inventory management process.

Hack #10: Monitor Your Competitors

Monitoring your competitors can give you insight into their inventory management strategies and help you stay ahead of the game. This can help you identify potential gaps in the market or areas for improvement in your own inventory management process.

TLDR – using Shopify inventory forecasting hacks can help you streamline your business, increase your profits, and stay ahead of the competition. Whether you’re using historical sales data to forecast demand, automating your inventory management system, or offering pre-orders, these hacks can help you optimize your inventory management process and achieve success in the retail and e-commerce industry.