The holiday season has already begun and your sales are probably pouring in. However, are you really ready in such an amazing spike in sales?
Imagine this. A customer orders a product just to find out it has gone out-of-stock. Instead of celebrating a successful sales season, you would need to deal with lots of furious customers, answer their questions on social, issue refunds, etc. And, no matter how much time, resources, and energy you invest to make things right, your brand reputation will be damaged.
So, is there a way to plan your inventory proactively? The answer is inventory forecasting. Simply put, this is the process of predicting your inventory levels to fulfill future customers’ orders.