For online commerce, the availability of the product a customer needs is critical. If at least one of the necessary items is out of stock, the online customer is more likely to abandon the cart and move on to another site. At the same time, 100% availability is sometimes fraught with excess inventory and write-offs if demand is miscalculated.
How this is handled with e-commerce inventory optimization software:
Machine learning-based demand forecasting takes into account most of the factors that affect demand: sales trends, seasonal and intra-week fluctuations, holidays, promotions, etc;
The automatic replenishment system will order exactly as much product as is needed on a particular day to meet expected demand;
ML algorithms will take into account all important inventory data, lead times, goods in transit, package size, expiration dates, and remaining goods in stock while calculating purchase orders;
Built-in inventory management features will automatically calculate the necessary stock depending on the supplier's requirements and level of reliability;
The e-commerce stock management software ensures maximum product availability across multiple sales channels, helping to reduce abandoned cart share, improve customer satisfaction, and provide cost savings for e-commerce business.