In this article:

  1. Introduction

  2. Things to take note

  3. Theories behind inventory forecasting

1. Introduction

Product inventory forecasting helps every business make better decisions in estimating the cost of revenue & sales accurately based on where they can predict in the short-term and long-term performance. Why do we need inventory forecast?

  • To maintain appropriate stock levels

  • To allocate resources efficiently for future growth

  • To improve the sales process

  • To identify competition coming out of the business OR new competition entering the market


2. Things to take note

  • This feature is available in EasyStore Business plan only

  • Make sure that you have uploaded products in EasyStore and here is a guide on how to add products in EasyStore.

  • Kindly ensure that you have added products in EasyStore and the inventory control is under 'EasyStore tracks inventory of this product'

You can look into the Inventory Forecasting under > Inventories

You are able to view when is the product stock will run out based on the following attributes under inventory forecasting:

  • Quality in stock

  • Quality sold (will list out the product that is included in orders placed in the selected date range)

  • Average quantity sold (daily)

  • Stock runs out in (X days or Out of Stock)

💡 Tips : The quality in stock is editable, just click on the pencil ✏️ icon & change the quantity > Save and it will be updated! There are 2 ways to change/edit your product inventory in EasyStore:

Besides, you're able to filter the product forecasting by:

  • All Products OR Out of Stock products

  • Selected date range (by day, weekly, daily, year)


3. Theories behind inventory forecasting

Here would be the theories behind inventory forecasting:

Average quantity sold = Total quantity sold ÷ Total days (selected date range).

For example:

Total quantity sold 50 ÷ Total days 7 days = 7 average quantity sold

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Stock runs out at = Quantity in stock ÷ Average quantity sold

For example:

Quantity in stock (100) ÷ Average quantity sold (12) = stock runs out in 8 days

Related articles:

Where to update my product inventory? (Part 1: Manual and Bulk)

Where to update my product inventory? (Part 2: Add and Set)

Auto Order Cancellation

Product Log History

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