Planning Inventory around Demand: What You May Be Doing Wrong

inventory
For retailers, it can be very difficult to plan around consumer demand. In other instances it is quite easy. People always want more turkeys during Thanksgiving, for instance. Not all consumer demand is so easy to predict, however, and the business needs to be quick on its feet to adapt to changing demands.

Building Understanding

The first thing that a business needs to be able to do to respond to consumer demand is to understand its own sales patterns. Posterita’s report features allow you to produce sophisticated reports that provide you valuable business intelligence into your customer’s purchasing habits. When you can see that during a given point in the year demand for one of your products tends to go up, you can accommodate that by ordering more of those products. This allows you to go beyond the obvious in accommodating customer demand. You may know that, at certain times of year, some products fly off the shelves. With Posterita, you can be sure that you’re ready for this seasonal product demand.

Inventory Tracking Helps

If you own more than one store, you may find that one of those stores experiences a great demand for a given product at certain times of the year. By using Posterita’s intelligent reports, you’ll be aware of this. This awareness provides a high level of sophistication to your operations and allows you to better manage your inventory between your various stores. If you know that a store in a particular city is going to have a huge demand for one of your items, you can easily shift your inventory to that store.

You can also be more accurate with your ordering process. Because everybody will be working off the same database, the people responsible for making orders at your stores will be able to do so with all of the information available in Posterita. This facilitates good communication and it helps to make sure that everybody is in the loop as far as what products are likely to be in high demand.

Put all of this together and you have a recipe for very efficient inventory management and customer demand prediction. Those things can mean the difference between success and failure for many retail establishments.