The Importance of E-Commerce and Forecasting

E-commerce is still a complex and complex business today. To be successful, e-tailers need to not only deliver the right products at the right time, in the right place, at the right price, but also be agile in responding to market changes. As the global e-commerce market continues to grow exponentially, knowing what and when customers want with tools like e-commerce proxy remains essential to success. . Historically, “seasonal peaks” before and after important dates, such as holidays such as Thanksgiving and Christmas and the end of the fashion retailer’s season, have helped e-commerce businesses plan inventory and warehouses accordingly. rice field. Examine previous trends to see what types of equities have shifted and whether e-commerce companies can predict when and how future peaks will affect their business. However, these peaks are changing, for example, many seasonal sales peaks are longer. As many fashion e-tailors publish their collections several times a year, the idea of ​​end-of-season sales has changed, making it more difficult to predict future demand for a particular product. As the concept of “peak season” continues to change, what can e-tailers and online businesses do to find out what consumers want in a week, month, or year?

This is where the importance of forecasting comes into play. Demand forecasting is essential in the process of forecasting future demand for a product using historical sales data available for both old and new products. E-commerce businesses can track patterns and trends by investigating sales data order management systems and estimate future sales and how they will change. Some online companies categorize forecasting models at the macro level, which is the broadest context, while others prefer short-term or long-term micro-level forecasting. For example, fashion companies may invest in short-term forecasts because product offerings are seasonal and fluctuate from time to time, depending on which sector the e-commerce company belongs to. Without the right model for forecasting, e-commerce companies can face numerous problems, from inventory and inventory issues to warehouse staff shortages and returns issues.

Forecasts not only help e-tailers provide their customers with the products they need, but they also help them stay ahead of potential competition. E-tailors can increase inventory of certain products, for example, before the inventory level becomes too low during sale, to ensure sell-through of hot ticket products. This allows customers to satisfy their customers while preventing them from migrating to rival brands of similar products. At the same time, accurate forecasts help e-commerce businesses mitigate financial risk and improve financial decision making. For example, previous sales data may indicate that a new product will take longer than expected to launch in large quantities, so e-tailers will launch a new product or line. , You can choose to invest in less inventory. Forecasting is also useful for e-commerce companies planning pricing strategies, as historical market research data can show which products are currently in demand and how much a typical customer is willing to pay for them. However, one of the main areas where forecasts can bring significant benefits to e-commerce companies is inventory and warehousing costs. A global fashion fulfillment expert, Modexpress seeks to help e-commerce clients and merchants maintain the flexibility and agility they need to satisfy their customers.

Modexpress provides an accurate inventory management solution that provides real-time insights into product inventory, helping e-tailers increase or decrease inventory levels to meet their needs. Its state-of-the-art management information system always provides an up-to-date overview of inventory levels and provides insights on turnover and return rates. This gives e-tailers more flexibility to respond quickly to market trends. Dedicated to space optimization, Modexpress operates in a variety of warehouses in strategic locations, using space as efficiently as possible while reducing product “time to market”. .. At the same time, Modexpress also provides backlog management and expectation management support for busy times and returns. Although we cannot predict returns, Modexpress will process them with great care to ensure that the returns are complete, undamaged and still in new condition before being categorized and processed. .. Nor Coorlander, CCO of Modexpress, said: Modexpress serves all channels from e-commerce to store and warehouse stores, helping to keep inventory management costs low while providing maximum flexibility.

Aside from years of experience and expertise, what sets Modexpress apart is its dedication to supporting its staff. Logistics companies always have enough staff in their warehouses to fully support their customers and work with multiple agencies inside and outside the company to procure the best staff. During the busy season, the company keeps all new staff properly trained, keeps all health and safety requirements up to date, and continues to process orders and manage inventory regardless of time of day, month or year. To do. “Staff upscaling and training are essential to address seasonal challenges such as Black Week,” Coorlander adds. “Forecasts based on historical data always include some risk factors, but when combined with our solution, e-tailers can be successful.”