Automate your Inventory
The turnover for e-commerce has almost doubled since 2018, and 2020 and 2021 were two very strong years for the industry. Despite a decline in 2022, the industry is still thriving, and several studies have shown that more and more people are shopping online in recent years. In an ever-growing and increasingly competitive e-commerce market, meeting customers’ expectations becomes more vital than ever. One of the most fundamental aspects for customers is that the products must be available and in stock.
A survey by Adobe showed that in October 2021, out-of-stock items increased by 250% compared to pre-pandemic levels. The two most common reasons were mistakes made by employees during the inventory, then followed by technical problems. Running out of stock can mean not only one or more lost customers but also long-term damage to the brand’s reputation.
Prime Penguin’s new feature, the Inventory Planner, is a forecasting tool that minimizes the risk of running out of stock. Through inventory forecasting based on your historical sales data, Prime Penguin’s platform can predict the number of days left in stock for an item, with an accuracy of more than 90%. You will be able to see both current stock levels and based on past sales, how long the stock will last. You can filter and sort your data based on your actual sales and the expected sales of your products.
Another critical factor is not to have too many products in stock. Prime Penguin’s Inventory Planner calculates when and how much more items need to be replenished. This helps e-commerce businesses not have too many products in stock, and thus save on warehouse space and improve cash flow. If you have several warehouses, you can send products from a warehouse with more goods to another with less. It helps you optimize your different warehouses.
Inventorying has previously been demanding in terms of staffing and time, but with Prime Penguin, it happens automatically.
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Find out how Prime Penguin can help elevate your fulfillment flow and take your e-commerce business to the next level. We are always looking to take on new challenges and build customized solutions for customers worldwide.