Blog posts of '2022' 'May'

Introducing the Sales Forecasting API

A major task for any vendor is deciding how much to buy of each product when placing supplier orders to replenish stock. There are many strategies for this, but they all involve some manner of estimation of future sales quantities, whether implicitly or explicitly. The accuracy of these predictions can have a large financial impact, particularly for businesses dealing in perishable or seasonal goods. Even when surplus stock can be expected to be eventually sold, factors such as shipping costs and time, minimum orderable quantities, and inventory space all need to be taken into account while guaranteeing timely order fulfilment to customers.