8fig has launched its AI-powered, user-friendly Sales Forecasting tool, designed to solve the unending challenges of inventory planning for eCommerce sellers. This innovative tool helps dramatically reduce overstocking losses and the risk of stockouts that cost you revenue and customer loyalty with accurate, data-driven sales predictions.
The ability to predict the future sales of a specific product based on historical data is essential for eCommerce success. We identified that sales forecasts are influenced by several factors including demand, investment in marketing, and seasonality.
To address these variables, our tool forecasts sales at both the product and store levels, aggregating data to provide a comprehensive view that affects inventory planning decisions. Effortlessly compute sales forecasts for each product to know when and how many units to order, helping you meet demand and optimize your cash flow!
Key features and benefits
Our new Sales Forecasting tool transforms inventory planning with free, accurate, and reliable predictions. It integrates data from multiple stores, provides daily updates, and offers expert feedback. Designed for simplicity, it helps eCommerce sellers manage stock levels efficiently and avoid overstocking and stockouts.
The Sales Forecasting tool leverages advanced predictive models to analyze your historical sales data and business trends from the past to project potential future sales. Leave behind error-prone and manual forecasts in Excel and expensive forecasting tools, and embrace free, fast, and reliable forecasts in 8fig’s new Sales Forecasting tool.
Accurate predictions
8fig’s forecasting tool cleans out your sales data to ensure all predictions reflect each product’s actual demand; stockouts and random sales spikes or dips distort forecasts, leading to underreported or overestimated predictions. Sales peaks/dips must last at least five days to feature in the model. By removing the ‘noise,’ you can more accurately determine the number of units a product is expected to sell daily, which informs the overall forecasts for the projected period.
Add multiple stores
Add several online stores – from Shopify, Amazon, or Etsy – to your account to provide a single source of information for inventory planning across all your online stores. Group products together by Universal Product Code (UPC) or use tags to add products into categories, ensuring you can filter sales forecasts based on your desired depth.
Dependable forecast
The tool requires sales data from 28 usable days before it can make automatic projections. Get a forecast for each product only when there is substantial historical sales data, ensuring there’s less guesswork in inventory planning.
Daily forecast updates
The predictions get better as more recent sales data becomes available. The tool tracks sales in real-time and updates sales forecasts daily to ensure more recent insights power your planning and inventory decisions.
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Personalized human feedback
Scrutinize your forecast numbers with a team of 8fig’s eCommerce experts to see if the model needs significant fine-tuning to represent your current business dynamics better.
Easy and accessible readable format
View forecasts in a simple table format with only eight variables. Compare historical sales to projected sales over your desired timeframe. No fuss or convoluted charts, perfect for the busy eCommerce seller.
We leverage multiple data sources to enhance our predictive capabilities – including platform sales, bank disbursements, competitor analysis, and external tools like Helium and Jungle Scout APIs. Our goal is to create the industry’s best algorithm for forecasting seasonal products.
8fig’s free, AI-powered Sales Forecasting tool is perfect for eCommerce sellers. It transforms inventory planning with precise, reliable, and accurate projections and insights. This tool helps you avoid the costly pitfalls of overstocking and stockouts by providing accurate sales predictions. It also ensures optimal inventory and cash flow management and enhanced customer satisfaction.Â
About 8fig
8fig is dedicated to empowering established eCommerce sellers by addressing their primary challenge: cash flow management. Built by eCommerce experts for online sellers, 8fig seeks to bridge knowledge and financing gaps to help digital business owners achieve long-term growth and revenue goals.
Since our founding in 2020, we’ve raised $250 million in Series A and B funding, assisting hundreds of eCommerce sellers to scale exponentially with our innovative financial tools and solutions and meet pressing cash flow obligations.
Embrace our innovative solution to optimize inventory management and drive your online store(s) toward sustained growth and success. Sign up now to start planning smarter with 8fig’s free forecasting tool.
Have article ideas, requests, or collaboration proposals? Reach out to us at editor@8fig.co – we’d love to hear from you.
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