Retailers have to make sure that each of their stores has the proper amount of stock of each item to satisfy upcoming sales. Different items sell differently at different locations so each item needs to be analyzed at the store level to determine the optimal amount to stock at any given point in time. Thrive analyzes each item at each location to calculate a forecast and calculate optimal stock replenishment.
Retail Demand Forecasting Software Helps Manage Retail Complications
On top of that are all the complications that make retail store replenishment challenging: Seasonal demand, intermittent demand, shelf life. There is also a limited amount of space to hold inventory at each store. During big seasons such as the Christmas holidays, how do you manage the retail stock replenishment amount to be shipped out on any given day so you don’t overwhelm your logistics?
Thrive can automatically do a gradual “ramp up” of seasonal inventory store replenishment that will be required at the stores starting ahead of the season to help spread out the load on logistics and keep costs down. Thrive can also be set to always maintain just a couple items at a store for low volume items or merchandise stock.
Allocation & StoCK Replenishment
Thrive’s Retail Demand Forecasting provides users a bell shaped allocation model of variations of the same product such as different sizes / colors. Store Retail Replenishment generates a model based on historical sales which the users can then adjust as they see fit, and then the system will force the allocation curve down to the individual SKU’s. Or the users can provide their own curve to use for the allocation model.
Retail Demand Forecasting Software for Events & Promotions
Certainly, causal events such as promotions have an effect on demand. When it comes to store retail demand forecasting software, Thrive facilitates management of promotions for selected items in advance so that adequate supply can be on hand when the promotion starts. Additionally, the system provides analysis of promotional activity such that it can be used to intelligently plan for future similar promotions.