Here’s how:
Analyze Sales Trends — Study your past months’ sales to identify which products move fastest. Look at historical data, understand which items spike seasonally, and track promotional patterns.
Set Safety Stock Levels — Keep a minimum threshold of critical items to avoid running dry. This acts as a buffer during unexpected demand spikes or supplier delays.
Factor in Lead Times — Know how long suppliers take to deliver and order early. Consider delays during holidays or port congestion.
Automate Reordering — Set alerts or automate restocks when inventory drops. This ensures timely replenishment and avoids manual errors.
Use AI Forecasting — Predict what you need based on real-time market behavior and internal trends.
Upgrade Your Inventory Game:
Solomon by Penxel makes all this seamless. It automatically forecasts demand, tracks real-time data, and keeps you in control. Never miss a sale again, and build stronger customer loyalty by always having what they need.