You’ve probably worked with inventory long enough to recognize that predicting what will sell and what won’t can be very hard. It becomes necessary every time your shelves stack up with unsold products and you find yourself in debt for them. It’s a great thing but also problematic when you sell out of a product and there’s an unmanageable demand for more. So how do you best prepare for those situations?
However, one small aspect that can help is simply using the knowledge you have and whatever tools are at your disposal to predict buying and selling trends. Thankfully, the Internet and technology have left us with plenty of instruments to help with that.
It’s important to realize that the Internet is not the only place to get relevant information about buying trends. For instance, it may also be wise to speak with any supply chain managers you know from, say, ASU about buying trends they’ve seen over the years. Others’ experiences can teach you some things about consumers that computers cannot.
That said, you do have a lot at your fingertips with the Internet. So without further ado, here are some tips on how to use them and predict consumer trends so you don’t end up with more than you can chew. (more…)
Bio: Avery T. Phillips is a freelance human being with too much to say. She loves nature and examining human interactions with the world, especially when it comes to business, tech, and workplace safety. Comment or reach out @A_Taylorian with any questions or suggestions.