SAN FRANCISCO, CA--(Marketwired - March 24, 2015) - Stitch Labs, the leading inventory control and multichannel selling solution, has announced a new sales forecasting feature, developed by its in-house data science team. With this latest addition, Stitch uses predictive technology to simplify operational challenges for retailers and empower them to make smarter, data-driven business decisions.
Predicting sales is often difficult for retailers as it can be time consuming, inaccurate and costly to weigh in factors such order volume, multiple sales channels and seasonal fluctuations. With sales forecasting, retailers can make informed purchasing decisions through reports that help estimate future sales. This will decrease issues related to over and under ordering stock, which leads to unnecessary purchasing costs, warehousing, discounted merchandise and unhappy shoppers.
"We're so excited to give smaller retailers the benefit of powerful analytics that is typically accessible to only large companies," said Brandon Levey, Stitch Labs CEO. "With this added level of sophistication, our customers now have a way to accurately predict and prepare for future growth."
Stitch's sales forecasting reports will allow retailers to project sales for the upcoming four and 12-week periods, using order history to predict future demand. The reports will include the mean number of units to be sold in that timeframe. Armed with this information, retailers can determine which pieces of inventory will perform the best, allowing for maximum selling potential.
The proprietary sales forecasting algorithm was created by Stitch's in-house data science team. Unlike other companies who typically use third-party plugins, Stitch leveraged its own internal data cluster. This level of control will allow Stitch to incorporate additional data into their algorithms faster and provide a greater value to its customers.
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