As any online seller knows, keeping your merchandise in stock is half the battle. It’s often a difficult balancing act that can be tough to get right.
Too much inventory, and you’re dealing with overstock – a cash flow killer. Not enough, and you’re not able to keep up with customer demand.
Inventory Planner is a software tool that leverages real-time data to provide accurate forecasts for your online store. In the Inventory Planner review that follows, we’ll dive deep into the features and functionalities of this tool, so you’ll know what to expect before committing to one of the leading inventory planning apps out there.
What is Inventory Planner? 🚀
Inventory Planner is a platform that arms you with powerful insights about your merchandise, so you’re always prepared for ups and downs in the marketplace. With automated buying recommendations and 200+ metrics surrounding each one of your SKUs, it tells you exactly what you need to know in order to manage your inventory buying accordingly.
No more guessing what you need to keep in your warehouse, and potentially missing the mark. You’ll be able to predict what your customers will buy with a greater degree of certainty, and optimize your profit margins in the process.
How does Inventory Planner work? 🤔
Inventory Planner starts by syncing your data across each of the platforms you sell on. Say you have a presence on Amazon FBA and also run your own Shopify DTC store, it pulls all of your inventory and sales figures into one location so you can forecast inventory for your business as a whole.
You then have the option to customize your settings in order to gather the most relevant information. For instance, it will display your highest-demand products, how much inventory you’ll need in the near-term, as well as when you’ll have to place your orders to account for sales spikes. It’s an all-in-one tool that flags your most important inventory-related statistics, enabling you to fine-tune your inventory levels and avoid stockouts on your most in-demand products.
Inventory Planner Key Features 🧰
Inventory Planner is stuffed with functionality that helps bring a semblance of stability to what can often feel like a turbulent selling journey. Below we highlight the main features of the platform, and how they can be used to gain a competitive advantage.
Forecasting
Intelligent forecasting is the backbone of Inventory Planner. It relies on a proprietary algorithm that accounts for seasonality, sales patterns, and historical trends, adjusting future expectations accordingly. It also borrows data from similar products on the market, to better calibrate consumer demand.
Purchasing
The ability to make reliable buying recommendations is the second area where Inventory Planner shines. It takes the forecasting data it generates on the fly and makes suggestions for how much merchandise you’ll need to purchase in order to remain in stock. You can even pre-set supplier info like minimum order quantity and payment terms to make the creation of purchase orders more efficient.
Reporting
With data-rich insights that provide meaningful metrics at a glance, the reporting features of Inventory Planner are some of the most powerful aspects of the tool. SKU-by-SKU analysis – as well as top-level details about the overall health of your operation – equips you to make strategic decisions that puts the best interests of your business first. Customize segments according to category, quickly sort by most popular product types, and pinpoint lost profit potential should stockouts occur with intuitive reports that are easy to get a handle on.
Inventory Planner FAQs 🙋
Which ecommerce platforms are supported?
Shopify, Amazon, BigCommerce, Magento, WooCommerce, and more.
What if I manage more than one Amazon Seller Central account?
You can add multiple Amazon accounts to one Inventory Planner account. The tool also supports accounts for numerous countries globally, so you are not restricted by region.
Can I use the app to contact my suppliers?
Yes, you can create purchase orders in-app, export information, and email your suppliers directly within Inventory Planner.
Inventory Planner Pros ✅
- Automates the manual process of calculating sales estimates, eliminating messy spreadsheets and external documents for good.
- Helps you liquidate profit-killers by showing you the costs associated with your overstocked items.
- Reduces days of outstanding inventory, frees up cash flow, and helps to reduce cash conversion cycle
- Makes managing your bundled items more efficient, as it breaks down forecasts at the component level.
Inventory Planner Cons ❌
- Prior experience with forecasting software needed if you plan to configure system integrations and data migration on your own.
- Does not handle stock level adjustments – stock changes following customer orders need to be handled by either the ecommerce platform you’re selling on, an inventory management system, or another app.
- The initial sync process to Amazon/Shopify data can take several hours for larger stores with complex product information.
Brands using Inventory Planner 🤩
Inventory Planner is used by 2,600+ brands around the world in every industry and niche imaginable. Its list of merchants include supplement brand Kos, teeth whitening brand Snow, biking company Cycology, and apparel brand Culk.
Kos in particular boasts of having been able to use Inventory Planner to cut their days of outstanding inventory in half, translating to around $1.5 million in freed-up cash flow.
What makes Inventory Planner different? 🥇
Inventory Planner is more specific when it comes to forecasting metrics than your average, run-of-the mill inventory tool. It clearly differentiates between actual and expected data, painting an accurate picture of demand that will be coming your way.
Unlike other apps, it also lets you establish a budget and allocate resources accordingly. With open-to-buy (OTB) reporting features, you can plan your buying budget monthly or weekly and purchase goods within that framework.
There is also a greater emphasis on marketing, and ways to take your business to new heights. Beyond inventory forecasting, it aims to help you build a brand that resonates with your target audience. Specific integrations with Google Analytics let you optimize your storefront by aligning your sales metrics with your marketing efforts, helping amplify your reach in a way few inventory planning tools can.
Inventory Planner Pricing 💰
The price of Inventory Planner is based on your annual revenue, and you must contact them in order to receive a quote. Plans start at $249.99/month, and there is a 14-day free trial.
Final Thoughts 🕵️♀️
Inventory Planner is an invaluable tool for anyone concerned with managing their merchandise effectively. Whether you’re juggling a few SKUs or are operating a multi-channel empire, the forecasting models this platform makes available enables you to anticipate customer behavior and plan accordingly.
With real-time recommendations, it prevents you from having insufficient product levels in your warehouse, and ordering the wrong amount from your supplier. By eliminating guesswork and keeping your profit margins top of mind, it frees up cash flow and gives your bottom line a much-needed boost.
No more over-ordering or getting caught off guard by a surge in demand. Just pure, data-driven insights that help you stay ahead of the curve.
👉 Sign up for Inventory Planner here.
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