Deciding to do sales forecasting with machine learning (Shopify) is how you get the success you deserve in your marketing and sales projects.
Harvard found that 31% of the businesses they studied showed an increase in revenue and market share when using machine learning to forecast sales.
AI is becoming a trillion dollar industry for a good reason. Its a technology that saves hours of your time, as well as 100s or even 1000s of dollars.
How Your Sales Are Forecasted
Sales forecasting with machine learning is not hard if you have the right tools. By the Numbers designs it’s platform to make this process as easy as easy gets.
We take your data and use it to forecast it for future periods. We take in
- Your company trends
- Seasonality which includes
- Yearly
- Weekly
- Daily
- Holidays
- Other special promos
Missing any data? No worries, our model accounts for that and still gives you an accurate sales forecast.
How to Use Your Forecasts to Have a Bigger and More Efficient Business
Once you know what your sales forecast are, what now? Here are a few areas you can use this in:
- Product Launches
- Looking at your sales forecast, when do customers buy the most? This is the perfect time to launch your product. You have the most traffic around this time which means you’ll have the most eyes on your product
- Inventory Management
Knowing your sales forecast means you’ll be able to stock up effectively and not run the risk of having extra inventory.
- Better Marketing
Seeing your sales means you’ll see when you should run your campaigns Don’t be that one business who missed the opportunity to run their beautiful campaign. You’ll also optimize your budget so you’ll run a successful and a cost efficient campaign.
- Benchmarking
Even though you have a forecast, it doesn’t mean you’ll actually get all those sales. You can be below forecast, but you can also be above. This forecast lets you set a standard to meet and adjust your strategies accordingly.
How to Access Your Sales Forecast on By the Numbers
There are two places
- Insights page
- Goals
Above is the forecasting tool in action. The figure represents the realized and unrealized sales for that period. The dotted line represents the forecast while the solid represents the actual sales so you can see how you’re performing.
Having a forecast means a standard to shoot for (or even beat it if you’re up for it).
By the Numbers
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