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Forecasting Product Trends Help Online Retailers Stay Ahead of the Curve

Written by Derris Moore on May 26, 2017 in Ecommerce Tools, Strategies & Tips
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Fads have always been a part of consumer culture. Remember Beanie Babies? Tickle Me Elmo? Tamagotchi digital pets? At one time these products were all the rage and are now just bygone relics that may garner a few bids on an eBay auction. Whether it's goods, fashion, food, or even design, the things people enjoy are usually short-lived -- hot one minute and forgotten the next. For retailers, predicting the whims of consumers is a challenge that’s as difficult as it is important in order to survive in a competitive marketplace.
Like their brick-and-mortar counterparts, online retailers must forecast demand for products, optimize assortment and customize this assortment for maximum profitability. Businesses that fall behind the curve of what’s trending will find themselves with excess inventory of unwanted items they can’t move. While online stores may commit significant resources to their software infrastructure, equal, if not greater, attention should be devoted to understanding product trends and how supply chain forecasting can ensure availability of the products consumers want most.
Online retailers have a powerful tool in automated systems which can help manage supply chains. Investing in automated technology can optimize inventory planning, replenishing products and setting the best price points. Dedicating a system to inventory takes the guesswork out of risk calculation and allows supply chain forecasting to assist in generating higher revenue. Estimates predict that online spending will exceed $400 billion per year by 2018. Ecommerce retailers seeking to capture a slice of this spending must be early predictors and adopters of trends before they sweep through culture, especially since each new trend seems to have a shorter life expectancy than the one that came before it.
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Doba's innovative platform allows retailers to better forecast their product assortments and identify supply risks early on. With the Doba marketplace, retailers can identify which popular items they want to sell, then export product listings to their online store. When a customer purchases from the store, the retailer buys the product from Doba. The marketplace connects suppliers with sellers, which allows them to nimbly continue offering what’s in demand. Best of all, the supplier ships the product directly to the customer.
Thanks to the Doba platform, our retailers adapt quickly to product trends. Because we have 180+ pre-built, true plug-and-play vendor connections, a retailer can onboard any products from those vendors almost instantly. Deploying in-demand products in time to maximize sales and doing so with minimal overhead is no longer a dream scenario: it’s the Doba reality.
To learn more about Doba’s tools for staying ahead of the curve, visit today!

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