It's important to get an accurate inventory forecast for the whole year. Such forecasts help in reducing the risk of overstocking or understocking.
Having an accurate inventory forecast for the whole year is key for all D2C ecommerce brands. Forecasts drive important decisions like inventory purchasing, marketing spend, finances
At Prediko, have tried and tested a lot of inventory forecasting apps for Shopify. We have gone through the options and narrowed it down to Top 10 for 2024. Please note that some of these software are also Shopify apps and available on the Shopify App Store.
Prediko's software caters to both SMBs as well as large businesses and brands to accurately predict demand. That’s why we have kept ourselves at the top of the software list.
Highly Rated Software for Inventory Forecasting (as per reviews)
1. Prediko’s AI Inventory Management App
5.0 ⭐ (50+ Reviews on Shopify Store)
Features that make Prediko better than other inventory forecasting software in the market
- An AI-powered software that accurately predicts future demand for your products based on historical data and trends.
- The visual representation of sales data over time allows for easy identification of trends and patterns, ensuring that inventory decisions are based on solid data rather than guess work model factors in a lot of inputs and has very high forecast accuracy.
- Helps prevent stockouts and overstocking with precise inventory predictions
- Set different lead times for each product or supplier to account for variations in shipping and production.
- Download reports of your forecasts and demand plan based on historical data
- Get low stock alerts and tie them to your inventory forecast. Receive notifications when inventory falls below a specified threshold.
- Intuitive design for easy plan configuration, data review and has inbuilt inventory tracking
Pricing
Prediko's starter plan starts from $119/month. It's a revenue based pricing model that includes all core features and includes onboarding and support.
Quick Overview of Inventory Forecasting Software
2. Bee Low Stock Alert & Forecast
This software helps you to calculate reorder quantities and forecast inventory for the rest of the year.
Main features of this software
- Create scheduled alerts when your inventory forecast falls down below the threshold.
- Get sales and inventory forecast reports with export functionality
- Our forecasting module also takes into account the sales velocity of the product.
Pricing
There are a couple of plans that are offered by Bee Low Stock Alert & Forecast - Free, Professional ($5.99/month), Advanced ($11.99/month) and Enterprise Plan ($39.99/month)
3. Inventory Forecasting Hero
This inventory forecasting solution helps you to forecast your inventory well ahead of time.
Main features of this software
- Save time and money by streamlining the forecasting process.
- Maximize profits & minimize waste by always having the right forecast
- Get reorder quantities and deadlines for each product
Pricing
Inventory Forecasting has two plans to choose from: Early Starters and Forecasting that starts from $24.99/month
4. Stockbot Inventory Forecasting
Forecast your customer demand and get your reorder quantities. Also set low stock alerts.
Main features of this software
- Identify slow-moving products, allowing you to make decisions on whether to continue stocking them or adjust your inventory strategy
- Prevent dead stock and tie up capital in overstocking by accurately forecasting replenishment quantities
- Avoid the hassle of manual calculations
Pricing
Stockbot Inventory Forecasting offers multiple plans: Free, $9/month and Forecast + Alert at $25/month.
5. Monocle AI inventory forecasts
Revolutionise eCommerce with AI: Save time, cut costs, boost sales.
Main features of this software
- Use forecasting to tap into emerging opportunities and optimize their average order value
- Data-driven forecasts enable businesses to make decisions about safety stock
- Eliminate the need for manual forecasting and saving valuable employee hours
Pricing
Monocle AI inventory forecasts offers multiple plans- $47/month, $67/month and $89/month.
Here is a list of top inventory management apps & software for Shopify in 2024
6. Cogsy
This inventory forecasting app helps you with demand planning for whole of the year
Main features of this software
- This inventory forecasting software is tech stack agnostic. This software integrates with the ops tools you’re already using
- This software helps brands and businesses to bring inventory forecasts and operations into clear view
- Cogsy’s inventory forecasting helps you to achieve greater agility, alignment, and control throughout your brand.
Compare both Inventory Planner and Cogsy - See which one is better.
Pricing
Cogsy offers two plans - One plan is $49/month and the other one is $199/month.
7. Bucey AI Inventory Forecast
Main Features of this software
- Achieve better stocking decisions with data-drven sales & forecasts.
- Free up capital by optimizing slow-moving items & safety stock through capital optimization
- Spot and leverage emerging market trends before competitors.
Pricing
Bucey AI Inventory Forecast pricing starts from $20/month.
8. Logistified Inventory Forecast
Main Features of this software
- Predict out-of-stock dates to ensure you never miss a sale due to stock shortages.
- Calculate the precise quantities needed for restocking using forecast models.
- Seamlessly monitor your software in real-time for accurate forecasting.
Pricing
Logistified Inventory Forecast only offers a free plan.
9. Sensible Inventory Forecasting
Main Features of the software:
- Good forecasting ensures products don't run out of stock.
- Quantity suggestions based on past sales data.
- Add multiple suppliers for a single product.
Pricing
The pricing starts from $29/month.
10. Sumtracker Inventory
Main features of this software
- Keep inventory in sync across Shopify, Amazon, Walmart, eBay, Etsy and other platforms
- Auto-update bundles inventory based on the componenets
- Automate purchase orders, manage incoming stock and receive stock partially.
Pricing
The different plans for SumTracker range from $49/month, $99/month, $199/month and $299/month.
Frequently asked questions related to Inventory Forecasting Software
1. Why need a forecasting software other than inbuilt inventory management within an eCommerce platform like Shopify?
While eCommerce platform and inbuilt inventory management provides basic functionality, a dedicated forecasting software offers advanced features like AI-powered demand prediction, automated reorder quantity calculation, and low stock levels alerts. These software help optimize stock levels, reduce stockouts, and improve overall operational efficiency.
2. What is an inventory forecasting software such as Prediko?
An inventory forecasting software is a tool designed to predict future inventory levels based on historical sales data, trends, and market analysis. It helps store owners manage stock levels more effectively, ensuring they always have the right amount of inventory on hand to meet customer demand.
3. What kind of customization options are available in these inventory forecasting software?
Customization options may include personalized alert settings, tailored demand forecasting models based on specific business needs, adjustable reorder points, and the ability to customize reports and dashboards to highlight the most relevant metrics for your business.
4. Do inventory forecasting software support international businesses and multiple currencies?
Yes, many inventory forecasting software support international businesses by offering multi-currency options, language support, and the ability to manage inventory levels across multiple locations and regions.
5. How frequently should I update my inventory data in these software?
Inventory data should ideally be updated in real-time or at least daily to ensure the most accurate demand forecasting and inventory management. Many software solutions offer automatic synchronization with your Shopify store to keep data up-to-date.
6. What are the benefits of using a paid inventory forecasting software over a free one?
Paid inventory forecasting software typically offer more advanced features, better customer support, and more reliable performance. They often include AI-driven analytics, detailed reporting, customization options, and integrations with other business tools, which free versions may lack. This can significantly enhance your demand planning and optimize stock levels.
7. Are there any inventory forecasting software that offer real-time analytics and reporting?
Yes, many inventory forecasting software, including Prediko's AI Inventory Management App, offer real-time analytics and reporting, providing up-to-date insights into inventory levels, sales trends, and demand forecasts.
8. Can these software integrate with other tools like accounting software and ERP systems?
Yes, most advanced inventory forecasting software can integrate with various other business tools, such as accounting software, ERP systems, and other eCommerce platforms, to streamline operations and provide a unified view of business performance. This helps in demand planning and managing supply chain efficiently.
