ForecastRx is a targeted solution for intelligent inventory reordering. It forecasts the future demand for each of your products by feeding historical sales data into proven forecasting algorithms, taking into account growth trends, sales cycles, and product seasonality. The software applies custom restocking parameters, such as lead time, order interval, MOQ, and service level to let you know which items to order, in what quantity, and at what time. ForecastRx integrates seamlessly with Amazon Seller Central and QuickBooks, bringing the power of data science to businesses easily and affordably.
ForecastRx is presented by the director of data analytics Brendan Carbone.
Features and topics covered in this video:
00:40 What ForecastRx is and what problem does it solve for Amazon sellers
01:44 What kind of Amazon sellers ForecastRx is targeting?
02:33 What marketplaces are covered by the ForecastRx
03:01 How long does it take to pull initial information once the seller account is linked to the software?
03:49 Dashboard overview. Three sections: Receiving, Purchasing, Manage
04:51 “Purchasing” section – Suggested Purchase Orders section
05:24 Overview of the table columns when a particular vendor is chosen
05:40 Customizing the workplace: switching on and off various table columns
06:47 Major feature in purchasing – the item card activated by the “Details” icon on the purchase order screen
07:20 Item Card overview: Forecast Graph, Recent Historical Data, Future Projections, Sales History, Settings, Consolidate section
09:34 Creating a Purchase Order
11:31 Integrations with Amazon and QuickBooks
12:01 Custom Purchase Order field – creating your own PO
13:33 Custom PO columns are sortable and filterable
14:28 Exporting available items and items in PO to CSV file
15:03 Purchase Order wizzard and creator. Last edit of item quantities. Adding the Vendor address, editing prices. Shipping and Totals sections.
18:27 List of items, which violate MOQ and/or Lot Multiples
19:05 Preview Purchase Order and create PDF
19:26 Saved Purchase Order – possibility to view and edit.
19:40 Viewing PDF of Purchase Order
20:43 “Receiving” section – pulling data about items received by Amazon
22:01 Viewing details of received shipments by Amazon
22:54 Possibility to control if Amazon received all items shipped
23:30 Receiving by PO number
24:09 List of closed POs
24:29 “Manage” section overview: total items, total demand, total vendors, total supply, global defaults for lead time and service level, email notifications after sync and after forecast
25:12 Manage Items – loading all the items inside the ForecastRx
26:48 “Forecast” button at the top of the screen – what it does and when to use it
27:32 Hiding items from the forecast
29:12 Manage Vendors
29:44 Modify Item History
31:30 Copying Sales History
32:47 Final comments about the ForecastRx application
33:37 Pricing overview
34:33 Upcoming features:
- forecast on multiple levels
- enhanced, more accurate forecast
- more machine learning and artificial intelligence
- more business intelligence features
- replenishment portal for short term ordering
- more data integrations
- additional marketplaces
37:55 What is the best way to contact the support representatives of ForecastRx?
39:25 Offer: use coupon code DEMOMONDAY50 to get 50% off one month after 30-day free trial, or DEMOMONDAY15 to get 15% off your annual subscription.