Plan your inventory accordingly for end-of-year sales

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Example: If a clothing store expects to generate $25,000 in sales in November, it might set a sales target of $8,000 for shoes (assuming that shoes typically make up a third of its sales).

Tip: When creating a sales forecast by category, it’s important to look at how your sales have changed over the past few years for that specific category. Additionally, you’ll want to consider how changing trends and seasons may affect each of these categories.



Forecasting stock levels
After you have established a sales forecast by product category for November and December, you need to decide how much inventory to purchase to meet your sales goals. When planning, you should always know the amount of capital tied up in inventory and focus on the ideal amount of inventory to fuel your sales.

After determining your sales goals for this season, you need to look at some purchasing and inventory planning metrics:

Stock rotation
Inventory turnover is a statistical value that represents the time it takes to stock the store, sell and replace products, during a predetermined period. To calculate your inventory turnover rate, use this formula:





Why measure inventory turnover?
Inventory turnover helps you determine your optimal inventory levels. If this rate is too low, it means that you are not selling your stock quickly enough, with the risk inherent in any slow and aging inventory.

Conversely, if your inventory turnover is too fast (if you sell an student data item more than four times a year), it means you are not purchasing enough inventory and cannot meet customer demand.



How to improve inventory turnover
It depends on whether your rate is too low or too high. If it’s low, you should avoid overordering. If it’s too high, you have the exact opposite problem. To solve both, you can implement reorder points in your POS system. They will ensure that your inventory remains at the most optimal level for your business.



Concretely this gives…
After digging a little deeper, you see that you sell $15,000 worth of shoes per month. Shoes make up 50% of your monthly sales and are your best-selling product category by far. You need to invest $15,000 of your inventory budget into shoes to meet customer demand.

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