With a continuation of Covid-19 and new political policies on the horizon, we’re likely in for an interesting year. But that doesn’t mean we need to be reactive. In fact, there are many proactive strategies we can take to make 2021 a positive and profitable year. Here are just a few.
Embrace Predictive Analytics
Even though you can’t perfectly predict all the buying habits and consumer behaviors you’ll see this year, you can effectively plan and prepare for the most likely scenarios using predictive analytics.
With predictive analytics, you can use purchase behaviors from the last few years (including consumer spending habits and channel popularity) to see what might occur this year. You can also break down inventory needs by location based on past holiday seasons and quarterly product demand. And you can review your customers’ preferred fulfillment methods to effectively plan and schedule carriers for package deliveries and new inventory purchases.