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Demand Forecasting 101: Everything eCommerce Businesses Need to Know

Ship Monk

For an eCommerce business owner, the answer is obvious: How the heck do I get a handle on my inventory management ?! We’re talking, of course, about demand forecasting, or the process of predicting customer demand for a product or service. The COVID-19 pandemic was a prominent example. #5 What is Demand Forecasting?

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What Does a 3PL Do?

Ship Monk

Learn All about Ecommerce Logistics and Fulfillment Of all the many things you do as an ecommerce brand owner, logistics and fulfillment are often afterthoughts — as in, let’s worry about that after the orders start coming in. Let’s take ShipMonk, for example, one of the fastest-growing 3PL fulfillment providers in the US.

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Key Takeaways from Oracle CloudWorld 2023

Logistics Viewpoints

And of course, Oracle with their investments in Cloud computing, Internet of Things technology, and artificial intelligence can be used to minimize inputs while increasing productivity. For example, an air conditioning manufacturer might sell not just the air conditioner but a yearly service agreement. Uber has an ecosystem.

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What is a Logistics Service Provider?

Ship Monk

Not all of those examples are exactly illustrious, but they do (for the most part) prove that two heads really are better than one. In the world of eCommerce, that proverb certainly holds true. But what is this mysterious entity in the eCommerce world? Skeptical about handing your eCommerce business to a bunch of strangers?

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What Does “Arrived at Carrier Facility” Mean?

Ship Monk

Of course, if you want more specifics you can always track the order using the tracking number you received when the order shipped. In the case of your eCommerce order, the shipping carrier might be FedEx, UPS, DHL, or USPS. That way, your eCommerce orders can sometimes avoid carrier facilities altogether. That’s easy.

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What Are Reorder Points and How to Calculate Them

Ship Monk

You’ve done the hard work of building your startup into a successful ecommerce business. The good news is that there’s an easy formula ecommerce businesses can use to calculate the optimum reorder point for each SKU in your product line. The last thing you want is to run out of your bestsellers, but how do you know when to order more?

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Importance of Social Proof in Ecommerce

Ship Monk

What can ecommerce businesses do to leverage this power? And when we feel uncertain, humans tend to look for examples of what others in our situation have done. That, in a nutshell, is why ecommerce businesses cannot afford to ignore the importance of social proof. Of course, sometimes following the herd can lead us astray.