Ending Soon! Save 33% on All Access

What is the best way to predict how much you will sell on the internet?

By Lena West

Opinions expressed by Entrepreneur contributors are their own.

I already have a physical store. I am expanding my website. I also need to buy merchandise to be able to fulfil orders. I don't want to buy to much so I have a ton left over. What are your bet ideas for this problem? Where can I go to get stats and more information?

Good for you for wanting to manage your inventory wisely before you even start your online store. It's a good thing to keep in mind. Unfortunately, there really is no way to predict how much your online store will sell and your off-line sales aren't really a good gauge either. The best way to handle this kind of scenario is to:

1) Examine your competition. Try to figure out their revenue or units sold and then base your figures on whether you have more or less brand recognition than them--or if your company will be doing more marketing.

2) Instead of making projections, set goals. Set a goal of selling X amount of your product and use that as your barometer when planning. If you meet your goal, GREAT--order more product.

3) Manage your supply chain effectively. Develop good relations with your vendors and suppliers so that if you need an emergency shipment, they can get your products to you quickly and avoid a drain on your inventory.

Follow these tips and you'll stay in good shape. After the first quarter, you'll be better able to predict what your inventory usage and sales will be so that you can order effectively. And, if you ever order, you can always have a sale as a last resort. It's not ideal, but it works in a pinch.

Good luck!

Lena West is the CEO and Chief Strategist of xynoMedia Technology, a New York-based firm that helps high-growth companies leverage the power of social media, blogs, podcasts and online communities.

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Science & Technology

Make Music from Prompts with This AI Subscription, Just $50

This AI music generator promises to take you from prompt to song in just a few seconds.

Business News

Scarlett Johansson 'Shocked' That OpenAI Used a Voice 'So Eerily Similar' to Hers After Already Telling the Company 'No'

Johansson asked OpenAI how they created the AI voice that her "closest friends and news outlets could not tell the difference."

Starting a Business

How to Start an Event Planning Business: Your Comprehensive Guide

Not sure how to become an event planner? Use this step-by-step guide to launch your event planning business from scratch.

Business News

Now that OpenAI's Superalignment Team Has Been Disbanded, Who's Preventing AI from Going Rogue?

We spoke to an AI expert who says safety and innovation are not separate things that must be balanced; they go hand in hand.

Employee Experience & Recruiting

Beyond the Great Resignation — How to Attract Freelancers and Independent Talent Back to Traditional Work

Discussing the recent workplace exit of employees in search of more meaningful work and ways companies can attract that talent back.

Franchise

What Franchising Can Teach The NFL About The Impact of Private Equity

The NFL is smart to take a thoughtful approach before approving institutional capital's investment in teams.