How should I handle new product introductions?
When you have a new item or an item with little or no sales history, we recommend utilizing ForecastRx's copy sales history feature for these purposes:
- If there is a product that you believe the new product will sell similarly to
- Introducing a new version of a product to replace the existing one. For example, a new model of a camera.
- Introducing a new variation of a current product. For example, a new color or size option for a shirt.
Copy Sales History allows you to duplicate the sales history of one item into another.
To copy the sales history of an item, select "Advanced" under "Manage Company" on the left panel, and then "Edit Item History"
From here, find the item in question and select " the "copy" option:
From here, you can select the source item that you want to copy the history of.
Then you have the option to make additional changes to sales history and confirm the request to copy history.
*If the new item has any sales history, copy history will override this data. To keep the forecast as accurate as possible we recommend you adjust the grid below and enter in the true sales history where applicable.
*Note: This function will create artificial sales history for the new item. The forecast will become more reliable as authentic sales data populates over time.