The holiday season is retail’s biggest event, bringing both incredible opportunities and challenges. The National Retail Federation predicts that individuals will spend on average $902 each on gifts, food, decorations, and other seasonal items during the holiday shopping season. That’s about $25 per person higher than last year. For retailers, demand surge, pressure to deliver exceptional customer experiences, and the need for precise holiday inventory management during the holiday shopping season can be overwhelming. 

But you don’t have to end up out in the cold this year. With the right tools, you can stay ahead of the game and make data-driven decisions that optimize your operations. Here’s how you can leverage Excel and Power BI with the help of ExtendInsights NetSuite integration to perfect your holiday inventory management strategy.

Preparing for the Rush: Forecasting and Inventory Optimization

Forecast Demand with Historical Data
One of the most important steps for the holiday shopping season is accurately forecasting demand. You can leverage historical sales data to predict which products will be the most popular and when to expect spikes in demand.

• In Excel: Import historical sales data from NetSuite using ExtendInsights. Using Pivot Tables, analyze product performance by category, region, and time. Identify seasonal trends, high-demand products, and peak sales times.
• In Power BI: Create visual dashboards to track trends in real-time. Use Power BI’s forecasting tools to predict sales spikes, ensuring you have adequate stock levels for the most in-demand items.

Optimize Inventory Levels
Keeping track of your current inventory and adjusting stock levels is crucial for maintaining a balance between stockouts and overstocking.

• Pull Inventory Data: Download your current stock levels from NetSuite into Excel using ExtendInsights. Include key fields like SKU, reorder points, and lead times.
• Analyze Slow-Moving Products: In Excel, use formulas to identify products with low turnover. Highlight slow-moving items and mark them for possible discounts or removal from promotions.
• Update Reorder Points: Based on your forecast, adjust reorder levels to ensure you can meet demand. Bulk upload these changes back into NetSuite instantly via ExtendInsights.

Managing Orders During the Holidays

Real-Time Tracking with Excel and ExtendInsights
During the holiday rush, real-time inventory management is essential. You need up-to-date data to make quick decisions about restocking, transferring inventory, and fulfilling orders.

• Sync Data Automatically: Set up automated downloads of holiday inventory data from NetSuite to Excel through ExtendInsights. This ensures you always have the latest information on product availability.
• Monitor Sales and Stock Levels: Power BI’s real-time dashboards allow you to track sales velocity, inventory levels, and regional demand shifts. Use this data to quickly identify any issues and take action, such as restocking popular items or adjusting promotions.

Processing Bulk Orders
The holidays often require handling a large volume of orders in a short period of time. Streamlining this process is key to maintaining order accuracy and speed.

• Prepare Sales Order Templates in Excel: Pre-validated templates make it easy to input orders quickly. Include columns for SKU, quantity, price, and shipping details.
• Upload to NetSuite with ExtendInsights: Using ExtendInsights, bulk upload sales orders directly into NetSuite, ensuring error-free data entry and quicker processing times.

Post-Event: Recovery and Analysis

Efficient Returns Management
Just because you make it to January doesn’t mean the holiday craze is over. Returns are inevitable after the holidays, so it’s essential to manage them efficiently to minimize disruptions.

• Create a Returns Template in Excel: Organize returns data with templates that include SKU, item condition, reason for return, and refund status.
• Upload Returns with ExtendInsights: Set up a bulk upload process for returns, ensuring seamless integration with NetSuite to keep your inventory levels accurate.

Analyze Sales Performance
Once the holiday season is over, it’s time to reflect on your performance and gain insights that can help you improve future events.

• Generate Reports in Power BI: Use Power BI to analyze key metrics, such as sales performance by product, region, and customer. Look for trends in order fulfillment, stockouts, and return rates.
• Identify Areas for Improvement: Use these insights to refine your holiday inventory management strategies, improve forecasting models, and make adjustments to your supply chain.

Streamlining Your Holiday Inventory Management Strategy

The holiday shopping season doesn’t have to be overwhelming. By using Excel, ExtendInsights, and Power BI in tandem, you can streamline your holiday inventory management, forecast demand accurately, and make data-driven decisions that keep your operations running smoothly.

Leverage the power of these tools to not only survive the holiday shopping madness but to thrive during one of the most important retail events of the year. Start preparing now and ensure your inventory management strategy is ready for the surge in demand.

Not using ExtendInsights yet? We’ve got you covered. Give it a try for free for two weeks, no credit card required.