Inventory & Forecasting Optimization For Perishable Goods

Challenges

A Series-A funded startup operating a marketplace for bulk buying and selling of leftover inventory faced significant challenges in managing perishable goods. The primary issue was predicting which goods were unlikely to sell before reaching their expiration dates. A major obstacle in this process was the lack of sufficient relevant data to make accurate forecasts.

Solutions

To address this challenge, we developed an advanced forecasting model that integrated several data sources, including historical sales data, our client’s forecasts, internal customer predictions, and product expiration dates. This model enabled our client to proactively discount products nearing expiration, enhancing their sales potential and reducing waste. Despite successful prototype development, the full deployment of the product encountered delays due to operational challenges related to COVID-19.

Results

Due to external factors, the final outcomes and full implementation impact are pending. However, the developed model has demonstrated the potential to significantly transform inventory management practices by predicting sales outcomes more accurately and reducing losses from unsold perishable goods.

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