Plan for a Newly Launched Product
With Prediko, you are able to accurately Plan for the launch of new products.
Prediko leverages historical sales data and smart algorithms to provide actionable insights for managing stock levels, ensuring accurate planning even for new product launches.
Step 1
Add the Product in a DRAFT status on Shopify.
Assign the correct "Product Category" and "Product Type".
Important: Prediko syncs daily with Shopify. Your product appears inside Prediko the next morning. Or, you can also manually resync via Smart Modelp.
Step 2
Go to the Demand page and click on "Add plan"
What products can you "Launch"?
Product in "Draft" status inside Shopify with no prior Plan created.
Step 3
Select products you are launching and confirm the Launch Date. You can update in bulk or individually and then click Continue
Step 4
Confirm the split of SKUs within a product as a percentage. As this is a new product, we have no previous data and so rely on the inputted information to make a prediction. In the example below, if the was the prediction was the same for T-shirt M and T-shirt S, you would allocate 50% to each of the products. You can weight accordingly for all the different SKUs within a product.
New products often lack sufficient historical data, which can result in their exclusion from inventory plans or low reorder recommendations. Adjusting the plan's emphasis to focus on a shorter, more recent sales period can help capture demand for newer products.
Please note that if you are the first to place orders are generally overestimating, make sure to edit down predictions manually.
Products flagged as medium confidence typically have incomplete sales histories. To address this, confirm the available data by reviewing the "Last year" row in the product's sales data and ensure that at least 12 months of consistent sales data is available for accurate forecasting.
Calculate Smart Model for new launches
As well as input data, we also base the Smart Model predictions on the Category of the new SKU and analyse how similar products have performed in the same Category. Products with at least 12 months of consistent sales data are classified as high confidence, enabling accurate demand forecasts. If a product has gaps in its sales history, it may be flagged as medium confidence, which can affect prediction accuracy. For new products, the Smart Model predictions rely on the Category of the new SKU and analyze how similar products have performed in the same Category.
We also increase the Total Plan by the sales generated by a new Product.
Pro Tip: If you need to make edits to the product, update it manually the usual way.
Additionally, for already launched products, manually edit the plan to set expected sales numbers for upcoming months to ensure accurate inventory planning.
What if it is a new variant and not a new Product?
If you already have a live Product and are creating a new variant and don't want customers to see it on Shopify as Unavailable:
Create a DRAFT Product (can use the same name)
Add a Variant there with the correct Name
Raise PO on Prediko for Stock
Once Stock arrives add a variant to the original LIVE Product
Archive the DRAFT Product
Check "SKU mapping" on Prediko to make sure we are grabbing the correct inventory and use a Re-Plan button to calculate the Plan