Leveraging the ForecxtIQ AI for product classification on your Shopify platform offers significant advantages in optimizing business operations and maximizing profitability. By categorizing inventory into ABC classifications based on key metrics, merchants can prioritize their focus on the most critical products.
Benefits of ABC Classification:
Enhanced Focus on High-Value Items:
Identify high-value items with significant revenue or fast turnover as ‘A’ category products. This classification prompts merchants to ensure their availability and visibility, maximizing sales potential.Resource Optimization for Lower-Performing Products:
Lower-performing items can be classified as ‘C’ category products, allowing merchants to optimize, discount, or phase them out to allocate resources more effectively.
Steps to View Product Classification in ForecxtIQ:
1. Access the Products Menu:
Navigate to the Products section from the left-hand navigation menu in your ForecxtIQ dashboard.
2. Open the Product Dashboard:
A product dashboard will appear on the right side of the screen, displaying your inventory.
3. Click on View Classification:
Locate and click on the View Classification button to access the product classification options.
4. Review Product Classifications:
A dialog box will appear, allowing you to see how your products are categorized based on the ABC classification system.
By effectively using the ForecxtIQ AI to classify your products, you can streamline your inventory management processes, prioritize critical items, and enhance overall profitability in your Shopify store.