October 13, 2020

A Personalized 7-Day Sales Forecast? Yeah, We Do That

It’s hard to argue that there’s been a greater invention in the last 20 years than the 10-day weather forecast. Think about it: The ability to plan and pack so far out, with reasonable accuracy, has benefited hundreds of millions of people. You probably check it at least once a day. So, we wondered—what if you could give independent coffee shops that kind of tool? 

Sales forecasts used to just use historical data in an Excel sheet, but now Odeko merchants using Square as their POS have access to our Insights tab in their mobile ordering portal, which is a powerful tool to help you not just figure out what sales for the next seven days might look like for each of your locations, but to let you know where your sales stand in contrast to national sales data. 

This is the kind of Big Data tool that only Big Coffee had. Now, it’s yours. 

But how does this tool actually work? Gautam Singh, Senior Data Scientist at Odeko, is here to explain. 

What’s your role at Odeko?

As a Senior Data Scientist at Odeko, I develop models, analysis, and applications that leverage data to advance the capabilities of small businesses.

So, what can shops actually find in the Insights tab in the merchant portal?

Insights provides an opportunity to share the vast stores of data at Odeko with our small business partners in the form of actionable intelligence and metrics tailored specifically to the business.
For the first version of Insights, businesses will have direct access not only to their location specific predicted sales trends, but also a direct comparison of their actual sales to the national market.
This type of data has generally only been available to national and international big brand chains, but we are able to put these Insights into the hands of our partners so that they can have the same technological advantages as the big brands, especially during this period of uncertainty in a Pandemic- affected market.  

How are you calculating the 7-day forecast?

We employ state-of-the art Artificial Intelligence models to predict what the next several days will look like. Our models are informed by thousands of data points gathered from our partners, the market they are in, and the neighboring environment.

What’s this “National Market Comparison”?

The National Market Comparison gives a business the opportunity to see how their sales are trending compared to the rest of the market. For the first time, a small business can view this comparison every day, and gain a deeper understanding of their performance. For example, coffee shops are averaging at 45% of their pre-Covid levels. 

What are you working on right now?

We have a slew of features planned that will let our partners access the same intelligence as the corporate brands. We want to empower them with Insights into their products, their customers, and their suppliers. Stay tuned!

Odeko offers coffee shops a complete mobile ordering platform with mobile ordering for pick-up and curb-side orders, contact-less payment, and the lowest fees with no contract only with Odeko. And our rewards program– really nice. Our mobile ordering app is built for independent coffee shops, integrates into your workflow and is priced to grow your business. Get started with Odeko mobile ordering today.

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