Demand Forecasting Retail-Best Practices
Demand forecasting retail is one of the toughest jobs. One has to look into the existing market data, store performance, marketing performance, the changing patterns of the target market and more to be able to predict consumer behavior and demand - even if it is for a single product line.
Having to look into so much of data to make business decisions is obviously prone to a lot of errors.
Most times people who work on demand forecasting are not able to tie all data points together. This results in them making predictions that are sometimes correct, but mostly inaccurate.
Right from obsolete stock to an inventory that is too low, the retail business faces losses across various sales channels during promotions due to the slightest of inaccuracy in demand forecasting.
That’s why in this post we’re talking all about demand forecasting retail and the best practices to follow to increase margins while decreasing your cost of inventory.