LONDON--(BUSINESS WIRE)--Quantzig, a global data analytics and advisory firm, that delivers actionable analytics solutions to resolve complex business problems has announced the completion of its recent article that examines the top trends impacting demand forecasting in retail.
Key takeaways:
- Accurate demand forecasting provides businesses with valuable information about their market potential
- Automated demand planning applications can forecast future demand and add value to the business flawlessly
Our AI-driven retail demand forecasting dashboard help stakeholders gather insights on product demand and plan their promotions with data-backed strategies that ensure increased sales, revenue, and profits. Request a FREE proposal for customized insights.
Demand forecasting in retail plays a crucial role in production planning, inventory management, and capacity optimization. Accurate demand forecasting provides retailers with valuable information about their potential in the current market to make informed decisions on pricing, market potential, and business growth strategies. The retail industry simply can’t survive without demand forecasting as they risk making poor decisions about their products and inventory, which might result in lost opportunities. So what trends are catching up in the retail industry with regards to demand forecasting? Our experts offer detailed insights in our recent article.
Demand forecasting in retail is undeniably one of the toughest and most crucial tasks. Speak to our experts to learn how we can help you simplify the processes associated with forecasting demand in retail industry.
According to Quantzig’s demand forecasting experts, “Demand forecasting is especially important in the retail industry because it leads to lower inventory costs, faster cash turnover cycles, quicker response to trends, and better margins.”
Retail Demand Forecasting Trends
1: Rising popularity of bottom-up forecasting
2: Process automation
3: Focus on forecast quality
4: Fresh view towards long-tail items
5: Repositioning the returned goods
Demand forecasting dashboards give businesses the ability to use historical data on markets to help plan for future trends. Book a FREE Demo.
Demand forecasting is a segment of advanced predictive analytics that leverages data to understand and predict customer demand. These insights help retailers to make informed decisions about product planning, inventory management, and stock optimization. While there are many demand forecasting methods that help retailers maximize business value, not all lead to timely forecasts and an increase in sales. Instead, they eat into their resources and jeopardize the entire demand forecasting system resulting in a catastrophic effect. Read the complete article for detailed insights: https://bit.ly/3097UxY
About Quantzig
Quantzig is a global analytics and advisory firm with offices in the US, UK, Canada, China, and India. For more than 15 years, we have assisted our clients across the globe with end-to-end data modeling capabilities to leverage analytics for prudent decision making. Today, our firm consists of 120+ clients, including 45 Fortune 500 companies. For more information on our engagement policies and pricing plans, visit: https://www.quantzig.com/request-for-proposal
