While working with a large client, the managing director is Conway MacKenzie, Harve Light learned that with 10% increase in forecast accuracy, profitability of more that $10 million can be seen. Another study found that retailers lost around $1.75 trillion because of overstocking and out-of-stock within a year.
All these major dents were made because of lack of demand forecasting in the world of retail. Demand forecasting can be described as practice of predicting which product and in what quantity would a customer like to purchase. It is typically done by utilizing historical data available. Moreover, external factors like weather, trends etc are also considered while forecasting a demand.
We bring you a chance to gain comprehensive knowledge and insights about this innovative technology. You can be a part of e-summit which will not only discuss demand forecasting in depth, but will also discuss about technologies like big data, mobile CRO etc.
Click here to register for the e-summit and join us on Aug 23rd from 07:30 – 08:30 PM (IST)
Please contact [email protected] for joining as speaker and any other queries
Kishore RajagopalFounder and CEO at NextOrbitDiscovered a sales improvement opportunity of 11% in the men’s category at a leading fashion retailer. Demand prediction algorithms were able to predict and score products as Out of stock at a leading store-pick company; this increased their GMV and loyalty.