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Retail Forecasting — The Value of the Crystal Ball

Publisher IDC
Published Mar 27, 2023
Length 16 Pages
SKU # IDC17840647

Description

Retail Forecasting — The Value of the Crystal Ball

This IDC Perspective puts the essential function of demand forecasting on display because it is the foundation for the basic role of retail merchandising. The value of demand forecasting has been growing dramatically across the past few years in retail. Forecasts and predicting the future now drive retail planning across finances, supply chain, inventory management, procurement, pricing, and more. But what is it really worth to the retail merchant, and more importantly, what has been changing that will be making forecasts a crucial part of retailing in the future?"Demand forecasting in retail, once thought to be a mature space, is now undergoing dramatic change. More importantly, predicting the future has become more critical, more accurate, and more of an essential differentiator for the modern retailer," says Ananda Chakravarty, VP of research, Merchandising and Marketing Analytics, IDC Retail Insights.

Please Note: Extended description available upon request.

Table of Contents

16 Pages
Executive Snapshot
Situation Overview
The Core of Demand Forecasting Is Predicting the Future
Modeling Demand Is Fitting Data to a Mathematical Equation
Modeling Granularity and Depth Varies Across Scenarios
Time Horizons Also Vary and Influence Forecast Output
Empirical Models — Time Series and Regression
Survey-Based Models Look Ahead
Demand Sensing
Demand Shaping
Value of the Crystal Ball
Matching Supply and Demand
Excess Inventory
Scarce Inventory
Holistic Multifunctional Advantages
Challenges
Promotional Forecasting
New Product Introductions
End of Life/Delisting
Data
Efficiency
Accuracy
Predictability
Explainability
Outcomes
Future Vision for Retail Forecasting
Advice for the Technology Buyer
Learn More
Related Research
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