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What is demand forecasting in Retail

What is demand forecasting in Retail Defining Demand Forecasting Demand forecasting as the term suggests is predicting the need for a product in the near future. Take a simple example - “World petrol demand likely to peak by 2030 as electric car sales rise” as said by The Guardian about two years ago. This simpl...

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Forecast new product success scientifically

Forecast new product success scientifically A new product is launched in the market to reduce the inflation cost of production by making improvements on existing products, targeted to the current market needs. New products are launched by introducing area-specific changes to extend the market space. New Products ...

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A use case for what-if tool - Long horizon forecasting example

A use case for what-if tool - Long horizon forecasting example The need for long-horizon forecasting Long-horizon forecasting involves predicting a situation 1.5-2 years in advance. Some businesses need such horizons for procurement of raw materials, ensuring the availability of staff and labour to meet demand an...

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The impact of COVID-19 on the retail industry

COVID-19 impact on the retail industry While COVID-19 spreads globally, the retail industry braces for the outbreak’s fallout. From the slowdown in sales at the moment to not being able to move inventory and an increase in demand from the consumer market, here’s everything you need to know about the impact of the ...

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Factors to keep in mind while Forecasting

Factors to keep in mind while Forecasting A famous quote coined by Paul Saffo, a consultant associate professor at Stanford University who has been a technology forecaster for more than 35 years now, says that- “The goal of forecasting is not to predict the future but to tell you what you need to know to take mean...

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Inventory rebalancing - Part 2

Inventory rebalancing - Part 2 In part 1, we built a crucial foundation to understand problem of inventory imbalance. Here, in part 2, we will dig deeper into the solution to the presented problem and how we can implement the presented solution in practice with a set of business constraints. Outline How can we s...

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