Forecasting Based on True Demand:
One of the biggest challenges retailers experience with forecast accuracy is that their current demand planning systems and forecasting methods rely heavily on historical data. The truth is that past sales present a very misleading picture of what your past demand was. For example, you may have not sold to your full potential in the past because you ran out of stock, or perhaps you’ve artificially inflated demand with a promotion or a price change that will not happen this year. There are many things that change year over year. New versions/styles/models of products, different overall assortment, moving holidays, new stores, different vendor costs, and much more.
By forecasting future demand based on past sales, retailers are setting themselves up to repeat past mistakes and lost opportunities into the future. Retalon offers a unique ability to identify true past demand and lost sales in order to build a much more accurate picture of what future demand will look like.
Demand Forecasting Software Tailored Specifically for Retail:
Retail is a highly dynamic industry with many diverse verticals, supply chain planning approaches, and operational processes. Relying on general ‘data analytics or AI’ firms that don’t specialize in retail often results in lower forecast accuracy, increased exceptions, and the inability to account for critical factors and nuances that influence customer demand for a retail organization.
Retalon is the world’s 1st unified predictive analytics and AI platform that was exclusively designed for the retail industry. We empower retailers to forecast demand with superior accuracy because we live and breathe retail. We provide business-specific solutions that were designed for real-life retail business scenarios. Here’s just a sample list of key influencing factors our forecasts account for: