Question

What are benefits of demand forecasting in modern retail industry?
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Answer 1

Benefits of Accurate Demand Forecasting in Retail :

Increased sales from better product availability. Reduced spoilage and fresher, more appealing products through more accurate stock allocation. Increased inventory turnover through reduced need for safety stock. Better margins through proactive, optimized markdowns.

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Answer 2

Answer:

Demand forecasting in retail is the act of using data and insights to predict how much of a specific product or service customers will want to purchase during a defined time period.This method or predictive analytics helps retailers understand how much stock to have on hand at a given time.