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Understanding Your Customers: How AI and Market Knowledge Improve Retail Demand Forecasting

December 14, 2021

Via: RIS News

When the COVID-19 pandemic hit the world, retail supply chain executives came to the painful realization that traditional forecasting models based on historical sales data were insufficient in predicting sales and demand. As demand for many items fluctuated (dramatically decreasing for some and doubling or tripling for others), the traditional forecasting models that usually capture mostly seasonal fluctuations didn’t help to accurately predict demand. To better anticipate consumer needs, retailers need to shift their focus to more accurate short-term planning and consider the external data that can impact consumer demand.

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