Industry

Retail & CPG - Demand forecasting.

Retail and CPG industries are relying more on demand forecasting now because it has become vital to their growth and survival.
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Retail & CPG - Demand forecasting

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Retail and CPG industries are relying more on demand forecasting now because it has become vital to their growth and survival.

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With demand forecasting, you can make a statistical prediction of what and when consumers are likely to make a product purchase at a particular price range and within a specific time frame.

In fact, the retailers started with the wrong question while forecasting:

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"How much do I need to sell?" But the correct question to ask is, "What is the true customer demand for all of our products?" For example, if some of your brand's products have the potential to go viral, you must ensure that they are in stock and ready to sell.

What Fornax does is that we help these companies understand the trends that are going on and, based on that, decide on how much to manufacture and keep in inventory. By collecting all the necessary information, we convert that into actionable insights in terms of how much you need to manufacture. So, we drill down to the factors that affect the demand forecasting of retailers and the CPG industry.

We Mainly Take Into Account Four Factors, Such As:

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  • What is the sentiment that pulls customers towards this product?
  • How effective is your spending towards marketing works?
  • What are the historic orders at different levels of granularity—monthly, weekly, daily, or even hourly?
  • How can customer behavioral patterns influence demand forecasting?
  • How much did the impact of the technological achievement of this process?

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Since demand is a dynamic concept, several factors and sub-factors can affect the forecasting process. However, along with this data, achieving this level of SKU prediction can be done accurately with a data analytics approach to demand forecasting.

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