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Why is demand forecasting a huge opportunity for retailers?
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This is To Affinity & Beyond; HyperFinity’s podcast about decision intelligence, data science and AI for retail.
This time, we’re exploring demand forecasting – a process that’s widely considered imperative to get right in order to run a successful retail business. Our host Peter Denby is joined by fellow co-founder and Chief Customer Officer Thomas Hill.
Resource one: Wikipedia’s definition of demand forecasting – https://en.wikipedia.org/wiki/Demand_forecasting
Resource two: a second definition of demand forecasting, by global fulfilment software ShipBob – https://www.shipbob.com/uk/blog/demand-forecasting/#what-is
Resource three: Amazon is using machine learning to forecast demand – https://www.forbes.com/sites/amazonwebservices/2021/12/03/predicting-the-future-of-demand-how-amazon-is-reinventing-forecasting-with-machine-learning/?sh=7c9c56b01b6b
Resource four: 2015 research by IHL Group found overstocks and out-of-stocks cost retailers across the globe $1.1 trillion in lost revenue – https://retailwire.com/discussion/retailers-suffer-the-high-cost-of-overstocks-and-out-of-stocks/
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