Everything has changed throughout the advent of e-commerce. However, the resources and processes used to accurately predict e-commerce demand will improve your accuracy regardless of how you do business. Examine how you can increase efficiencies across all platforms even while future-proofing your business.
According to a new COVID-19 consumer sentiment survey, almost 3 out of 4 Americans said they’d have e-commerce/contactless delivery services and switch brands during the pandemic hit in 2020. Furthermore, retail market analysts expect that e-commerce will begin to gain popularity (a 10% year-over-year increase between 2021 and 2025), with e-commerce accounting for 17% of all global retail sales in 2021.
Request forecasting can be an essential part of the planning process. However, due to the unevenness of demand, data imbalance, and shifting consumer tastes, reliably forecasting customer demand can be – and sometimes is – extremely difficult for any organization. To face this continuing threat, the preparation organization’s human and digital capacities must be constantly revived.
Here are few tips for getting started on the path to forecasting excellence.
- Create a great supply chain network.
- Identify the products and customers that matter most to your business.
- Collect as much demand data as you can.
- Take note of your gross sales and return data.
- Collaborate with your collaborators.
- Utilize e-commerce to support traditional slow-movers.
- Utilize demand sensing to direct implementation strategies.
- Enhance forecasting capability for packaged solutions.
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