target audience: TECH BUYER Publication date: Mar 2023 - Document type: IDC Perspective - Doc Document number: # US49315523
Retail Forecasting — The Value of the Crystal Ball
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Abstract
This IDC Perspective puts the essential function of demand forecasting on display because it is the foundation for the basic role of retail merchandising. The value of demand forecasting has been growing dramatically across the past few years in retail. Forecasts and predicting the future now drive retail planning across finances, supply chain, inventory management, procurement, pricing, and more. But what is it really worth to the retail merchant, and more importantly, what has been changing that will be making forecasts a crucial part of retailing in the future?
"Demand forecasting in retail, once thought to be a mature space, is now undergoing dramatic change. More importantly, predicting the future has become more critical, more accurate, and more of an essential differentiator for the modern retailer," says Ananda Chakravarty, VP of research, Merchandising and Marketing Analytics, IDC Retail Insights.