Investing in forecasting studies and measuring ROI can help businesses remain relevant.
This article states with consumer behaviour rapidly changing amid COVID-19, retailers and brands must implement demand forecasting strategies to adapt to new behaviours efficiently. Marketers must conduct regular weekly forecasts, rather than annual forecasts, to create different scenarios and guide businesses during emergencies.
Brands must prioritise short-term forecasting and assess consumers’ demand and behaviour on a week-by-week basis to collect immediate tactical insights. Insights gathered from the assessments can help brands and retailers make critical decisions regarding inventory and productions.
Further, forecasting methodologies allows brands to envision different use cases like financial crisis and equips them with the right tools to manage them effectively. However, retailers must consider various metrics and market variables (channels, seasonal trends) relevant to their business to create accurate forecasting reports.
[5 minute read]