RETAIL SALES FORECASTING : CONCEPT AND ISSUES
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RETAIL SALES FORECASTING : CONCEPT AND ISSUES
By Pritam DasRoll- 12DM006Sec-A
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RETAIL SALES FORECASTING
This is a method of analyzing the future trends in a retail outlet depending upon the historic data of the outlet.
Its purpose is to as accurately, as possible to predict what quantity of goods will be sold .
A forecast works as a management control system .
Forecasts are one instrument for management as they attempt to decrease the role of chance when dealing with its environment.
The sales forecast sets a believed future sales volume, which gives indicators to the purchasing, the production, the logistical, the financial and the marketing function of an organization.
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A sales forecast is usually made for a specific period of
time, this may be weeks or a season or a year.
The person who is to make forecasts for the product
group or category needs to be aware of --
>>The changes in tastes and attitudes of consumers
>>The size of the target market
>>And the changes in their spending pattern
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1 • Reviewing past sales
2 • Analyzing the changes in economic conditions
3 • Analyzing the changes in the sales potential
4• Analyzing the changes in the
marketing strategies of the retail organization and the competition
5 • Creating the sales forecast
PROCESS OF RETAIL SALE FORECAST
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ISSUES EFFECTING REATIL SALES FORECASTING
Trends- In the retail industry which is in focus in this essay trends and seasonality are of huge importance when it comes to forecasting sales.
Weather- Weather is an unpredictable variable but still very important for the retail industry.
Calendar effect- The calendar effect involves when public holidays appear throughout the year and what effect it has on sales dependent on what day of the week it occurs.
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