Out-of-stock (OOS) events present a real conundrum to consumer goods companies when forecasting demand. On the one hand, you can’t simply ignore previous OOS events if you hope to prevent them in the future, but on the other hand, determining the “true demand” if out-of-stocks had not caused lost sales is a complex undertaking.Read Now >
As everyone in the consumer goods industry knows, demand forecasting is a demanding business. A serious attention to detail is required to achieve best-in-class accuracy levels.Read Now >
Consumer goods brands that are looking to grow in 2019 and beyond need to take a closer look at their retail analytics. Also sometimes referred to as Point-of-Sale analytics, the insight they provide is critical to keeping up with fast-changing consumer demand, as well as keeping up with retailers that are becoming increasingly sophisticated with their use of data.
According to McKinsey, many buyers already have a wealth of customer information from both offline and online channels at their fingertips. As a result, “no longer will it be enough to generate insights at the national, channel, or customer level on a weekly or monthly basis. Retailers will expect store-specific, real-time insights tailored to their strategic priorities.”Read Now >
Forecasting is the process of estimating future demand in order to help make better-informed business decisions today. Across consumer goods brands, teams use forecasts to more intelligently allocate resources, optimize inventory, and maximize revenue.
However, companies vary widely in their forecast accuracy. According to the Institute of Business Forecasting & Planning (IBF), the retail industry averages a 30% error rate when forecasting products one month in advance, and “Best-in-Class Forecast Errors” is even a term in the IBF glossary.Read Now >
In celebration of Valentine’s Day, today we’re focusing on the importance of evaluating usability when selecting a technology partner. In other words, how to best determine whether the intended users of a new tool will fall in love with it.
While this romantic vision may seem out of place in a business environment, listening to the needs of end users can save you time and money that would have otherwise been wasted on trial and error.Read Now >
Out-of-stocks is an age-old problem that continues to confound the consumer goods and retail industry. It translates to billions of dollars in lost sales each year, as well as being a drain on time and resources and dealing a blow to consumer brand loyalty.
In the past month, we’ve seen retailers rolling out a variety of in-store innovations to try to address this issue, from drones to robots to iPads. But how do these measure up against traditional solutions, and how can brand manufacturers benefit?Read Now >