Data science and business have become a perfect duo from the time of AI’s inception. With the rise of natural language processing, computer vision and other AI technologies innovations, market players have received powerful instruments to build products that transform industries, change the way we do business and approach...
Goods Demand Forecasting
Software Solution for Demand Forecasting
What is?
Goods Demand Forecasting is an effective data science solution for retail and e-commerce companies. It helps keep track of goods and predict future sales based on historical data.
Challenge
One of the largest U.S.retailers was looking for a solution to analyze and predict demand for certain products across the country. So they came to us with such a request:
- to develop a software system that could predict future demand for certain goods;
- the software should predict when (exact date) and how customers would behave;
- should determine the quantity of goods to satisfy the demand of customers.
Solution
To meet the needs of our customers, it took us only 7 weeks to develop a goods demand forecasting system that:
- is based on data science and machine learning;
- has a forecasting model based on historical data for different types of goods;
- provides analysis and forecasts for future sales;
- makes predictions with 91% accuracy.
Impact
Using our goods demand forecasting solution, the retailer:
- has achieved their business goals
- is able to keep the right number of goods in stock for sale;
- improved his revenue by 34%;
- improved its storage capacity by 65%.
More Cases
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