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%.

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