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%.
