#185 Predicting an unpredictable holiday season with demand sensing
Retail Gets Real · with Kurt Staelens and Paul Leinwand · September 8, 2020 · 30 min
Summary
To navigate the uncertainties of the upcoming holiday season, retailers must adopt demand sensing. This episode explains how leveraging real-time supply chain data can significantly improve demand forecasting, optimize inventory management, and boost sales, offering a crucial strategy for adapting to rapidly changing consumer behaviors.
Key takeaways
Implement demand sensing technologies to analyze real-time supply chain data for more accurate trend prediction and inventory optimization.
Prioritize agile inventory management strategies to avoid both stockouts and overstocking, especially during peak seasons like the holidays.
Utilize predictive analytics to understand evolving consumer needs and behaviors, allowing for proactive adjustments in production and merchandising.
Develop a robust data analysis framework to translate real-time supply chain information into actionable insights for sales and operational improvements.
The approaching holiday season will look very different for many retailers this year as the coronavirus upends and accelerates the retail industry. At a time when so many things are uncertain, understanding the rapidly changing needs of consumers is paramount in helping supply chain leaders better forecast demand and effectively manage inventory. That’s why retailers should be leveraging demand sensing, which uses supply chain information in real time to more accurately predict trends that will improve sales, make production more effective, and optimize inventory. Two experts from PwC, Kurt Staelens and Paul Leinwand, share how retailers are using demand sensing to reveal patterns that better predict behavior and what retailers can be doing right now to prepare for the busy holiday season ahead. Learn more at retailgetsreal.com.
What does this episode say about supply chain & operations?
Implement demand sensing technologies to analyze real-time supply chain data for more accurate trend prediction and inventory optimization.
What does this episode say about analytics & attribution?
Prioritize agile inventory management strategies to avoid both stockouts and overstocking, especially during peak seasons like the holidays.
What does this episode say about retail & omnichannel?
Utilize predictive analytics to understand evolving consumer needs and behaviors, allowing for proactive adjustments in production and merchandising.
What does this episode say about supply chain & operations?
Develop a robust data analysis framework to translate real-time supply chain information into actionable insights for sales and operational improvements.
