The Promise of Demand Forecasting and How to Achieve It
In this episode of Retaili$tic, Deborah Weinswig, CEO and Founder of Coresight Research, discusses the critical role of demand forecasting in grocery retail. She introduces the Coresight Research FRESH framework, which encapsulates how grocery retailers can win with fresh and prepared food while minimizing the impact of food waste. John Harmon, Associate Director of Technology Research, dives into the importance of technology in improving demand forecasting accuracy and explores the landscape of available solutions.
Retailistic · John Harmon, Deborah Weinswig
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Show Notes
Takeaways
- Accurate demand forecasting is crucial for retail success.
- Food waste is a significant issue, with one-third of food produced wasted.
- The FRESH framework focuses on food waste reduction and hunger curtailment.
- Dynamic pricing can help manage inventory and reduce waste.
- Retailers need to incorporate external data for better forecasting accuracy.
- Promotions and events significantly impact demand forecasting.
- Technology is transforming demand forecasting through AI (artificial intelligence) and machine learning.
- Retailers must adapt to changing consumer preferences and trends.
- Evaluating demand-forecasting solutions requires understanding market potential and innovation.
Chapters
00:00 The Importance of Demand Forecasting
07:03 The Fresh Framework for Food Waste Reduction
13:50 Advancements in Demand-Forecasting Technology
19:51 Evaluating Demand-Forecasting Solutions