Business Forecasting Principles: 06. Forecasting in Retail

In this educational video in the series of "Business Forecasting Principles", Dr. Stephan Kolassa discusses how forecasting is done in retail, outlining the main challenges and some solutions. *Content of the video* 00:00 - Introduction 00:45 - Why does a retailer need a forecast? 01:35 - Seasonal patterns in retail sales 03:40 - Price changes and promotions 10:05 - Changes in variability of sales 12:48 - Sales per day of week 13:48 - Short time series 15:02 - Life cycles and seasonal products in retail 19:31 - Forecasting dimensions in retail 21:52 - Mass data 23:55 - Large disruptions in retail 26:13 - Forecasting methods used in retail 29:13 - Conclusions LinkedIn of Stephan Kolassa: https://www.linkedin.com/in/stephankolassa Videos are produce by Centre for Marketing Analytics and Forecasting of Lancaster University, UK. Follow us on LinkedIn: https://www.linkedin.com/in/lancastercmaf/ CMAF on Twitter: https://twitter.com/LancasterCMAF Our website: https://lancaster.ac.uk/cmaf Other CMAF resources: https://linktr.ee/lancastercmaf