What is Forecasting in Retail? Explained

Forecasting is a strategic process in retail that involves predicting future trends, sales, and market conditions to make informed business decisions. By analyzing historical data, market trends, and external factors, retailers can anticipate consumer demand, optimize inventory levels, and plan for effective marketing strategies. Forecasting plays a crucial role in minimizing risks, enhancing supply chain efficiency, and ensuring that retailers are well-prepared to meet customer needs in a dynamic marketplace.