IRI Strategic Forecasting models were used to forecast sales changes based on weather using historic sunshine and temperature data, and how it affected sales of particular products in specific UK regions.
The solution allowed the manufacturer to:
Instead of feeling the frustration of not being able to meet the demand of shoppers on products of piqued seasonal interest, the manufacturer is now winning in its ability to use data to its advantage to stay one step ahead.
The accuracy of the forecasting led to increased listings and reduced out-of-stock items, resulting in an increase of 12.4% in value share versus the previous year for a specific retailer.
The manufacturer was able to:
Influence the supply chain by using the data analysis to advise on exact product quantities to order each week.
Which led to enhanced collaboration between the manufacturer and the retailer with both parties maximising revenue.
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