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International Society of Science and Applied Technologies |
| Potentiating Forecasting Capabilities in the Retail Business | ||||
| Author | Nachiket Pusadkar
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| Co-Author(s) | Silvia Carpitella; Sepideh Abolghasem
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| Abstract | In the current business environment, particularly in sectors characterized by high market volatility, improving forecasting accuracy has become a critical industrial priority. The retail sector plays a crucial role within the industry, where inaccurate forecasts can significantly impact the entire supply chain. Retail serves as a bridge between manufacturers and customers while managing the distribution of diverse product types. Due to this complexity and potential limitations in existing forecasting models, acquiring incorrect quantities of goods often leads to higher costs and ineffective demand predictions. One of the primary challenges in the retail sector is that, despite the availability of various forecasting models, they often struggle to deliver reliable predictions due to the impact of product seasonality. This study aims to compare different models from the current literature and identify the best suited to specific data samples, with the goal of enhancing forecast accuracy in the retail sector.
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| Article #: RQD2025-277 | ||||
Proceedings of 30th ISSAT International Conference on Reliability & Quality in Design |