Nearly every retailer has the ability to report on internal performance such as sales, pricing, or store performance. What about the factors outside of the traditional four walls?
Prevedere helps retailers by monitoring external leading indicators that signal future changes in demand.
Consumer sentiment, average hourly earnings, and even POS data from sources like Nielsen can consistently predict shopper behavior. Brick-and-mortar and online retail can use these real-time insights to understand the actions people will take in their stores. Retailers can confidently plan their year with forward looking insights rather than relying history to repeat itself.
By incorporating external factors into the planning process, retailers can see upwards of 20% improvement in order fill rate
by accurately predicting when shoppers will most likely buy.
A plan developed with a holistic view of future demand also enables the retail industry to realize a nearly 15% reduction in excess inventory,
allowing the right products to be carried at the time of peak demand.