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Learn how to use historical sales data to predict the future demand for a product or service. Explore the importance, types, methods, and factors of demand forecasting for ecommerce businesses. Demand forecasting methods are divided into two major categories, qualitative and quantitative methods: Qualitative methods are based on expert opinion and information gathered from the field. Demand Forecasting consists of meaning, definition, characteristics, methods/techniques, importance and steps in demand forecasting. Demand forecasting is the process of developing the best possible predictions of future consumer demand. Businesses can optimize inventory levels and pricing strategies using historical data, customer surveys, and expert opinions. Demand forecasting depends on accurate supply chain forecasting to meet those projected targets. Key Takeaways Demand Forecasting Types: Active, passive, short-term, long-term, micro-level, and macro-level. Forecasting Methods: Qualitative (expert opinions and ...
