Improve sales forecasting with knowledge about the weather
MeteoGroup presents weather solutions for the retail industry at EuroCIS 2016
Did you know that with an increase of more than 4 degrees above average temperature, mineral water sale rises by 33% and sour cherries by 30%?. And that a rising wind velocity of more than 15 km/h increases Ricola herb candy sales on the next day, while iced tea sales decreases by 45%?
Weather is intrinsically linked to customer buying behaviour. Knowledge of how weather influences customer behaviour creates a prominent competitive advantage.
MeteoGroup, one of the world’s leading global full-service B2B weather solution providers, presents special solutions for analysis and optimization of weather dependent processes in the retail industry in hall 10 at stand 10E52.
In co-operation with several retailers MeteoGroup has developed standard software which enables retailers to quantify and forecast the impact of weather on purchasing behavior.
The Retail Demand Forecast solution matches past inventories with historical weather data highlighting the correlation between weather trends and customer behavior. Based on this analysis and in combination with precise weather data, it is possible to predict the weather dependent demand on single products.
Integrating the Retail Demand Forecast into retailers' IT systems enables retailers, manufacturers and distributors to improve their sales forecasting and demand planning accuracy, reduce inventory risk, focus advertising efforts and improve overall profitability and sales revenue.