Sales Forecasting in Fashion Retailing-A review

Abstract

In fashion retailing, forecasting is determining the inventory needs of the product. An accurate forecast is very important in fashion retailing. Therefore, the forecasted demand is tested for error. An accurate demand forecast will satisfy the retailer and also the customer and an inaccurate demand forecast lead to situations like Over Stocking (OS) and Out of Stock (OOS). The data for forecasting are from various sources like past sales data, intentions data, preview data, expert opinion data. Existing techniques for analyzing data are generally divided into two groups, classical techniques based on statistical models and Artificial Intelligence (AI) techniques. In this article, around 70 articles from reputed journals were collected. The review gives a detailed analysis of the sources of data for demand forecasting and data analysis. It concludes by throwing an opportunity and the use of various sources of data for forecasting in fashion.