Demand Forecasting
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One of the best use-cases for analytics in apparel manufacturing is for demand forecasting. With analytics, brands can achieve a core strategic objective: building a tailored assortment that best meets market demands.
By better understanding customers’ style preferences, fabric choices, and fit, brands can identify a set of high-priority opportunities. They can leverage trend analytics, get products made for today’s consumers, and also predict demand for the near future. These insights come from sales from previous periods. Another thing to look at is the relative performance of the manufacturing workflow processes and of the product lines. This allows for smarter risk management and less production waste as the brand grows.
Benefits for the company
This strategy helps the companies by correctly allocating the resources, investments by having an knowledge of the real return on production stocks in the future.
Feasability
High
Type of expertise/ AI domain
Regression Techniques, Random Forest – Gradient Descent
Internal data required
Historic Property data, Customer Demographic Data