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Forecasting helps a firm to access the probable demand for its products and plan its production accordingly. Having a merchandise plan is critical for the success of every retail business. Top 10 Reasons Why Sales Forecasting Is Important. MARGIN SALES & FORECASTING OPEN TO BUY Merchandising INVENTORY Process MANAGEMENT PERFORMANCE ANALYSIS STOCK ALLOCATION DISTRIBUTION LOCATIONS People FINANCE SUPPLY CHAIN Influences MANAGEMENT REPORTING POS Systems SUPPLIERS MARKETING MERCHANDISING 2. Retail Merchandise Budgeting. Assortment plans must determine the ideal product ranges and price lines for each unique location, channel and customer segment. Consistently having the right quantities of the right product in the right place at the right price and at the right time is a cornerstone of effective retail merchandising. Sales forecasting is a key element in conducting your business. Inventory, markdown and profit targets must be established at the start of every planning cycle. Forecasts may be short- or long-term. Learn vocabulary, terms, and more with flashcards, games, and other study tools. This forecasting model factors in your business financing, cash on hand, profit margins, supply chain operations, and personnel. It can also point you toward areas where you need to build capacity in order to meet expansion goals. Merchandise planning step by step process 1. Internal business demand forecasting is a helpful tool for making realistic projections. Without proper demand forecasting processes in place, it can be nearly impossible to have the right amount of stock on hand at any given time. Accurately anticipating demand and aligning stock positions to those demand forecasts can … Forecasting is a projection of what is going to happen at a much higher level and includes revenue items, overall expenses, and other business components. Stitch Labs is a retail operations management platform for high-growth brands. Demand forecasting is a critical part of the entire merchandise lifecycle, as the accuracy and timeliness of your forecasts will set the course for the entire selling season. Accurate demand forecasting is essential for a firm to enable it to produce the required quantities at the right time and arrange well in advance for the various factors of production e.g., raw materials, equipment, machine accessories etc. Merchandise planning is a systematic approach to planning, buying, and selling merchandise to maximize your return on investment (ROI) while simultaneously making merchandise available at the places, times, prices and quantities that the market demands. Merchandise financial and assortment plans represent the foundation upon which successful merchandise lifecycles are built. People generally make short-term forecasts for operational reasons. Start studying chapter 12: managing the merchandise planning process. 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