Bed Bath & Beyond’s collaborative forecasting method is a model more retailers should adopt. With this shared effort the retailer and vendor independently develop receipt and sales forecasting, then compare and mutually agree on the plan.
Through this process Bed Bath & Beyond’s vendors can:
- Produce the appropriate amount of product to optimize retail sales
- Ensure successfully meeting store ordering needs
- Limit mutual inventory liability
The problem is
- This requires additional effort on your part
- You may not have the capability required to accurately predict retail sales and inventory management needs
ERS helps you solve the problem and maximize each SKU by…
- Collecting Retail Sales and Inventory Data [click to see example]
- Determining the Collaborative Forecasting Parameters (weeks of supply model, etc) [click to see example]
- Estimating Lost Sales and Making Adjustments to the Model
- Calculating Estimated Retail Sales by Month
- Projecting Inventory Needs Based on Sales and Calculated On Hand [click to see example 1] [click to see example 2]
- Integrating Wholesale Inventory and On Order into Demand Forecasting
- Formatting the Forecast and Looking at Exceptions [click to see example]
Working with Enhanced Retail Solutions – either on a retail analytics software or consulting basis – to manage Bed Bath & Beyond relationships has enabled our clients to look like stars in the eyes of the buyers, and has saved countless hours in preparing for meetings. In the end, ERS clients have recognized significant increases in retail sales units and sales dollars, while reducing costs in freight, warehousing, and handling.
Contact us today and learn more about how you can improve your Bed Bath & Beyond relationship through our collaborative forecasting services!