Product Demand Forecasting
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Product Demand Forecasting,
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Predicting Product Demand by Analyzing Weather and Product Data to Boost Sales and Reduce Costs
Weather is one of the few areas where future conditions can be predicted using physical models. This predictive ability is highly valuable for business, as weather impacts many industries. It’s estimated that one-third of all global industries face weather-related risks*1, highlighting the strong link between weather and business.
Japan Weather Association is a professional weather consulting company with extensive knowledge of meteorology and big data. By analyzing highly accurate weather forecast data and product data,
JWA predicts future demand.
With precise product demand forecasting, businesses can take approaches that do not rely on experience or intuition to increase sales and reduce costs. Furthermore, providing the right products at the right time enhances the customer’s shopping experience, and contributes to achieving sustainability goals, and accelerating business success.
Types of Meteorological Data
JWA handles various types of data, including historical weather data, detailed forecasts up to 14 days ahead,
and predictions up to 2 years into the future.
JWA offers weather data for analysis and forecasting tailored to issues you wish to solve.
Examples of Uses and Effects of Each Data
- Unable to identify which products are impacted by weather.
- Uncertainty regarding the timing when products start selling, peak sales periods, and the timing when products stop selling.
Analyze product sales and weather data to identify products and periods that are highly influenced by weather conditions.
- Streamlined production planning
- Accurate sales forecasting
- Missed opportunities due to customer traffic forecasts based on experience and intuition
- Workload burden from manual ordering processes
- Opportunity loss due to under-ordering
- Waste and loss due to over-ordering
Support for the digital transformation of ordering operations, tailored to the challenges of each company.
* Purchase index per 1,000 customers passing through the cash register over a given period.
- Waste and loss due to demand forecasting based on experience and intuition
- Excess inventory due to overproduction of products
- Balancing the reduction of excessive inventory while minimizing the risk of stockouts
- Construction of demand forecasting models
- Provision of demand forecasts calculated using weather forecasts
- Reduction of waste and opportunity loss, and adjustment of shipment volumes
- Adjustment of the inventory distribution to the various regions
- Difficulty in forecasting the quantity to be manufactured due to the long lead time from planning to sales
- Occurrence of clothing waste
- Construction of demand forecasting models
- Provision of demand forecasts calculated using weather forecasts
- Support for supply-demand and production planning
- Reduction of clothing waste
- Adjustment of production and shipment volumes
Process
Visualizing the Correlation Between Weather Conditions and Product Sales
By analyzing your product sales data alongside weather data, JWA visualizes the relationship between weather and your products by season and region.
Creating Demand Forecasting Models for Each Product
JWA collects and organizes the necessary data for analysis, and analyzes to construct demand forecasting models.
Information Provision
JWA delivers information based on the demand forecasting models we have constructed.
Services
Forecast Data Distribution
Please refer to the following links for details on each type of data, ranging from historical data to medium- and long-term forecast data.
Demand Forecast Consulting by Industry
JWA provides data analysis and consulting services.
It is also possible to distribute product demand forecasting information based on weather forecasts.
*1 Dutton, J. A., Bull. Amer. Meteor. Soc., 83, 1303-1311 (2002)