In brief: For years, one retail supplier had based its forecasts solely on shipments with adjustments here and there for gut instinct and guesstimates. No one was surprised that the results lacked accuracy.
Velocity has changed all that. Today, this same supplier sees exactly what is occurring at retail right down to the store-level. With a store-level perspective on every product, they have real insight into where products are sitting, what products are selling, and how that impacts order patterns. This has led to overnight improvements in the accuracy of sales forecasting.
With more dependable forecasts, actual shipment data and Velocity POS information in one universal database, they have been able to develop a continuous, overall picture of product movement, from start to cart. This has been a real eye opener for the company, particularly in the way it has impacted the efficiency of manufacturing and planning. The company is also enjoying greater control over what product actually gets shipped to each retailer. Using Velocity data to increase or decrease the flow of goods to each store, they have been able to drastically reduce end-of-season markdowns and returns while maintaining or even improving their rate of sale.
If you would like to learn more about how Velocity can help you convert from shipment to store based planning, contact our sales team.
