Infographics & Animations
Retailers need local insights for a complete picture of product demand
Retailers depend on sophisticated demand forecast models and agile supply chains to ensure that their stores have just the right amount of inventory. However, if these models fail to consider local data and events, the retailers can be easily blind-sided, resulting in product shortages or overstocks.
The real-time, public and conversational characteristics of Twitter data make it a valuable indicator of how the local population is thinking about and reacting to local events, making it a valuable predictor of product demand. Retailers who leverage these insights effectively will achieve higher customer satisfaction and increased profitability.
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