After making a financial plan for the year ahead, the next big step for a retail chain is to create the ultimate assortment plan, and even more importantly be able to execute and manage your assortment throughout the year. So why is retail predictive analytics making so much buzz these days? Well in order to understand what it is allow me to first explain what it is not. Traditionally retailers have used various statistical business intelligence tools to build a linear forecast. These systems produced a demand forecast based on past sales and a few important factors such as seasonality.
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