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Sales forecasting is an essential activity in retail business because it helps retailers estimate the quantity and value of products that are likely to be sold during a particular future period. In Buying and Merchandising-I, sales forecasting provides a systematic basis for planning merchandise purchases, inventory levels, pricing, promotions and store operations. An accurate forecast enables retailers to maintain the right merchandise in the right quantity at the right time, thereby improving customer satisfaction and profitability. One of the major importance of sales forecasting is inventory planning. Retailers need to determine how much stock should be purchased to meet expected customer demand. An accurate forecast reduces the possibility of overstocking and understocking. Overstocking ______ _____ _____ _________ __________ ________ _________ ___.
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