Explain the importance of the sales forecasting in the retail business. Describe different factors that are taken into account while making it.

importance of the sales forecasting in the retail business because f the following :-

1. Help Sales Representatives to Meet their Targets

To boost sales and revenue, the enterprises must help and motivate sales representatives to accomplish their objectives or targets. The businesses can make it easier for the sales professional to plan and carry out sales activities by defining his quota or target early and ambiguously.

2. Improve and Speed up Product Delivery

While comparing products or brands, customers check the amount of time required by the business to deliver the product. No business can speed up product delivery without manufacturing sufficient products. Sales forecasting helps businesses to manufacture sufficient products by estimating customer demand in advance.

3. Stabilize Inventory Management

In addition to manufacturing sufficient products, businesses also need to monitor and manage inventory proactively. Often enterprises fail to manage inventory efficiently due to lack of information regarding future demand for a product. Inadequate inventory management further makes many businesses to ___ _____ __________ _____ ____ ___ __________ _________ ___ __________ ______.
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