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The Business of Apparel Podcast Series: The Forecasting Process
Manage episode 407382093 series 3560517
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The Business of Apparel Podcast Series: The Forecasting Process
In this episode of the Business of Apparel Series, Rachel takes us through the intricate art of forecasting in the apparel industry, a task that's as challenging as it is vital for the balance of inventory and customer satisfaction. From the complexities that arise during unforeseen events, like the COVID-19 pandemic, to the essential role of historical sales data in planning for new seasons, we unpack the elements that make forecasting a formidable yet indispensable process. We also delve into the three-tiered strategy of forecasting that can align production with sales targets, a technique especially relevant for those working closely with sales teams or selling directly to consumers. This episode really sheds light on how a solid forecasting approach is key to sustaining manufacturing relationships and ensuring the timely production of quality goods, insights that could be pivotal to the growth and success of any apparel brand.
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In this episode, you’ll hear:
-How forecasting has changed in the industry, especially since the pandemic.
-The 3 types of forecasts you need to put together for your apparel brand.
-How to use historical data in an initial sales forecast.
-Never send a false forecast - the downsides.
-Learning to lean on your community for helpful feedback and using this in your forecasting.
We can’t wait to hear what you think of this episode!
Purchase the Business of Apparel Online Course: https://www.thebusinessofapparel.com/course
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